Multiple choice

Which of the following statements is/are correct with respect to debit cards?

  1. The customer need not carry his chequebook and wait until approval.
  2. The customer presents his debit card to the seller and signs 'Sale Slip'.
  3. The amount of purchase is debited to the account of the customer.

  1. 1 only

  2. 2 only

  3. Both 1 and 2

  4. All 1, 2 and 3

  5. 3 only
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

All three statements are correct about debit cards. Debit cards eliminate the need to carry chequebooks and provide instant approval (statement 1). Customers sign a sale slip when making purchases (statement 2). Purchase amounts are immediately debited from the customer's account (statement 3). This is how debit card transactions work.

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