Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

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Prepare for the Certified Anti-Money Laundering Specialist Certification (CAMS) exam. Study with multiple choice questions, each with hints and explanations. Boost your chances of success!

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What is a debit card primarily used for?

Drawing funds from an investment account
Purchasing goods and services
Obtaining lines of credit
Contributing to retirement accounts

The correct answer is: Purchasing goods and services

A debit card is primarily used for purchasing goods and services, which makes it a convenient payment method for everyday transactions. When using a debit card, the funds are directly withdrawn from the cardholder's bank account, allowing for immediate payment. This feature is particularly appealing for consumers who prefer to avoid debt by only spending what they have available in their checking account. Other choices, while relevant to financial transactions, do not align with the primary function of a debit card. Drawing funds from an investment account typically involves a different process, often requiring more formal transactions. Lines of credit are associated with credit cards or loans, where the spender borrows money rather than using their existing funds. Lastly, contributing to retirement accounts involves specific financial instruments and accounts designed for long-term savings, which debit cards are not meant for.