The most common example of a device that acts as both input and output simultaneously is a touch screen monitor for a computer.
The display of data makes it an output device while the ability to send signals to the computer via touch makes it an input device as well.
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The sound card is an expansion card that allows the computer to send audio information to an audio device like speakers or a pair of headphones. Most sound cards also support a microphone or line-level input, so considering the sound card as a whole, it is both an input and an output device.
Strictly speaking, however, the sound card is neither input nor output device. A sound card is a module which contains both input and output devices (such as microphone input and headphone output devices), which are all unidirectional.
True bi-directional devices include all external bus systems such as USB or ESATA connectors, serial ports or, on old computers, parallel ports.
All storage devices (diskette drives, hard disks, memory cards and sticks, etc) can also be viewed as both input and output devices.