Different Ways to Pay

Different Ways to Pay

Assessment

Flashcard

Other

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is one advantage of using cash as a payment method?

Back

Most widely accepted form of exchange

2.

FLASHCARD QUESTION

Front

What is one disadvantage of using a debit card as a payment method?

Back

Short time lapse between making the transaction and the money being withdrawn from the customers account

3.

FLASHCARD QUESTION

Front

What is one advantage of using a credit card as a payment method?

Back

Allows a period of credit that is interest free

4.

FLASHCARD QUESTION

Front

What is one disadvantage of using a cheque as a payment method?

Back

Expensive for the consumer if the bank refuses to clear the cheque

5.

FLASHCARD QUESTION

Front

What is one advantage of using electronic transfer as a payment method? Options: Most widely accepted form of exchange, No need to carry cash, Provides a record of payment, An easy way to make regular payments e.g. utility bills

Back

Provides a record of payment

6.

FLASHCARD QUESTION

Front

What is one disadvantage of using direct debit as a payment method?

Back

If the payer makes a mistake and takes too much it is the payee’s responsibility to claim back the money

7.

FLASHCARD QUESTION

Front

What is one advantage of using a standing order as a payment method?

Back

The same amount is paid each time making it easier for the payee to plan and budget

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