Methods of Payment

Multiple Choice

Using a card with $50 on it that has already been purchased from a store.

• Cash

• Debit Card

• Credit Card

• Gift Card

Multiple Choice

Paying with coins or bills.

• Cash

• Gift Card

• Debit Card

• Cheque

Multiple Choice

Sending money to a friend using email.

• Cheque

• Electronic Money Transfer

• Cash

• Debit Card

Multiple Choice

Using a card to pay for things with borrowed money.

• Debit Card

• Cheque

• Gift Card

• Credit Card

Multiple Select

Which method of payments would you use:

You owe your friend $20 after buying a game from him.

• Cash

• Cheque

• Gift Card

• Electronic Money Transfer

Multiple Choice

Which method of payment would you use:

You want to buy something for $50 from your bank account right now.

• Gift Card

• Debit Card

• Credit Card

• Cash

Multiple Choice

Which method of payment would you use:

You want to buy something expensive right now that you will pay for later.

• Cheque

• Electronic Money Transfer

• Cash

• Credit Card

Multiple Choice

Which is an advantage of using cash?

• It is accepted almost everywhere in the US.
• You can spend more than you have. 
• If you lose it, it is gone. 
• It is safer than a card or check. 

Multiple Choice

Which method of payment should I use when making a small online purchase?

• Cash
• Credit Card
• Debit Card
• Check

Multiple Choice

What is a disadvantage of using a credit card?

• It is easy to use.
• You can spend more than you have. 
• It can be used in emergencies.
• Banks sometimes give rewards on credit cards. 

Multiple Choice

Mary has a part-time job. She can pay her bills but does not typically have much money left over. She gets into a car accident and must pay $400 for her car to be fixed. She only has $150 in her bank account and $24 in cash. How should she pay to fix her car?

• Check
• Cash
• Credit Card
• Debit Card

Multiple Choice

What is the difference between Debit and Credit?

• Debit uses money borrowed from the bank, Credit uses the money you already have.
• Credit uses borrowed money or the bank's money, Debit uses your money.  
• They are both cards, they are the same. 
• Debit charges interest until the balance is paid. Credit does not because you are using your own own money. 

Multiple Choice

Which of the following is a DISADVANTAGE of using CASH?

• makes sticking to a budget easier

• No transaction fees

• limited to spending what you have

• Instant money on hand

Multiple Choice

Which of the following is a DISADVANTAGE of using CHECK?

• don’t have to carry around a lot of money

• reduce the risk of losing money through accident or theft

• have a record of purchases made with checks

• some businesses do not accept checks.

Multiple Choice

Which of the following is an ADVANTAGE of using CHECK?

• takes time to write a check when you make a purchase.

• have a record of purchases made with checks

• inconvenient to carry a checkbook

• If your checkbook is lost or stolen, others may try to write checks on your account.

Multiple Choice

Which of the following is an ADVANTAGE of using DEBIT CARD?

• enables you to get cash at many locations from ATMs

• Debit cardholders who use their cards infrequently may forget their PINs

• A debit card can be lost or stolen.

• Some people forget to enter amounts for their purchases in a transactions register

Multiple Choice

Which of the following is a DISADVANTAGE of using DEBIT CARD?

• small, so it is convenient and easy to carry around.

• You can make purchases quickly and easily using a debit card.

• Debit cardholders who use their cards infrequently may forget their PINs

• Carrying it is safer than carrying cash or checks

Multiple Choice

Which of the following is a DISADVANTAGE of using CREDIT CARD?

• easy to carry and use

• can purchase things now and pay for them later

• Fees and interest may be charged for the use of credit cards

• are safer to use than cash or checks, since there is a limit on the amount of money that can be lost if the card is stolen

Multiple Choice

Which of the following is an ADVANTAGE of using CREDIT CARD?

• easy to forget that each time a credit card is used, debt is created; too much debt might be difficult to repay

• Fees and interest may be charged for the use of credit cards

• can purchase things now and pay for them later

• none of the above

Multiple Choice

Which of the following is an ADVANTAGE of using ONLINE PAYMENT?

• You can buy goods and services nationwide or internationally.

• You may forget your password or user name

• If you make a purchase at a non-secure website, you could be a victim of identity theft.

• You may pay an additional shipping fee for goods purchased and sent to you

Multiple Choice

Which of the following is a DISADVANTAGE of using ONLINE PAYMENT?

• You can make payments from your home.

• It’s convenient.

• You don’t need an envelope, stamps, and a walk to the mailbox to send in your payment.

• You may pay an additional shipping fee for goods purchased and sent to you