Methods of Payment

Which of the following is an advantage of using a credit card?

• Interest is charged for the use of a credit card.

• Consumers can purchase things now, and pay for them later in the event of an emergency.

• You could be a victim of identity theft.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

The purchase amount is immediately removed from a linked account.

• Debit Card

• Credit Card

• Stored-Value Card

Payments can be made in the future.

• Debit Card

• Credit Card

• Stored Value Card

There is an assigned spending limit.

• Debit Card

• Credit Card

• Stored Value Card

Your credit rating is affected.

• Debit Card

• Credit Card

• Store Value Card

If you make only the minimum payment each month, you will pay more in interest and it will take longer to pay off the balance.

• Debit Card

• Credit Card

• Store Value Card

Which payment method would be the best choice for the following scenario:

You need to purchase a new Air Conditioning unit for your house. You do not have the funds available currently to cover the full cost. You will need to pay in installments.

• Debit Card

• Credit Card

• Cashier's Check

• Money Order

Which of the following is an ADVANTAGE of using CASH?

• almost impossible to track

• can be lost or stolen

• limited to spending what you have

• people think twice before making an impulse purchase

Tags

CCSS.RL.11-12.6

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

Emma goes to the store to buy groceries. To pay for the groceries, she slides her card through a card reader and enters a special code.

• Cash
• Debit Card
• Credit Card 
• Check