Forms of payments

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. 

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. 

Which method of payment should I use when mailing money?

• Check
• Cash
• Credit Card
• Debit Card

Steve has a good job as well as a checking and savings account. When he went to the store to buy groceries, his total was $45.23. However, he only had $30 in cash on him. How should he pay for his groceries?

• Credit Card
• Check
• Debit Card
• He should get more money from an ATM. 

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

Tags

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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. 

If the customer pays full balance by the due date every month, he/she doesn't have to pay _____________.

• credit limit

• balance

• interest

• anything

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Money is withdrawn directly from a checking or savings account.

• Debit Card

• Credit Card

• Both

Each purchase is a loan that is repaid later.

• Debit Card

• Credit Card

• Both

Interest may be charged but can be avoided by paying the entire balance each month.

• Debit Card

• Credit Card

• Both