Modes of Payment

Which of the following modes of payment refers to the most common method of payment using banknotes and coins?

• Cash

• Cheque

• Credit Card

• Voucher

Which of the following refers to a method of payment whereby the purchased amount is deducted immediately from the bank account.?

• Cash

• Debit Card

• Credit Card

• Voucher

Which of the following refers to a method of payment allows buyers to buy things now and pay later?

• Cash

• Cheque

• Credit Card

• Voucher

Which of the following is an disadvantage of paying using credit cards?

• The bank account needs to have sufficient money for payment

• It can be bulky or dangerous to carry large amount of money for payment

• Interest can be incurred if the bills are not paid promptly

Which of the following is an disadvantage of paying using cash?

• The bank account needs to have sufficient money for payment

• It can be bulky or dangerous to carry large amount of money for payment

• Interest can be incurred if the bills are not paid promptly

Which of the following is an disadvantage of paying using debit card and cheque?

• The bank account needs to have sufficient money for payment

• It can be bulky or dangerous to carry large amount of money for payment

• Interest can be incurred if the bills are not paid promptly

Which refers to the things that we cannot live without?

• Needs

• Wants

Wants are things that we desire but may not actually .................................. .

Which is not an importance of savings?

• For emergency

• Ensure that short goals can be met

• Pay for things that he may need in the future