Financial Literacy: Mid-Unit Quiz - GJ

What is the main advantage of using cash as a method of payment when dealing with multiple currencies?

• It takes a long time to process

• It is easy to carry multiple currencies

• It is secure

• It is anonymous

What is a disadvantage of using a debit card as a method of payment when dealing with multiple currencies?

• doesn't help you improve your credit score

• It is hard to get

• It is not secure

• Purchase take a while to show up in your account

What is a advantage of using an electronic wallet as a method of payment when dealing with multiple currencies?

• Avoids high currency exchange fees

• It is easy to use

• It is secure

• All of the above

What is a disadvantage of using a wire transfer as a method of payment when dealing with multiple currencies?

• It may have age restrictions
• It is not widely accepted
• It can take several days
• It is not anonymous

What is a advantage of using a money order as a method of payment when dealing with multiple currencies?

• It is widely accepted

• They are as common as cash

• There are no service fees

• It is anonymous

What is a disadvantage of using a bank draft as a method of payment when dealing with multiple currencies?

• It may have age restrictions

• It is not widely accepted

• It must be issued at the bank

• It is not anonymous

What is a disadvantage of using cryptocurrency as a method of payment when dealing with multiple currencies?

• It is not widely accepted
• It is not easy to use
• It is not secure
• It is not anonymous

What is a advantage of using credit card as a method of payment when dealing with multiple currencies?

• It is widely accepted

• There is no interest on late payments

• There is no exchange rate to worry about

• It is anonymous

What is a disadvantage of using e-Transfers as a method of payment when dealing with multiple currencies?

• It may have age restrictions
• It is not widely accepted
• It can take several days
• It is not anonymous

What is a key concept to consider when making a purchase that requires a conversion of funds?

• The age restriction
• The qualification requirements
• The exchange rate
• The anonymity of the transaction.