BizTown-Payment Methods Quiz

What is one advantage of using cash for payments?

• Accepted nearly everywhere

• Can be replaced if lost

• Spending is easily tracked

• No yearly fees

What could be two disadvantages associated with using checks?

• Slow to write

• No possibility of identity theft

• Funds are not immediately deducted

• Accepted everywhere

What is a benefit of using a credit card?

• No possible yearly fees

• Items can be purchased without having the money to pay for them

• No financial difficulties if misused

• Funds are immediately deducted

Which of the following is a disadvantage of using a debit card?

• Funds are not immediately deducted

• Easy to keep track of spending

• Possibility of identity theft

• Must carry cash

Which is a disadvantage of using electronic payments?

• They require cash

• They are not accepted everywhere

• They offer unlimited spending

• They provide physical cards

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

• It can be used in multiple places

• It must be loaded with funds from a bank

• It can only be spent up to the amount it was purchased for

• It can be replaced if lost or stolen

What is a unique feature of prepaid cards?

• They can be used to withdraw cash

• They can be loaded automatically with direct deposit

• They require a credit check

• They have no bank fees

Which statement is true about the disadvantages of prepaid cards?

• They can be used everywhere

• They do not incur any bank fees

• They may include extra bank fees and charges

• They do not allow online bill payments

Which feature is commonly associated with modern electronic payment systems?

• They require manual balance updates

• They offer real-time transaction tracking

• They only accept cash transactions

• They do not allow international transactions

What is an advantage of using checks over electronic payments?

• Less secure against fraud

• Immediate fund transfer

• No electronic record of transaction

• Provides a physical transaction record