Understanding Payment Methods Quiz

Understanding Payment Methods Quiz

12th Grade

15 Qs

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Understanding Payment Methods Quiz

Understanding Payment Methods Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Rebekah Stovold

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary advantage of using cash payments?

They offer rewards and cashback.

They are universally accepted and immediate.

They help build credit history.

They provide purchase protection.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a feature of credit card transactions?

They require a PIN for every transaction.

They allow for interest-free borrowing if paid in full each month.

They are limited to the balance in your bank account.

They cannot be used for online purchases.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a popular digital wallet service?

PayPal

Cheque

BACS

Standing Order

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key disadvantage of cheque payments?

They are processed instantly.

They can be easily lost or stolen.

They offer high security.

They are widely accepted.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about debit card transactions?

They allow you to spend more than your account balance.

They are linked directly to your bank account.

They offer a credit limit.

They require monthly repayments.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a standing order?

A one-time payment instruction.

A regular payment of a fixed amount.

A payment that varies each month.

An immediate transfer of funds.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of direct debit?

It is used for one-time payments.

The amount can vary each time.

It is only used for international payments.

It requires a cheque to be written.

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