Understanding Payment Types

What is a payment?

• Transfer of money, goods, or services

• Exchange of only goods

• Transfer of only services

• Exchange of only money

Currency provides a convenient medium through which payments can be made and can also be easily ______.

• Lost

• Stolen

• Stored

• Ignored

What is one advantage of using credit cards?

• Build a credit history

• Immediate fund withdrawal

• No processing fees

• High interest rates

What is a common fee associated with credit card transactions?

• Flat fee

• No fee

• Low interest

• High rewards

Which payment method is widely accepted by many merchants?

• Credit cards

• Cash only

• Checks

• Cryptocurrency

Debit cards typically don't have _______ as long as you have money in your account.

• annual fees

• overdraft protection

• credit score benefits

• fraud protection

Debit cards don't charge interest since all payments are facilitated using _______.

• the bank's money

• the spender's money

• credit

• loans

Which payment method is still in its infancy stage?

• Checks

• Electronic Funds Transfers

• Cryptocurrency

• Cash

Cryptocurrency does not require the use of a bank account; this payment method only requires a(n) ________.

• Credit card

• Internet connection

• Bank statement

• Cash deposit

A creditor cannot unreasonably refuse to accept a payment, but payment can be refused in some circumstances, such as on a ________.

• Monday

• Sunday

• Wednesday

• Friday