Grade 6 - Financial Literacy (Payment Methods)

What is the primary difference between a good and a service?

• Services are always more expensive than goods.

• Goods are intangible, while services are tangible

• Goods are tangible items, whereas services are intangible activities.

Something can be considered both a good and a service.

• TRUE

• FALSE

Which of these statements best distinguishes between a need and a want?

• Needs are essential for survival, while wants are desires for things that are not necessary to live.

• Wants are items that we must have for survival, while needs are non-essential.

• Needs are things that we can live without, but wants are essential for survival.

Which of the following is an example of a need?

• A new smartphone

• A cup of coffee

• Healthcare

• A family vacation

Which of the following is NOT a need?

• Water

• Shelter

• Food

• Netflix

Jack is buying a coffee from a small, independent café that has no debit or credit card machine. What is the best payment method for Jack to use?

• Credit card
• Mobile payment

• Debit Card

• Cash

Maya is splitting a dinner bill with a friend at a local restaurant that charges a small fee for credit card transactions. Maya prefers to avoid additional fees. What is the best payment method for Maya to use?

• Credit Card

• Cash
• Cheque

Kevin is booking a family vacation online. He wants to use a payment method that will allow him to purchase the vacation package now but pay later. What is the best payment method for Kevin to use?

• Gift Card

• Credit Card

• Cash

• e-Transfer

Olivia is organizing a group gift for a friend’s birthday and wants to collect contributions from several people. What is the best payment method for Olivia to use?

• Debit Card

• Credit Card

• e-Transfer

• Gift Card

Karen wants to pay her rent on time. The landlord accepts only cash or cheque, and Karen prefers a payment method that will ensure the transaction is recorded for documentation purposes. What payment method is best for Karen to use?

• Cheque

• Cash

• Mobile payment

• Credit card