Credit and Payment Methods Quiz

What is a benefit of using a credit card for small purchases?

• You get rewards for using it.

• It is always free to use.

• It never charges interest.

• It can be used without a bank account.

What happens if you don’t pay your full credit card bill each month?

• You get a discount.

• You are charged interest.

• You receive a bonus.

• You can use more money.

Which payment method links directly to your bank account and takes money out right away?

• Credit

• Cash

• Debit

• Gift Card

What is a disadvantage of using cash?

• It can be used online.

• It is protected if lost.

• It is hard to use for expensive items.

• It earns interest.

What is a unique feature of gift cards in Canada?

• They can be replaced if lost.

• They can expire.

• They are illegal to expire.

• They earn interest.

What is a common feature of both debit and electronic transfer methods?

• They can be used without a bank account.

• They allow spending more than you have.

• They sometimes have a fee.

• They are always free.

What is a risk of using electronic transfers?

• They can be refunded if sent to the wrong person.

• They cannot be refunded if sent to the wrong person.

• They always require a fee.

• They are slower than cash.

What is a common feature of credit and debit cards?

• They can be used online.

• They always charge interest.

• They are only plastic cards.

• They cannot be used on phones.

What is a disadvantage of using a gift card?

• It can be replaced if lost.

• It can be used more than the value paid.

• It cannot be replaced if lost or stolen.

• It earns interest.

What is a feature of cash that is different from other payment methods?

• It can be used online.

• It is protected if lost.

• It is accepted almost anywhere in the country.

• It charges interest.