Understanding Payment Methods Quiz

What form of payment involves physical currency issued by governments, such as coins and banknotes?

• Credit

• Cash

• Cryptocurrency

• Mobile Payment Apps

Which payment method involves borrowing money from a financial institution with an agreement to pay it back, typically with interest?

• Debit

• Credit

• Checks

• Cash

What is a common example of a debit card transaction?

• Borrowing money to pay for a purchase

• Writing a check for a bill

• Paying directly from a checking account

• Sending money internationally

What type of payment uses paper documents written against a checking account for transactions?

• Checks

• Mobile Payment Apps

• Cryptocurrency

• EFTs

Which payment method is associated with the transfer of funds electronically between banks or accounts?

• Cash

• Debit

• EFTs

• Credit Cards

What is an example of a mobile payment app?

• Visa

• Google Pay

• ACH

• Bitcoin

Which of the following is considered a digital or virtual currency?

• British Pound (GBP)

• Digital Yuan

• Credit Card

• Zelle

What type of currency is the Canadian Dollar (CAD)?

• Cryptocurrency

• Foreign Currency

• Mobile Payment App

• Digital Currency

Which of the following describes cryptocurrency?

• Issued by a central bank for physical transactions

• Digital currency secured by cryptography

• Paper checks used for larger payments

• Automatically deducted from a checking account

What type of payment method typically involves interest charges?

• Credit

• Cash

• EFTs

• Mobile Payment Apps