Learning Aim A Recap

Which of the following is a function of money?

• Fragility
• Decoration
• Store of value
• Unlimited supply

What does 'legal tender' mean?

• Money must be accepted to settle debts
• Money cannot be exchanged
• Money is optional to use
• Money is only digital

Which is NOT a characteristic of money?

• Divisibility
• Portability
• Durability
• Unlimited supply

Which is an advantage of using a debit card?

• Interest charged
• No repayment required
• Builds credit score
• Cashback always

Which method is commonly used to pay in person?

• Cheque
• Cash
• Direct debit
• Standing order

What is the main difference between debit and credit card?

• Debit uses own funds
• Credit requires PIN always
• Credit cannot be used online
• Debit builds debt

Which is best for repeat payments?

• Contactless
• Direct debit
• Cash
• Cheque

What is contactless payment?

• Sending cash by post
• Tap to pay without PIN
• Online-only transfers
• Paying by cheque

One risk of using cash is:

• Creates debt
• Theft or loss
• Needs internet
• High fees

A basic bank account is for:

• Children only
• People with poor credit
• Investors
• Businesses