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Understanding Direct Debits and Standing Orders

Understanding Direct Debits and Standing Orders

Assessment

Interactive Video

Business

9th - 10th Grade

Practice Problem

Hard

Created by

Jennifer Brown

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a direct debit primarily used for?

One-time payments

Regular collection of funds by a business

Transferring money between personal accounts

Paying rent

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who decides the amount and date of a standing order?

The government

The account holder

The business receiving the payment

The bank

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which payment method allows the business to change the amount or date of withdrawal?

Wire transfer

Standing order

Direct debit

Cheque

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What protection does a direct debit offer in case of errors?

No protection

Bank's discretion

Insurance coverage

Direct debit guarantee scheme

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you need to cancel a standing order, whom should you contact?

The government

Your bank

The business receiving the payment

A financial advisor

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