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Total questions: 30
Worksheet time: 31mins
Which is an advantage of using cash?
It is accepted almost everywhere in the UK.
You can spend more than you have.
If you lose it, it is gone.
It is safer than a card or check.
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
The purchase amount is immediately removed from a linked account.
Debit Card
Credit Card
Stored-Value Card
Payments can be made in the future.
Debit Card
Credit Card
Stored Value Card
If you make only the minimum payment each month, you will pay more in interest and it will take longer to pay off the balance.
Debit Card
Credit Card
Store Value Card
The amount in the account
Balance
Budget
Interest
Financial systems
An estimate of income and bills
Balance
Budget
Benefits
Debts
A written instruction in writing signed by the bank's customer telling the bank to pay an amount to a named person or business.
Bankers Draft
Direct Debit Mandate
BACs Payment Schedule
Cheque
BACS stands for...
Bankers' Automated Clearing Scheme
Bankers' Automated Clearing Services
Bankers' Automated Cashing Services
Bankers' Automated Cashing Scheme
Usually takes about 2 hours but is a same day payment method?
Direct Debit
BACS Direct Credit
Standing Order
Faster Payments
For regular variable payments on unspecified dates.
Cheque
Direct Credit
Cash
Direct Debit
Cash payment involves ____.
cards
coins
pins
signatures
Apple pay is a form of ___.
cash
electronic transfer
cheque
installment
When we buy a car on hire purchase, ____.
the seller can take back the car if we fail to make a payment.
the seller cannot take back the car, but can claim by charging higher interest rate.
It is money in the form of notes and coins
cash
debit card
credit card
check
Which of the following is a DISADVANTAGE of using CASH?
makes sticking to a budget easier
No transaction fees
limited to spending what you have
Instant money on hand
Which of the following is a DISADVANTAGE of using CHECK?
don’t have to carry around a lot of money
reduce the risk of losing money through accident or theft
have a record of purchases made with checks
some businesses do not accept checks.
Which of the following is an ADVANTAGE of using CHECK?
takes time to write a check when you make a purchase.
have a record of purchases made with checks
inconvenient to carry a checkbook
If your checkbook is lost or stolen, others may try to write checks on your account.
Which of the following is an ADVANTAGE of using DEBIT CARD?
enables you to get cash at many locations from ATMs
Debit cardholders who use their cards infrequently may forget their PINs
A debit card can be lost or stolen.
Some people forget to enter amounts for their purchases in a transactions register
Which of the following is a DISADVANTAGE of using DEBIT CARD?
small, so it is convenient and easy to carry around.
You can make purchases quickly and easily using a debit card.
Debit cardholders who use their cards infrequently may forget their PINs
Carrying it is safer than carrying cash or checks
Which of the following is a DISADVANTAGE of using CREDIT CARD?
easy to carry and use
can purchase things now and pay for them later
Fees and interest may be charged for the use of credit cards
are safer to use than cash or checks, since there is a limit on the amount of money that can be lost if the card is stolen
Which of the following is an ADVANTAGE of using ONLINE PAYMENT?
You can buy goods and services nationwide or internationally.
You may forget your password or user name
If you make a purchase at a non-secure website, you could be a victim of identity theft.
You may pay an additional shipping fee for goods purchased and sent to you
What type of payment doesn't have a proof of purchases unless you save your receipts?
Cash
Credit Card
Debit Card
Online Banking
Credit is used for:
(Select ALL that apply)
Buying a home
Student loans
Large purchases (like washer & dryer, new phone, doctors bill)
Emergencies (leaky roof, fix the brakes on a vehicle)
Money borrowed with the expectation that you will pay it back is called:
Interest
Credit
ATM Card
Term
The charge for the privilege of borrowing money; or the additional money you will pay with the initial amount you borrowed is called:
Repayment
Term
Interest
Credit
How is the payment amount written on a cheque?
Words
Numbers
Words and numbers
Symbols
How often do credit card companies usually send out statements?
Weekly
Monthly
Quarterly
Yearly
