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WorksheetsPayment methods
Total questions: 9
Worksheet time: 5mins
What is an advantage of using a cheque?
Checques can be sent via post
Cheques for business accounts often need to be signed by two people
Cheques must be paid into a bank
Cheques can bounce
Which of the following are advantages of having a cheque?
Large amounts of cash do not need to be carried to the bank
Any errors on the cheque will delay payment
The drawer has a record of the paymeny being made
Cheques can take 5-10 days for the funds to be credited to your account
What is an advantage of a credit card?
Payments can be made even if there are insufficient funds in the payers bank acoount
The payer is charged interest if the full amount is not repaid to the credit card company when requested
The payee must pay a processing fee which reduces the amount received
Users are sometimes charged an annual fee
There is a degree of protection from fraud when paying by credit card.
TRUE
False
What are the advantage of having a Debit card?
Large amounts of cash do not have to be handled
They can be used for online payments
Credit cards can be easily cloned leading to fraud
Card readers must be purchaded to enable transactions
What is the definition of a standing order?
an instruction given by an account holder to the bank to pay a specific amount to another account on a regular basis.
an instruction to the bank to withold payments
What is the definition of a Direct Debit?
an instruction given by an account holder to another bank to allow payments to be withdrawn from their account.
a payment method made using a signed piece of paper.
Which of the following are benefits of digital payment methods such as paypal?
You do not need to enter your credit card details each time you make a payment
They can be more secure for the customer
Fees increase cost for the business receiving the payment
An electronic transfer allows the transfer of funds between bank accounts .
True
False
