WorksheetsPayment Methods Review Assignment
Total questions: 25
Worksheet time: 38mins
Cash payment involves ____.
cards
coins
pins
signatures
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.
Which payment method would be the best choice for the following scenario:
You need to purchase a new Air Conditioning unit for your house. You do not have the funds available currently to cover the full cost. You will need to pay in installments.
Debit Card
Credit Card
Cashier's Check
Money Order
A written document telling the bank to pay a specific amount is called a
Check
Debit Card
Budget
Expense
Your credit score is affected when using this payment method.
Debit Card
Credit Card
Store Value Card
What must be used to do online banking?
Cash
Debit Card
Internet
True or False: When you use a credit card, the amount you spend is immediately deducted from your bank account.
True
False
True or false: When you have a debit card, you use a personal identification number (PIN) when you make purchases for security purposes.
True
False
When you make a purchase with a debit card, the money is immediately deducted from your bank account.
True
False
Which of the following is an ADVANTAGE of using CREDIT CARD?
easy to forget that each time a credit card is used, debt is created; too much debt might be difficult to repay
Fees and interest may be charged for the use of credit cards
can purchase things now and pay for them later
none of the above
This form of payment requires an application form.
Cash
Check
Debit Card
Credit Card
Electronic Banking
Tom wants to use a form of payment that comes out of his checking account immediately. Which form of payment should Tom use?
Cash
Check
Debit Card
Credit Card
Electronic Banking
Benefits of credit cards include:
Safe and convenient
Credit cards typically offer bonuses and rewards
They allow you to purchase items online
All of the above
When you buy something with a credit card, which of the following will usually save you money over the long run?
Paying the entire amount owed each month
Paying a small portion of the amount owed over a longer period of time
Paying a small portion of the amount owed each month
Paying the entire amount owed, but only every other month
Which one is NOT a benefit of having a credit card?
It can raise a person's standard of living
It is convenient
A customer is charged interest
It increases the financial options available to a customer
Which payment method is most likely to incur interest charges if not paid off in full each month?
Cash
Debit Card
Credit Card
Check
True or False: A debit card transaction can be declined if there are insufficient funds in the account.
True
False
Which of the following payment methods requires you to write the payee's name and the amount on a physical document?
Cash
Debit Card
Credit Card
Check
