Types of Payments

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Ian's mom buys a soccer uniform for him. Although she may have to pay interest, she chooses a method of payment that allows her to quickly borrow the money.

Which type of payment did Ian's mom use?

Mr. Harris buys a basketball. He pays with a card so the basketball can be purchased with money in his checking account.

Which type of payment did Mr. Harris use?

Tom wanted to pay for his groceries without the need for a bank account or credit check. What type of payment did he most likely use?

Sarah needed to pay for her online purchase, but wanted to ensure she was not overspending. What type of payment did she most likely use?

John wanted to take advantage of earning rewards each time he spent money. What type of payment did he most likely use?

Emily wished to pay for her movie tickets quickly and directly from her bank account, avoiding any physical contact. What type of payment did she most likely use?

John bought a television for $300 using a credit card. What is one advantage of his payment choice?

No advantages

He can pay the money back over time

He will pay less money

He got the television for free

Emily's grandmother sent her a check for $50 for her birthday. Why might this be better than sending cash?

Checks are worth more than cash

Only adults can cash checks

It's safer to send in the mail

Checks can never be stolen

Ian paid his friend back with an electronic payment. In this situation, what is one disadvantage this may have had if his friend does not have a bank account?

Ian’s friend would owe him money

The value of electronic payment can depreciate over time

Electronic payments are illegal between friends

His friend may not have been able to access the money

Why might a debit card not be used for a transaction of $2,000?

Debit cards cannot be used for large transactions

There might not be enough funds in the bank

Debit cards have a limit of $1000 per transaction

Transactions over $1000 can only be made in cash

During a power outage Emma could not purchase supplies. What form of payment could she have used?

Which forms of payment could result in debt if not managed properly?

Why would someone choose to use electronic payment instead of cash when online shopping?

Better security with cash

For convenience

To earn interest

Cash is not accepted

If a person wants to keep track of all his expenses, what forms of payment should he use?

Cash

Debit card

Credit card

Check

Maria went to the grocery store and did not want to pay any transaction fees. What form of payment did she probably use?

Tom needs to pay his rent, but his landlord does not have any electronic devices. Which form of payment did Tom use?

Which type of payments can offer Lisa some form of purchase protection?

Cash

Electronic payment

Check

Credit card

Match each payment method to its main advantage

Can Build Good Credit
Can't Spend More Than You Have
Accepted Everywhere

Debit Card
Cash
Credit Card

Match the following payment method to its potential disadvantage

Easily Lost
Can Bounce
Vulnerable to Hacking

Check
Cash
Electronic Payment

Which payment method would most likely involve an interest rate?

No
No
Yes

Credit Card
Cash
Debit Card

Which payment method would you use if you were paying online?

No
Unlikely
Yes

Check
Cash
Electronic Payment

Ian's mom buys a soccer uniform for him.  Although she may have to pay interest, she chooses a method of payment that allows her to quickly borrow the money.

Which type of payment did Ian's mom use?

check

cash

debit card

credit card

electronic payment

Mr. Harris buys a basketball.  He pays with a card so the basketball can be purchased with money in his checking account.

Which type of payment did Mr. Harris use?

credit card

debit card

electronic payment

check

cash

Tom wanted to pay for his groceries without the need for a bank account or credit check. What type of payment did he most likely use?

Electronic payment

Check

Credit card

Debit card

Cash

Sarah needed to pay for her online purchase, but wanted to ensure she was not overspending. What type of payment did she most likely use?

Cash

Debit card

Credit card

Check

Electronic Payment

John wanted to take advantage of earning rewards each time he spent money. What type of payment did he most likely use?

Debit card

Check

Credit card

Cash

Electronic Payment

Emily wished to pay for her movie tickets quickly and directly from her bank account, avoiding any physical contact. What type of payment did she most likely use?

Electronic payment

Check

Cash

Credit card

Debit card

John bought a television for $300 using a credit card. What is one advantage of his payment choice?

No advantages

He can pay the money back over time

He will pay less money

He got the television for free

Emily's grandmother sent her a check for $50 for her birthday. Why might this be better than sending cash?

Checks are worth more than cash

Only adults can cash checks

It's safer to send in the mail

Checks can never be stolen

Ian paid his friend back with an electronic payment. In this situation, what is one disadvantage this may have had if his friend does not have a bank account?

Ian’s friend would owe him money

The value of electronic payment can depreciate over time

Electronic payments are illegal between friends

His friend may not have been able to access the money

Why might a debit card not be used for a transaction of $2,000?

Debit cards cannot be used for large transactions

There might not be enough funds in the bank

Debit cards have a limit of $1000 per transaction

Transactions over $1000 can only be made in cash

During a power outage Emma could not purchase supplies. What form of payment could she have used?

Debit card

Check

Credit card

Cash

Electronic payment

Which forms of payment could result in debt if not managed properly?

Electronic payment

Debit card

Cash

Credit card

Check

Why would someone choose to use electronic payment instead of cash when online shopping?

Better security with cash

For convenience

To earn interest

Cash is not accepted

If a person wants to keep track of all his expenses, what forms of payment should he use?

Cash

Debit card

Credit card

Check

Maria went to the grocery store and did not want to pay any transaction fees. What form of payment did she probably use?

Electronic payment

Check

Credit card

Cash

Debit card

Tom needs to pay his rent, but his landlord does not have any electronic devices. Which form of payment did Tom use?

Cash

Electronic payment

Check

Debit card

Credit card

Which type of payments can offer Lisa some form of purchase protection?

Cash

Electronic payment

Check

Credit card

Match each payment method to its main advantage

Can Build Good Credit

Can't Spend More Than You Have

Accepted Everywhere

Debit Card

Cash

Credit Card

Match the following payment method to its potential disadvantage

Easily Lost

Can Bounce

Vulnerable to Hacking

Check

Cash

Electronic Payment

Which payment method would most likely involve an interest rate?

No

No

Yes

Credit Card

Cash

Debit Card

Which payment method would you use if you were paying online?

No

Unlikely

Yes

Check

Cash

Electronic Payment

Types of Payments

Types of Payments

Ian's mom buys a soccer uniform for him. Although she may have to pay interest, she chooses a method of payment that allows her to quickly borrow the money.Which type of payment did Ian's mom use?

Mr. Harris buys a basketball. He pays with a card so the basketball can be purchased with money in his checking account.Which type of payment did Mr. Harris use?

Tom wanted to pay for his groceries without the need for a bank account or credit check. What type of payment did he most likely use?

Sarah needed to pay for her online purchase, but wanted to ensure she was not overspending. What type of payment did she most likely use?

John wanted to take advantage of earning rewards each time he spent money. What type of payment did he most likely use?

Emily wished to pay for her movie tickets quickly and directly from her bank account, avoiding any physical contact. What type of payment did she most likely use?

John bought a television for $300 using a credit card. What is one advantage of his payment choice?

Emily's grandmother sent her a check for $50 for her birthday. Why might this be better than sending cash?

Ian paid his friend back with an electronic payment. In this situation, what is one disadvantage this may have had if his friend does not have a bank account?

Why might a debit card not be used for a transaction of $2,000?

During a power outage Emma could not purchase supplies. What form of payment could she have used?

Which forms of payment could result in debt if not managed properly?

Why would someone choose to use electronic payment instead of cash when online shopping?

If a person wants to keep track of all his expenses, what forms of payment should he use?

Maria went to the grocery store and did not want to pay any transaction fees. What form of payment did she probably use?

Tom needs to pay his rent, but his landlord does not have any electronic devices. Which form of payment did Tom use?

Which type of payments can offer Lisa some form of purchase protection?

Match each payment method to its main advantage

Match the following payment method to its potential disadvantage

Which payment method would most likely involve an interest rate?

Which payment method would you use if you were paying online?

Ian's mom buys a soccer uniform for him. Although she may have to pay interest, she chooses a method of payment that allows her to quickly borrow the money.

Which type of payment did Ian's mom use?

Mr. Harris buys a basketball. He pays with a card so the basketball can be purchased with money in his checking account.

Which type of payment did Mr. Harris use?