Types of Payments

1

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?

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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?

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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?

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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?

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

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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?

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

He got the television for free

He can pay the money back over time

He will pay less money

No advantages

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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

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1

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

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

There might not be enough funds in the bank

Transactions over $1000 can only be made in cash

Debit cards cannot be used for large transactions

Debit cards have a limit of $1000 per transaction

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2

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

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

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

To earn interest

For convenience

Better security with cash

Cash is not accepted

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2

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

Debit card

Check

Credit card

Cash

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

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

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2

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

Credit card

Electronic payment

Cash

Check

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3

Match each payment method to its main advantage

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

Debit Card
Cash
Credit Card

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3

Match the following payment method to its potential disadvantage

Vulnerable to Hacking
Easily Lost
Can Bounce

Check
Cash
Electronic Payment

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2

Which payment method would most likely involve an interest rate?

No
Yes
No

Credit Card
Cash/ debit card

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

No
Yes
Unlikely

Check
Cash
Electronic Payment

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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?

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?

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?