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Financial Literacy
Methods of Payment
| Question | Answer |
|---|---|
| Nina wants to send money but she doesn't have a bank account, what two methods of payments will allow her to do so? | Cash and Money Orders |
| What three methods of payment are in the form of a physical document/bills | Cash, Cheques and Money Orders |
| Which two methods of payment can you get rewards points (loyalty points) from? | Debit and Credit Cards |
| Nina wants to purchase a money order, where are the two places you can direct her? | The Bank and the Post Office |
| If Nina does not want to overspend, what method of payment would you recommend for her to use? | Cash |
| If Nina wants to show the bank that she is responsible, what method of payment would she use? | Credit Card |
| What are you building when you used your credit card to show the bank that you are resposible? | Credit Score |
| Nina wants to open a bank account by herself, what age must she be? | 18 Years old |
| If Nina was are11 years old, and wanted to open a bank account, what does she need to do so? | a Parent/Guardian |
| What do you automatically get when you open a bank account? | a Debit Card |
| If Nina wants to send money electronically to British Columbia from Ontario what method of payment would she use? | E-transfer |
| If Nina wants to send money electronically to France from Canada what method of payment would she use? | Wire Transfer |
| If Nina wants to send money electronically to France, and skip the large fees of a wire transfer, what method of payment would she use? | Paypal |
| Define Cash | A method of payment with physical bills or coins that have a specific value |
| Define Debit Card | A method pf payment where the bank gives you a card connected to your account. When paying for needs and wants money gets immediately transfered from your bank account to the seller. |
| Define Credit Card | A method of payment that is a card with a pre set limit and a promise (with a contract) to pay back the amount spend on a specific due date (a type of loan). |
| Define Cheque | A method of payment in the form of a physical document that tells the bank to transfer money from your bank account to someone else (the person whose name it has been made out too) |
| Define Money Order | A method of payment in the form of a physical certified document that sends money, guaranteed (it cannot bounce) of a specific amount dorm one person to another |
| Define E-transfer | A method of payment that transfer of funds (money) from one bank account to another using an email address, a mobile number and an online banking service. |
| Define Wire Transfer | A method of payment that transfer of funds (money) from one bank account to another overseas using a bank account number |
| Define Paypal | A method of payment that is an online intermediary between the sender and the recipient. |
| What is an intermediary? | "The middle man" or the person "in between" |
Created by:
Ms.Giontsis
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