True or False
If debit cards are not paid on time, the bank will charge interested.
False: unpaid credit cards collect interest
Cash, credit card or debit card.
Describe the payment method: Cash
Physical money that can be traded for goods/services
Describe what "Apple Pay" is.
When a credit or debit card is saved on a persons phone. They can pay for goods/services by "tapping" their phone to the pin pad.
You need a pin/passcode to access a cheque
False: Pins/passcodes are only for debit, credit or ET (sometimes)
Zayd wants to open up a soccer stadium and has to put a deposit of $20 000. What method of payment is best for Zayd to use?
Cheque
Describe the payment method: Credit Card
A card given by the bank that allows the person to get funds but they MUST pay the money back.
What is the difference between goods and services?
Goods: a physical product someone can buy
Service: when you pay for a skill
When a debit/credit card is lost or stolen, you can call the bank to freeze the account letting no money being spent.
True!
Anakin wants to go to the Florida for a weekend getaway! When checking the prices on the flights, he realized it was too expensive right now. What payment method could he use that could give air miles
Credit cards
Describe the payment method: Debit Card
A card that has money on it directly linked to their bank account.
What does "bounce back" mean and for what payment method is it for?
When a person does not have enough funds in their account, their cheque bounces back taking no money out of it.
You can collect points using a debit card
False: some credit cards can collect points for certain things (rewards, discounts, and more).
Josh really wanted Micheals Pokemon special edition card but Micheal would only give it if Josh gave 2 of his Pokemon cards.
What payment method are Josh and Micheal using?
Trade
Describe the payment method: Cheque
What is "credit score" and why is it important?
It is a number that represents whether you are a person who can be trusted to borrow money or not. Credit scores are based on your personal financial history, which shows how responsible you are with money.
Stores and services do not put an extra charge for using credit/debit cards.
False: Some places may charge for the use of a debit or credit card.
Ami went to a garage sale and found something she really wanted. She did not have her wallet with her only her phone. She then asked for the persons email.
What is a payment method Ami could have done?
Electronic Transfer (ET)
Describe the payment method: Trade
People can offer a trade of goods/services of equal value in exchange of something in return.
What is the "Fur Trade"?
Europeans traded goods (silks, porcelain, and more) with Indigenous people for animal fur.