Podcast
Questions and Answers
Match the method of payment with its description.
Match the method of payment with its description.
a) Gift Card, f) Credit Card, d) Electronic Money Transfer (EMT), c) Cash, e) Cheque, b) Debit Card
How much would you save by stopping the daily purchase of a $2.50 pop from vending machines for 3 weeks?
How much would you save by stopping the daily purchase of a $2.50 pop from vending machines for 3 weeks?
$17.50
How much would you save by stopping the purchase of a $2.25 bag of candy 3 times a week for 5 weeks?
How much would you save by stopping the purchase of a $2.25 bag of candy 3 times a week for 5 weeks?
$33.75
How much would you save by stopping the purchase of a $7.00 lunch twice a week for one year?
How much would you save by stopping the purchase of a $7.00 lunch twice a week for one year?
How much would you save by stopping the purchase of video game add-ons costing $25 a month for 5 years?
How much would you save by stopping the purchase of video game add-ons costing $25 a month for 5 years?
Explain the method of payment for using a gift card.
Explain the method of payment for using a gift card.
Describe the method of payment for making a cheque.
Describe the method of payment for making a cheque.
What is the method of payment for electronic money transfer (EMT)?
What is the method of payment for electronic money transfer (EMT)?
How would you pay using cash?
How would you pay using cash?
How do you make a payment with a debit card?
How do you make a payment with a debit card?
Explain the method of payment involving a gift card.
Explain the method of payment involving a gift card.
What is the method of payment involving a cheque?
What is the method of payment involving a cheque?
Describe the method of payment using electronic money transfer (EMT).
Describe the method of payment using electronic money transfer (EMT).
What is the method of payment involving cash?
What is the method of payment involving cash?
Explain the method of payment involving a debit card.
Explain the method of payment involving a debit card.
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Study Notes
Savings Calculations
- Stopping a daily purchase of a $2.50 pop for 3 weeks saves $52.50.
- Ceasing the purchase of a $2.25 bag of candy 3 times a week for 5 weeks saves $33.75.
- Stopping the purchase of a $7.00 lunch twice a week for one year saves $728.
- Halting video game add-ons costing $25 a month for 5 years saves $1,500.
Payment Methods
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Gift Card: Preloaded with a specific amount; used similarly to cash at participating retailers. No additional fees, and the amount is deducted upon purchase.
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Cheque: A written order directing a bank to pay a specific amount from the writer's account to a named payee. Requires account balance to cover the amount.
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Electronic Money Transfer (EMT): A digital transfer of funds directly between bank accounts via online banking or apps. Often instant and convenient.
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Cash: Physical currency (coins and bills) paid directly to the seller for goods or services. Immediate transaction; no requirement for identification.
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Debit Card: A plastic card linked directly to a bank account, used to make purchases by deducting funds immediately from the account. Usually requires a PIN for security.
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