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Payment Methods Matching Quiz

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Questions and Answers

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?

$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?

$33.75

How much would you save by stopping the purchase of a $7.00 lunch twice a week for one year?

$728.00 Signup and view all the answers

How much would you save by stopping the purchase of video game add-ons costing $25 a month for 5 years?

$1,500.00 Signup and view all the answers

Explain the method of payment for using a gift card.

a) Using a card with $100 on it that has already been purchased from a store Signup and view all the answers

Describe the method of payment for making a cheque.

e) Giving a piece of paper to someone that shows how much money you want them to take out of your bank account for them to put into their account Signup and view all the answers

What is the method of payment for electronic money transfer (EMT)?

d) Sending money to a friend using email Signup and view all the answers

How would you pay using cash?

c) Paying with coins or bills Signup and view all the answers

How do you make a payment with a debit card?

b) Paying with a card that links to your bank account Signup and view all the answers

Explain the method of payment involving a gift card.

Using a card with $100 on it that has already been purchased from a store Signup and view all the answers

What is the method of payment involving a cheque?

Giving a piece of paper to someone that shows how much money you want them to take out of your bank account for them to put into their account Signup and view all the answers

Describe the method of payment using electronic money transfer (EMT).

Sending money to a friend using email Signup and view all the answers

What is the method of payment involving cash?

Paying with coins or bills Signup and view all the answers

Explain the method of payment involving a debit card.

Paying with a card that links to your bank account Signup and view all the answers

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

Gift Card: Preloaded with a specific amount; used similarly to cash at participating retailers. No additional fees, and the amount is deducted upon purchase.
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.
Electronic Money Transfer (EMT): A digital transfer of funds directly between bank accounts via online banking or apps. Often instant and convenient.
Cash: Physical currency (coins and bills) paid directly to the seller for goods or services. Immediate transaction; no requirement for identification.
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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Description

Test your knowledge of different methods of payment with this matching quiz. Match the description to the correct method of payment, including gift cards, cheques, credit cards, electronic money transfer (EMT), cash, and debit cards.