Methods of Payment Flashcards by Ruth Watson | Brainscape

Q

2 advantages of cash?

A

Quick & effective
Possible discount
No interest

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Q

2 disadvantages of cash?

A

Accessing cash from bank account

Safely carrying lots of money

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Q

2 advantages of credit cards?

A

Quick & efficient

Useful for large, unexpected purchases

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Q

2 disadvantages of credit cards?

A

High interest

Charge for using one (paying for flights)

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Q

2 advantages of cheques?

A

Don’t have to carry lots of cash

Flexible

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Q

2 disadvantages of cheques?

A

Costs retailer money

Some stores don’t accept them

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Q

2 advantages of debit cards?

A

Quick & efficient

Cost effective

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Q

2 disadvantages of debit cards?

A

Forgetting pin number

Need a bank account

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Q

2 advantages of store cards?

A

Member discount

Advanced notice of sales

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Q

2 disadvantages of store cards?

A

High interest

Encourage impulse buying

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Q

1 advantage of hire purchase?

A

If interest free & planned well, it works well

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Q

2 disadvantages of hire purchase?

A

Payment schedule must be adhered to

May end up playing lots of interest

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