payment methods

Question 1

what is cash?

Answer 1

notes and coins in a wide range of denominations

Question 2

what is a benefit of cash?

Answer 2

-most widely accepted form of payment
-makes budgeting easier
-physical
-consumers feel confident using it

Question 3

what is a negative of cash?

Answer 3

-can be lost or stolen
-threat of counterfeit
-cannot be used online
-only appropriate up to a certain amount

Question 4

what is a debit card?

Answer 4

a card issued by a bank with any form of payment being deducted from a current account

Question 5

what is a benefit of a debit card?

Answer 5

-no need to carry cash
-secure method of payment with low risk of theft
-widely accepted
-offers a degree of protection on purchases
-suitable for online purchases

Question 6

what is a negative of a debit card?

Answer 6

-short time lapse between making the transaction and money being taken from the account, may result in overspending
-not accepted or appropriate for small purchases.