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Business Finance > Personal Finance > Flashcards

Personal Finance Flashcards

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1
Q

What is an advantage of cash?

A

Don’t over spend

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2
Q

What is a disadvantage of cash?

A

Can be stolen

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3
Q

What is an advantage of a debit card?

A

Can withdraw money

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4
Q

What is a disadvantage of a debit card?

A

Accidental overdraft

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5
Q

What is an advantage of a credit card?

A

Buy now, pay later

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6
Q

What is a disadvantage of a credit card?

A

Interest on repayments

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7
Q

What is an advantage of a cheque?

A

More convenient than carrying cash

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8
Q

What is a disadvantage of a cheque?

A

Easy to fraud

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9
Q

What is an advantage of an electronic transfer

A

Instantaneous

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10
Q

What is a disadvantage of an electronic transfer?

A

No way to reverse the payment

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11
Q

What is an advantage of a direct debit?

A

Don’t have to worry about remembering to pay something

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12
Q

What is a disadvantage of a direct debit?

A

Canceling one can be hassle

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13
Q

What is an advantage of a standing order?

A

Makes sure regular payments aren’t miss

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14
Q

What is a disadvantage of a standing order?

A

Payment is made regardless of balance

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15
Q

What is an advantage of a pre-paid card?

A

Can’t overspend

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16
Q

What is a disadvantage of a pre-paid card?

A

Can be used by others without permission

17
Q

What is an advantage of a charge card?

A

Secure method of payment

18
Q

What is a disadvantage of a charge card?

A

It may have monthly or yearly fees attached

19
Q

What is an advantage of a store card?

A

May get extra benefits such as vouchers

20
Q

What is a disadvantage of a store card?

A

Can only be used at certain stores

21
Q

What is an advantage of mobile banking?

A

Can be done on any smartphone or tablet

22
Q

What is a disadvantage of mobile banking?

A

Requires an internet connection

23
Q

What is an advantage of Bankers automated clearing services (BACS)?

A

Enables automatic payments

24
Q

What is a disadvantage of Bankers automated clearing services (BACS)?

A

Payments sent may take a few days

Business Finance (2 decks)

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