Types Of Payment Flashcards
1
Q
what is cash?
A
physical money either in coins or notes. in the uk this is represented as pounds
2
Q
what is s debit card
A
money stored in a bank will appear in your account through a card
3
Q
what is a credit card?
A
money up to a certain sum will be offered by the bank on a card which has to be paid back in full at the end of the month. if not then interest will be added
4
Q
what is a cheque?
A
a written document instructing a bank or building society to debit your account and pay someone
5
Q
what is an electronic transfer?
A
a transfer of money from one back to another either from one institution or across multiple.
6
Q
what is direct debit?
A
a financial transaction in which one person withdrawals money from another persons bank monthly or yearly
