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Financial Literacy Grade 7 - Methods of Payment Flashcards | StudBud
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Financial Literacy Grade 7 - Methods of Payment
Cash has existed for the past...
Credit cards are..
Financial Literacy Grade 7 - Methods of Payment
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Questions
16
Answers
1
Credit cards are..
Only given to people over 18 years old in Ontario
All of the above
A card that allows you to borrow money
A way to pay for things you don't have enough money for
2
Cash has existed for the past...
3000 years
Forever
2500 years
2000 years
3
Which province do you have to be 19 to get a credit card?
British Colombia
PEI
Ontario
Alberta
4
Cash has existed forever
False
True
5
Credit cards allow you to have incentives like travel points or cashback
True
False
6
What is a more reliable form of payment?
Cash
Debit
Credit
7
If the internet is down, you can still pay with your debit or credit card
True
False
8
You can use your debit card at an ATM
False
True
9
You must pay interest on every purchase on a credit card
False
True
10
In Ontario, you can get a credit card at 16
False
True
11
The average rate on a credit card is 10%
True
False
12
What did people use before cash?
Exchange goods
Exchange services
Cash always existed
Exchange Services & Goods
13
Sarah got a new credit card. Her limit is $500. She bought a laptop for $1200 dollars. Will she pay interest?
Yes because she bought something over the limit
Yes because the bank wants money
Maybe, only if she doesn't pay her credit card on time
14
Debit cards are..
able to borrow money with
Plastic Cards
Reliable payment method
Can only be used if you are over 20 years old
15
You need a pin for your debit card
False
True
16
What is not a method of payment?
Money Order
All are methods of payment
Wire Transfer
Cash
