What is a transaction?

An agreement between a buyer and seller to exchange goods or services

Which of the following is a true statement about credit cards?

Credit cards can build your credit history if used responsibly

What is a key feature of using a debit card for payment?

It deducts money directly from your bank account

What are methods of payment?

The ways a buyer pays a seller for a good or service

Which of the following is a valid statement about electronic transfers?

They offer speed and convenience but can be vulnerable to hacking

Which of the following is a true statement about using cash as a method of payment?

Cash can be lost or destroyed and doesn’t offer rewards like credit cards

Which of the following is a characteristic of using cheques for payment?

Cheques can be stopped or bounce if there are insufficient funds

Alex is at a flea market and finds a vintage watch he likes for $25. Which method of payment should he use?

Pay with cash. Its the easiest method at a flea market.

What is a potential risk when giving a gift card?

The retailer issuing the card can go out of business before it is used.

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Financial Literacy 6th Grade Ontario-1

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Questions 13

Answers

1
Which of the following is NOT an example of a service?
haircut
smartphone
car repair
medical check-up
2
What is a transaction?
An agreement between a buyer and seller to exchange goods or services
A tax paid on imported goods
A method used to save money in a bank
A government rule about spending limits
3
Which of the following is a true statement about credit cards?
Credit cards deduct funds immediately from your bank account
Credit cards always include late fees even if you pay on time
Credit cards can build your credit history if used responsibly
You never have to pay back the money you spend
4
Which of the following is an example of goods?
hotel
crayons
spa
house cleaning
5
What is a key feature of using a debit card for payment?
It helps you build your credit score
It deducts money directly from your bank account
It allows you to borrow money from the bank
It offers high reward points for each purchase
6
What are methods of payment?
The steps needed to return a product
The laws that regulate shopping habits
The price a seller charges for goods
The ways a buyer pays a seller for a good or service
7
Which of the following is NOT an example of goods?
School supplies
a car
online tutoring
loaf of bread
8
Which of the following is a valid statement about electronic transfers?
They are always more secure than in-person payments
They offer speed and convenience but can be vulnerable to hacking
They do not require internet access
They allow purchases only during business hours
9
Which of the following is a true statement about using cash as a method of payment?
Cash cannot be used if the power is out
Cash earns more interest than using a credit card
Cash is always safer than digital payments
Cash can be lost or destroyed and doesn’t offer rewards like credit cards
10
Which of the following is a characteristic of using cheques for payment?
Cheques can be stopped or bounce if there are insufficient funds
The buyer has no control over payment timing
Cheques always include rewards and cashback offers
Funds are instantly withdrawn when the cheque is written
11
Alex is at a flea market and finds a vintage watch he likes for $25. Which method of payment should he use?
Use a debit card, as it’s safer than carrying cash.
Pay with cash. Its the easiest method at a flea market.
Use a credit card, since he can earn points for his purchase.
Pay with a check, since it provides a paper trail for the transaction.
12
Which of the following is an example of a service?
chromebook
raptors jersey
furniture
house cleaning
13
What is a potential risk when giving a gift card?
The retailer issuing the card can go out of business before it is used.
The gift card value increases automatically after a year.
The gift card can be used at any retailer, regardless of the store.
The recipient always remembers the balance on the card.

Financial Literacy 6th Grade Ontario-1 Flashcards | StudBud