What Do You Know About Methods Of Payment?

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| By Mattk96
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Mattk96
Community Contributor
Quizzes Created: 1 | Total Attempts: 559
| Attempts: 563
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  • 1/5 Questions

    Which of these is NOT an online method of payment?

    • PayPal
    • Credit/Debit Card
    • Cash
    • Gift Code
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About This Quiz

Explore key aspects of different payment methods. This quiz covers topics like online payment options, credit\/debit card details, and the implications of insufficient funds. It's designed to enhance financial literacy and practical knowledge related to everyday financial transactions.

What Do You Know About Methods Of Payment? - Quiz

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  • 2. 

    Which one is right?

    • A debit card allows you to borrow money from the bank and pay it off later.

    • A debit card does not allow you to borrow money from the bank and pay it off later.

    Correct Answer
    A. A debit card does not allow you to borrow money from the bank and pay it off later.
    Explanation
    A debit card does not allow you to borrow money from the bank and pay it off later. Unlike a credit card, a debit card is linked directly to your bank account and allows you to spend only the money you have in your account. When you make a purchase with a debit card, the funds are immediately deducted from your account, so you are not borrowing money that needs to be paid back later.

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  • 3. 

    How many digits is a security number at the back of your card?

    • 4

    • 3

    • 5

    • 2

    Correct Answer
    A. 3
    Explanation
    A security number at the back of a card typically consists of three digits. This number is used to verify the authenticity of the card during online or phone transactions. It adds an extra layer of security by ensuring that the person using the card has physical possession of it.

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  • 4. 

    How many digits is a Credit/Debit Card number?

    • 14

    • 16

    • 15

    • 17

    Correct Answer
    A. 16
    Explanation
    A Credit/Debit Card number typically consists of 16 digits. This is the most common length for card numbers and is used by major card issuers like Visa, Mastercard, and American Express. The 16-digit number is designed to provide a unique identifier for each card and is used for various purposes, including making purchases, verifying card ownership, and detecting fraud.

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  • 5. 

    What happens if you don't have enough money on your account to pay a check?

    • Money will be transferred and your account will be on a minus

    • Money will not transfer, it will bounce and you will have to pay interest fee

    • Money will not transfer.

    Correct Answer
    A. Money will not transfer, it will bounce and you will have to pay interest fee
    Explanation
    If you don't have enough money on your account to pay a check, the money will not transfer. Instead, the check will bounce, meaning it will be returned to the recipient unpaid. In addition to the check bouncing, you may also be required to pay an interest fee for the insufficient funds.

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Quiz Review Timeline (Updated): Sep 10, 2024 +

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  • Current Version
  • Sep 10, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 08, 2012
    Quiz Created by
    Mattk96
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