Youtube Exercise » English Grammar Homework

Understanding Payment Methods

Institute for Financial Literacy

6,262 views 3 years ago

Warm-up Questions

What different payment methods can you think of for buying things?
When do you prefer to pay with cash, and when do you prefer to pay electronically?
What problems can happen when you pay in another country?

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Order: Alphabetical Random

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Understanding Payment Methods

Cash payments: pros and cons (00:00 – 00:35)

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1. Paying with cash means using ____.

only coins
a mobile app
banknotes and coins

2. What is one advantage of cash mentioned in the video?

It is always safer than cards.
It automatically tracks your spending.
It is the most widely accepted method of payment.

3. When traveling overseas, what problem with cash is mentioned?

You cannot use cash in other countries.
You must buy foreign currency and the exchange rate may not be favorable.
Cash is illegal to carry overseas.

Understanding Payment Methods

Electronic payments and debit cards (00:35 – 01:28)

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1. Electronic payment is a non-cash payment that does not involve ____.

a receipt
actual cash
a bank account

2. What is one advantage of electronic transactions mentioned?

They always give a better exchange rate.
They are easier to track.
They never involve any risk.

3. With a debit card, the purchase amount is ____.

paid by the shop
added to your account later
deducted from your bank account when you pay

Understanding Payment Methods

Credit cards: borrowing, interest, and habits (01:28 – 02:11)

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1. Credit card spending is actually a form of ____.

borrowing
bartering
saving

2. If full payment is not made by the due date, what happens?

No extra cost is added.
The bank cancels all debt immediately.
High interest of at least 24 percent per annum will be charged.

3. The video says credit cards can encourage which behavior?

A 'buy first and pay later' mentality and buying on impulse
Only careful planning
Paying only with coins

Understanding Payment Methods

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1. Which option is presented as the most widely accepted payment method?

Debit card only
E-wallets only
Cash

2. What security risk is mentioned for electronic payments, debit cards, and credit cards?

Card details may be stolen
Coins may melt
Receipts may disappear

3. Which payment method is described as involving borrowing and possible interest charges?

Debit card
Credit card
Cash

Discussion Questions

Discuss the ideas from this video

Understanding Payment Methods

Which method (cash, e-payment, debit card, credit card) is best for daily spending in your life? Why?
What can people do to reduce the risk that card details may be stolen?
Do you agree that debit cards can help people control spending? Give an example.
How can a 'buy first and pay later' mentality affect a person’s finances?