method of payment - A

Question 1

cash

Answer 1

notes and coins in a wide range of denominations

Question 2

debit card

Answer 2

issued by banks with payments for goods and services being
directly deducted from a current account

Question 3

credit card

Answer 3

issued by financial institutions allowing customers to delay payments for goods and services

Question 4

cheque

Answer 4

a written order to a bank to transfer a specific amount of money from one persons account to the other

Question 5

electronic transfer

Answer 5

payment is transferred directly from one bank account to another

Question 6

direct debit

Answer 6

an agreement made with the bank to allow the withdrawal of money from an account on a set day to a third party

Question 7

standing order

Answer 7

an agreement made with the bank to withdrawal a fixed amount from an account on a set regular basis to a third party

Question 8

prepaid card

Answer 8

money is uploaded onto a card with transactions deducting money from the balance

Question 9

contactless card

Answer 9

cards containing antennae to allow money to be transferred when the card touches a contactless terminal

Question 10

change card

Answer 10

issued by financial institutions to allow customers to delay the payments for goods and services for a short period of time, must be paid off in full when the statement is issued

Question 11

store card

Answer 11

issued by a retail outlet to allow a delay for payments of goods and services

Question 12

mobile banking

Answer 12

the ability to carry out financial transactions using mobile devices

Question 13

BACS (Bankers Automated Clearing Service)

Answer 13

a system that allows the transaction of payments directly from one account to another

Question 14

CHAPS (Clearing House Automated Payment Systems)

Answer 14

a system that allows the transaction of payments directly from one account to another