Personal Finance - Money Protection Assessment 1

Front

If you are traveling to a country where mobile networks are unreliable, which method of storing money would be most practical?

Back

Cash

Front

Understanding Fees and Costs: Which method of storing money is most likely to charge overdraft or maintenance fees? A. Cash, B. Mobile payment apps, C. Payroll card, D. Depository institution

Back

Depository institution

Front

Who might find it challenging to use mobile payment apps?

Back

Someone without a smartphone or bank account.

Front

Long-Term vs. Short-Term Needs: Which storage method is best suited for saving money over a long period? Options: Cash, Mobile payment apps, Payroll card, Depository institution

Back

Depository institution

Front

What is a major advantage of keeping money in cash?

Back

It is immediately accessible for transactions.

Front

What is a major disadvantage of keeping money in cash?

Back

It can be easily lost or stolen without protection.

Front

What is a major advantage of using mobile payment apps like Venmo or Cash App?

Back

They allow quick and convenient online transfers.

Front

What is a disadvantage of using mobile payment apps?

Back

They may have privacy or security concerns.

Front

What is an advantage of using a payroll card?

Back

Employers can directly deposit wages onto the card.

Front

What is a disadvantage of using a payroll card? Options: Funds cannot be accessed through ATMs., Employers do not accept payroll cards for direct deposits., Payroll cards are not usable for online shopping.

Back

Only your employer can deposit money onto the card