LIBF UNIT 2 Topic 7

A written order by a bank customer (the drawer) to pay someone else (the payee) is known as:

• cheque

• standing order

• direct debit

• credit card

What is the name given to a card issued to current account customers that allows them to pay for purchases or draw money from a cash machine?

• credit card

• debit card

• cash card

• cheque

A debit card that has the contactless payment symbol on it can be used to make contactless payments of up to:

• 25 pounds

• 50 pounds

• 30 pounds

• 15 pounds

Zapp allows customers to make payments through:

• the internet

• debit card

• credit card

• their mobile phones

Customers with what type of bank account will usually receive a printed statement each month?

• an internet account

• a telephone account

• a branch-based account

• an app-based account

Standing orders provide a flexible way to pay regular bills or make regular payments.

• False

• True

Direct debits provide a flexible way to pay regular bills or make regular payments.

• True

• False

It is now easy to select a bank and to switch from one bank to another.

• True

• False

A payment clearing scheme that allows electronic payments to be made between bank accounts is known as:

• Bacs

• CHAPS

• Cheque

The electronic Clearing House Automated Payment System, which is used for very high-value payments and payments between large companies is known as:

• Bacs

• CHAPS

• Credit card

• Direct Debit