1. 5.1 A transaction used to send money or pay for goods and services using electronic devices.
2. 5.2 The best way to pay for small purchases, like bottled water, from a street vendor.
3. 5.3 A pre-loaded, multi-currency debit card that is convenient to pay for purchases during international travel.
4. 5.4 Money is available after an arrangement was made with the bank to repay the amount in monthly installments.
5. 5.5 An international bank-to-bank network of electronic transactions using payment orders and codes.
Answer (2)
Electronic Payment Transaction : This refers to using digital methods to transfer money or pay for goods and services. Devices such as computers, smartphones, or specialized point-of-sale terminals are commonly used. This type of transaction is convenient, fast, and often secure, helping to facilitate the growth of e-commerce and digital business operations.
Cash Payment for Small Purchases : When purchasing inexpensive items like bottled water from a street vendor, cash is typically the most efficient and preferred method. It's simple, quick, and usually accepted by all vendors without transaction fees or the need for credit card processing equipment.
Pre-Loaded Multi-Currency Debit Card : A pre-loaded, multi-currency debit card is a valuable tool for international travelers. It allows the cardholder to load money in various currencies onto the card, providing a convenient and secure way to make purchases without dealing with the hassle of currency exchange transactions each time. These cards help travelers avoid multiple foreign transaction fees and can be used wherever debit cards are accepted globally.
Loan or Credit Arrangement : This scenario describes a situation where money is provided by the bank after arranging for repayment in monthly installments, referring to personal loans or installment credit. This can include different financial products like a personal loan, auto loan, or mortgage, which are used to fund significant purchases or pay expenses while spreading out payments over time.
SWIFT Network (Society for Worldwide Interbank Financial Telecommunication) : SWIFT is an international bank-to-bank network that enables electronic transactions via standardized payment orders and codes. It streamlines global banking communications, ensuring the secure exchange of financial messages between banks and financial institutions. This network plays a crucial role in facilitating international trades and remittances in a standardized, secure format.
The question relates to various financial transaction methods, including electronic payments, cash transactions for small purchases, multi-currency debit cards for travelers, loan arrangements, and the SWIFT network for international payments. Each concept plays a crucial role in modern financial practices. Overall, the subject matter pertains to Business at the High School level.
;
