KK.2

Methods of payment

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There are many ways to pay for goods and services. Use the passage about cash to answer the question below.

"Assorted US currency" by Julia Mascardo, Alamy Stock Photo

Cash is money in the form of metal coins or paper bills. Cash has many advantages. It is quick and easy to use for small purchases. There are no extra fees or interest charges for using cash. Since cash is money that you physically hold and pay with, it is difficult to spend more money than you have. You don't need to have a bank account to use cash, either. Also, most businesses accept cash for in-person payments, even if they do not accept other forms of payment.

Cash also has several disadvantages. There is no easy way to prove ownership of cash. So, it is difficult to recover cash if it is lost, stolen, or destroyed. Cash also does not provide a record of your purchase if you lose your receipt. Additionally, online purchases cannot be made with cash. And many companies will not accept cash sent by mail.

Which of the following is an advantage of using cash to buy something?

Cash is easy to use for inexpensive purchases.

It is usually easy to buy things online with cash.

It is easy to replace cash that is lost or stolen.

Cash helps you to keep a record of your purchases.

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