Sorting forms of payments Q; Sort the forms of payment into the two categories

Answer down below

Have money at time of purchase

- cash

- debit card

- check

Borrow money to make purchase

- credit card

Have money at time of purchase.

Cash

For cash to be used to purchase something, the person must already have the required amount of cash in their possession already.

Debit Card.

Debit cards pay for purchases by using funds in the owner's bank account. This means that for a purchase to be processed, the owner must have funds in their account in the first place.

Check

This works much like the debit card above. If one wants to use a check, their bank account needs to have funds at the time of purchase so that the funds can pay for the purchase.

Borrow money to make a purchase

Credit Card

Credit card represent a debt owed to the issuing company that will need to be paid off eventually. This means therefore that whenever you use a credit card to make a purchase, you are borrowing the money used to fund the purchase.

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