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Personal Finance

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Personal Finance. Wise Pre-test and Lesson on Cashless Society. Today. Wise Pre-test Lesson Cashless Society What do WE mean by “cashless” Definition of alternative payment methods Advantages and Disadvantages of Cashless Society Sources of Cash Where do we get the money?

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Personal Finance

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  1. Personal Finance Wise Pre-test and Lesson on Cashless Society

  2. Today • Wise Pre-test • Lesson Cashless Society • What do WE mean by “cashless” • Definition of alternative payment methods • Advantages and Disadvantages of Cashless Society • Sources of Cash • Where do we get the money? • Next time, we will learn about Investing in ourselves

  3. Wise Pre-test • Introduces the format and content of questions you will see in our Unit tests and the Wise test (end of semester). • Logon to the computer • Go to Mrs. Fieser’s global drive (Fieserl) • Click on wise.exe and enter the session number on the whiteboard • Set up new account • Complete the survey and log off • Log back in and complete the test • When you are finished, log off, go back to your seat and work quietly until everyone has finished

  4. Cashless Society WHAT IS IT? • Using anything other than cash to pay for goods and services • Can you think of a good or Service that you cannot buy with cash? You cannot put cash into you pc to pay for online purchases

  5. Check • A written, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.

  6. Cash Card • Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card's memory, and the card can be used to pay for goods or services specific to a particular store or action until the amount stored, or "loaded" on the card, has been spent. Can be reloadable.

  7. Gift Cards • Some retail chain stores sell cash cards which can be used to pay for their products

  8. Debit Card • A plastic card directly linked to your checking account to use for paying goods and services at retailers and online

  9. Credit Card • A plastic card that can be used to access a line of credit established in advance.

  10. Electronic Funds Transfer (EFT) • any transfers of funds, other than a transaction originated by check, draft, or other paper instrument, initiated through electronic terminal, telephone, or computer, to authorize a financial institution to debit or credit an account

  11. Contactless Payment • Transactions completed with no physical connection between the payment devise and the Point of Sale (POS) devise or store clerk

  12. Barter • Exchanging goods or services with an individual to make it possible to satisfy needs and wants without the exchange of money

  13. Advantages • Convenience! Don’t have to carry currency with us everywhere we go • No risk of Counterfeiting

  14. Disadvantages • Reduces Privacy (Everything we do can be tracked) • Exposes us to increased Cyber theft (Target) • Higher risk of impulse spending

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