ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A transaction made with a check
|
|
|
A deposit made with a bank teller
|
|
|
Not widely used by consumers
|
|
|
An ATM transaction
|
Detailed explanation-1: -EFT payments are a speedier alternative to physical payment methods like cash and checks. Direct deposit, credit card transactions, ATM transactions, electronic checks and phone payments are all types of EFT payments.
Detailed explanation-2: -EFTs include, but are not limited to point-of-sale (POS) transfers; automated teller machine (ATM) transfers; direct deposits or withdrawals of funds; transfers initiated by telephone; and transfers resulting from debit card transactions, whether or not initiated through an electronic terminal. (Section 205.3(b)).
Detailed explanation-3: -The Electronic Federal Tax Payment System (EFTPS) is a tax payment service you can use to make tax payments to the IRS. ATMs let you bank without going inside a bank and talking to a teller. You can withdraw cash, make deposits, or transfer funds between your accounts. Debit cards allow you to make EFT transactions.
Detailed explanation-4: -An electronic funds transfer (EFT), or direct deposit, is a digital movement of money from one bank account to another. These transfers take place independently from bank employees.
Detailed explanation-5: -A credit or debit card payment is a type of EFT payment for consumers when paying businesses for goods or services, through a device. They can also be used to move money from business bank accounts or to pay bills.