F1.1 Identify various methods of payment that can be used to purchase goods and services.
Activity 1: What is the Best Method of Payment?
Create learning situations with students and allow them to discuss with each other to choose the best method(s) of payment.
Example
Simon wants to spend money on certain goods and services and is not sure which method of payment is the best one.
Simon makes the following payments: he buys a soft drink from a vending machine, he sends $50 to his cousin who lives in another province, he buys a gift for his best friend's birthday, he buys a pair of sneakers that are a little too expensive but he wants to pay for them later, and he gives the neighbour $10 for walking his dog all week.
Discuss the different payment options and have students identify the possible methods of payment that Simon may have used for each of the different purchases. Point out that the methods of payment could vary for different people and their financial situations.
Activity 2: Is it Practical? Is it Safe?
Create learning situations that require students to reflect on the safest method of payment for different circumstances.
Examples
- Felix would like to buy a video game after school. He brings $200 in cash in his pocket and shows his classmates the money. Is this safe? Is this the best way to pay? What would you suggest?
- Clara's father pays a private landscaping company to mow the lawn. The company accepts various methods of payment including cheques. Clara's father pays with a cheque for maintenance services. A month later, the company says it has not received payment. Is this safe? Is this the best method of payment? What would you suggest?
Facilitate a class discussion to allow students to share their thinking. Record students' ideas. Then ask students to create their own learning situations to share with others.