GROUP NO.

: 7

CENTER NO.: 160022

CANDIDATES NAME AND NUMBERS:

SCHOOL: HARMON SCHOOL OF SEVENTH DAY

ADVENTISTS.

TOPIC: AN EVALUATIVE SURVEY ON THE

DIFFERENT TYPES OF INSTRUMENTS OF
EXCHANGE AMONG YOUNG
ENTREPRENEURS IN SIGNAL HILL,
TOBAGO.

TEACHERS: MR.KERRY JONES

TERRITORY: TRINIDAD AND TOBAGO

DATE: 31st JANUARY, 2021

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 Table of Contents

SBA Descriptor Heading Page Number

Topic/Issue/Problem 4

Background/Overview 5

Methodology 6

Presentation and Analysis 7

Conclusion 11

Recommendation 12

Bibliography 13

Appendices 14

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 Topic| Issue| Problem

Research Topic: An evaluative survey on the different types of instruments of exchange

among young entrepreneurs in Signal Hill, Tobago.

Research Problem: The preferred method of instrument of payment used among young

entrepreneurs is cash because of ease of use.

Objectives| Research Questions

1. Discover the preferred methods of instruments of payments used among young

entrepreneurs in Signal Hill, Tobago.

2. To determine the factors that hinder young entrepreneurs in Signal Hill, from using

the other types of payment methods.

Syllabus Objective

1. Identify the instruments of exchange.

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 Background/Overview
Over the past 13 years, Signal Hill has developed physically in terms of the

development of small and large businesses. Most of these businesses started using cash

mainly to conduct transactions. This was both affordable and convenient.

Instruments of payments were introduced in businesses to promote convenience.

Learning about the various types of payment methods is essential as the COVID-19 virus

restricts face-to-face payments. Society, in general, can become more familiar with the

different payment options that will make trading easier. Students will be more edified on

which payment methods are more safe and accessible to use. It can also be used as an

opportunity for future business owners to become more acquainted during this research.

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 Methodology

To achieve the purpose of this research, both primary and secondary research was used.

Primary data: In March 2021, questionnaires that comprised five closed questions and one

open question were allocated to twenty young entrepreneurs from Signal Hill, Tobago. The

questionnaires were used as it is low-priced and large amounts of data could be obtained in a

short space of time. Respondents can share their honest opinions as their identities will

remain anonymous.

Secondary data: Data was collected by reviewing literature that was readily available from

textbooks, journals, and other online sources. Secondary data was used to help explain the

new findings from a different perspective.

Limitations

➢ Some questions may be difficult to analyze.

➢ Differences in understanding and interpreting the questions.

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 Presentation and Analysis of Data

A survey was conducted at Signal Hill, Tobago amongst entrepreneurs to determine

the preferred instruments of exchange used and the challenges they faced using them. The

data collected is summarized below.

The demographic data (Table 1 in the Appendix B) shows a representation of the

preferred method of payments used among young entrepreneurs in Signal Hill. 60% of the

females participated more than the males. Also, 60% of the responses came from persons

between the ages of 18-25 years. Those same responses came from persons who only had one

year of experience within the business sector.

Research question 1: The preferred methods of instruments of payments used among young

entrepreneurs in Signal Hill, Tobago.

One of the major findings of this research is that 30% of the entrepreneurs prefer to use

Cash when making purchases for the business. 10% prefer using M-Money, Direct Debit,

Credit Card, Electronic Funds Transfer and Cheques. 20% also prefer using Telebanking,

Direct Deposit, and Debit Card. This is summarized in the bar chart shown below (see figure

1).

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 Bar chart showing the preferred in-
struments of payment used by the en-
trepreneurs
30%
Percentages

20%
10%
0%
sh ey it rd ng er sit rd es
Ca on Deb t Ca nki nsf po t Ca qu
-m t i a a e i e
M irec red leb s Tr ct D Deb Ch
D C Te d ire
Fun D
c
ni
tro
ec
El
Types of instruments of payments

Entrepreneurs preferred method of payment

Figure 1 showing a bar chart of the preferred instruments of payment used the entrepreneurs
in Signal Hill.
Thus, it is necessary to conclude that the entrepreneurs prefer cash instead of the other

payment methods because it’s probably more convenient and it doesn’t require any

transaction fees when making purchases.

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Research question 2: To determine the factors that hinders the young entrepreneurs in

Signal Hill from using the other payment methods.

The main factors that hindered the entrepreneurs' ability to use the other methods are

summarized below (figure 2). It was observed that 10% of the entrepreneurs didn’t have a

reason as to why they don’t use the other methods. While 30% were unable to use the other

methods due to lack of knowledge and 20% were unable to access other methods of payment.

The factor with the highest percentage was 40% of the total responses and they didn't have

any challenges to use the other methods, it simply wasn’t preferred.

Figure 2 showing the factors that hindered the ability to use the other payment methods.

To summarize what was depicted above, the majority of the entrepreneurs didn't face any

major challenges in using the other payment options, it solely wasn't preferred because what

they're accustomed to is probably more user-friendly. Additionally data presented by the

Central Bank of Trinidad and Tobago in a survey conducted in 2010 suggested 68% of the

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population preferred to use cash when conducting business whether 41% preferred credit

cards, 53% debit cards and only 11% used cheques.

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 Conclusion

Based on our findings, it was proven that cash was the preferred payment method

used by young entrepreneurs for all business transactions. While the research didn’t identify

any challenges faced, the other methods weren’t favored because it simply wasn’t preferred.

It's more convenient as it's user-friendly and doesn't require any additional fees when used.

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 Recommendation

We recommend the following:

➢ For the business owners in Signal Hill to become more educated on the modern types

of payment options and the benefits it holds. This is to give the customers more

alternatives to make purchases in a way that's most convenient to them. Like any

other payment method, there are challenges however, the benefits would outweigh

them as it attracts a broader audience.

➢ Institutions, such as banks, can create new alternatives of making electronic payments

more attractive to young entrepreneurs. This can potentially assist them to increase

their use of gadgets.

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 Bibliography
https://www.central-bank.org.tt/psc/Publications/
Business_Survey_Report_Understanding_And_
%20Usage_of_Payment_Opt_by_Bus_in_Trindad_and_Tobago.pdf

MIKE KAPPEL October 24th 2014 “What Are the Benefits of Direct Deposit” last modified
January 20th 2021 it www.patriotsoftware.com

https://www.patriotsoftware.com/blog/payroll/advanatages-ofemployee-direct-desposit/

Stefan Debois march 8th 2019 “10 Advantages and Disadvantages of Questionnaire”
surveyanyplace.com https://surveyanyplace.com/questionnaire-pros-and-cons/

Suzanne Whitney.2018 ‘The Debit Card Benefits You Never Knew You Needed”
ublocal.com https://www.google.com/amp/s/www.ublocal.com/debit-card-benefits-never-
knew-existed/amp/

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 Appendices
Appendix A:

Questionnaires

This questionnaire is being conducted by the Principles of Business students from the

Harmon School of SDA. Our aim is to discover the various types of instruments of exchange

used by young entrepreneurs.

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SECTION 1 Demographics

(Please tick the box to indicate your response.)

A. Sex:

Male□ Female□

B. Age range:

18-25□ 26-40□ 41-65□

C. How long have you been in business?

1 year□ 2 years□ 3 years□ 4 years & more□

SECTION 2 Research Questions

1. What methods of payments do you prefer when purchasing for your business?

Barter□ Documentary Credit□ Electronic Funds Transfer□

Standing Order□ Direct Debit□ Direct Deposit□

E-commerce□ Credit Card□ Debit Card□

Bill of Exchange□ Telebanking□ Cheques□

Many Orders□ Bank Drafts□ Telegraphic Money Transfer□

M-money (Mobile Wallet) □

2. Please indicate how satisfied you feel with the methods used when purchasing input

supplies for your business.

Very unsatisfied□ Unsatisfied□ Neutral□ Satisfied□ Very satisfied□

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3. What methods of payment are preferred by customers when purchasing items from

your business?

Barter□ Documentary Credit□ Electronic Funds Transfer□

Standing Order□ Direct Debit□ Direct Deposit□

E-commerce□ Credit Card□ Debit Card□

Bill of Exchange□ Telebanking□ Cheques□

Many Orders□ Bank Drafts□ Telegraphic Money Transfer□

M-money (Mobile Wallet) □

4. How satisfied are you with the methods used by customers?

Very unsatisfied□ Unsatisfied□ Neutral□ Satisfied□ Very satisfied□

5. How user friendly are the common instruments of exchange offered to you?

Very hard to use□ Hard to use□ Neutral□ Easy to use□ Very easy to use□

6. What are the factors that hinders your ability in using the other methods?

_____________________________________________________________________

_____________________________________________________________________

Thank You for Your Participation!

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Appendix B:

Table 1 showing the demographic information from the questionnaire.

Amount Amount Percentage

Sex:

Male 2 20%

Female 8 80%

Total 10 100%

Age Range:

18-25 6 60%

26-40 2 20%

41-65 2 20%

Total 10 100%

Experiences in
business:
6 60%
1 year
1 10%
2 years
1 10%
3 years
2 20%
4 years and more

Total 10 100%

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