AnswersPersonal FinanceElectronic Transactions and Digital Currency

Electronic Transactions and Digital Currency — Quiz Answers

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1
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Read the scenario. Jerrod is at an electronics store, planning to buy a new laptop. He wants to track his spending and earn rewards points as a loyal customer. Why might it be best for Jerrod to use a digital wallet to buy the laptop?

A
They put payment methods and rewards together in one app.
B
They guarantee to match prices with other stores.
C
They give instant refunds on returns.
D
They mostly use E-checks to transfer funds.
2
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In which of these scenarios is Peer-to-Peer (P2P) the best payment method?

A
Felix is paying for parking at an unmanned terminal.
B
Lucy is paying for a monthly subscription service.
C
Ted is lending money to a friend in another city for an emergency.
D
Trish is buying textbooks from an online store.
3

How are Peer-to-Peer (P2P) payment systems and digital wallets alike when it comes to starting transactions?

A
Both store tickets and boarding passes.
B
Both offer loyalty points for starting transactions.
C
Both only work with certain stores' systems.
D
Both provide a way send money electronically.
4

How are bank-to-bank wire transfers and P2P payments different?

A
Wire transfers are instant, while P2P payments take several days.
B
P2P payments focus on automatic billing, while wire transfers focus on consumer purchases.
C
Banks process wire transfers, while P2P payments are made directly between individuals.
D
P2P payments require a visit to the bank, while wire transfers can be done online.
5

In which scenario would using a digital wallet be the most advantageous?

A
Zack needs to pay the bus fare where only cash and card are accepted.
B
Luke is contributing to an office gift by paying a colleague.
C
Alan is paying his roommate for shared rent expenses using a physical check.
D
Greg is shopping online at a retailer that gives loyalty rewards for using their app.
6

Read a description of traditional banking. Banks follow government rules to protect their customers' money. They issue separate cards for checking and savings accounts to help individuals manage funds and add security. Banks also handle foreign currency exchanges for international travel and transactions. How is traditional banking different from digital wallets?

A
Digital wallets require internet access, while traditional banking does not.
B
Digital wallets can store multiple card information, while traditional banks do not.
C
Digital wallets are regulated, whereas traditional are not.
D
Traditional banks only process transactions in local currency, but digital wallets do not.
8

Read the scenario. An online store does not follow the rules for keeping credit card details safe, so they accidentally make customers' private info public. What would most likely happen in this scenario?

A
The online store might get fined and have to improve security.
B
The company that gave out the credit card will be blamed.
C
Customers have to pay for any fraudulent charges.
D
Nothing bad if they fix the leak quickly.
9

Aliyah is at a cafe with friends, and they want to split the bill. She has a digital wallet and a Peer-to-Peer (P2P) payment app on her phone. Why might it be best for Aliyah to use a P2P payment app to pay her part of the bill?

A
She can pay later if she wants.
B
It works without internet.
C
It sends money instantly to others.
D
She can pay cash with it.
10

How are digital wallets and P2P payment services alike?

A
They are primarily used for automatic billing.
B
They require physical cards to start transactions.
C
They can be completed by going into a traditional bank.
D
They can be used to move money right away.

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