AnswersFL-2102371-Personal Finance and Money ManagementElectronic Transactions and Digital Currency

Electronic Transactions and Digital Currency Answers

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1
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How are bank-to-bank wire transfers and P2P payments different?

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

I
It stops her savings from losing value due to inflation.
I
It tracks transactions openly with technology.
I
It lets her get her money anytime, day or night.
I
It lets her send money fast to others without waiting for banks.
3

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

A
Alan is paying his roommate for shared rent expenses using a physical check.
B
Luke is contributing to an office gift by paying a colleague.
C
Zack needs to pay the bus fare where only cash and card are accepted.
D
Greg is shopping online at a retailer that gives loyalty rewards for using their app.
4

How are digital wallets and P2P payment services alike?

T
They can be used to move money right away.
T
They can be completed by going into a traditional bank.
T
They require physical cards to start transactions.
T
They are primarily used for automatic billing.
5

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

B
Both only work with certain stores' systems.
B
Both provide a way send money electronically.
B
Both offer loyalty points for starting transactions.
B
Both store tickets and boarding passes.
6

How do illegal activities impact digital currencies?

A
They have no impact because digital currencies cannot be used illegally.
B
They can lead to more government rules and legal problems.
C
Illegal uses of digital currencies are automatically stopped by the blockchain.
D
Illegal activities show that digital transactions need better security.
7

Read the scenario.Katerina is an international consultant who needs to make quick and easy payment transfers between different countries. She wants a payment method that avoids high currency exchange rates and reduces transfer costs.Why did Katerina choose to use digital currency for her international consulting payments?

I
It can go directly into bank accounts without extra steps.
I
Its value stays the same, making her accounting easy.
I
It is limited to certain countries, making it exclusive to those countries' services.
I
It offers fast, lower-cost international payments without currency conversion and bank fees.
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?

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

What is a primary benefit of online bill payments compared to traditional methods?

Y
You get your money right away.
Y
You can send a check by mail just in case.
I
It takes a few days for the money to go through.
Y
You can stick to the bank's hours for paying.
10

Which best defines digital currency?

A
Digitized images of physical bills and coins.
B
Money exclusively used for video games and virtual worlds.
C
Money online that uses cryptography and blockchain technology.
D
An online payment system with instant bank transfers.

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