Quiz on Modern technology and consumer transactions

Jack used his mobile phone to check his account balance and he did not need to visit a bank branch or ATM. What form of modern technology did he use

• Mobile banking
• Email banking
• Social media
• Online shopping

Identify two forms of modern technology which facilitate consumer transaction

• Physical retail stores
• Bartering systems
• Mobile payment apps, e-commerce platforms
• Cash transactions

Which technology reduces the need for carrying around huge sums of cash

• Digital payment technologies
• Carrying coins
• Using checks
• Bartering goods

What is the benefit of using contactless payment methods

• The benefit of using contactless payment methods is increased speed and convenience in transactions.
• It allows for higher transaction fees.
• It requires a physical card to be swiped.
• It limits the number of transactions per day.

All of the following are disadvantages of mobile banking except

• High fees for transactions
• Security risks with personal data
• Convenience and accessibility
• Limited customer support

Which of the following is a disadvantages of paying for goods online using a credit card

• Convenience of online shopping.
• Ability to earn rewards points.
• Instant access to funds for purchases.
• Risk of fraud and unauthorized transactions.

Jill paid high interest rates on her credit card because she did not pay within the moratorium period. This statement informs consumers about the

• Benefits of paying within the moratorium period.
• How to avoid high interest rates on loans.
• The importance of maintaining a good credit score.
• Consequences of not paying within the moratorium period.

What is a common risk associated with using online payment platforms

• Higher transaction fees for credit cards
• Increased interest rates on loans
• Data breaches leading to theft of financial information
• Limited access to customer support