6.5 Banking system

Which of the following is an advantage of online banking?

• Customers must visit the bank in person

• Transactions can only be made during bank hours

• Banking services are available 24/7

• It is not secure

What does an ATM stand for?

• Automated Transfer Machine

• Automatic Teller Mechanism

• Automated Teller Machine

• Automatic Transaction Module

Which of the following is NOT a method of electronic banking?

• Mobile banking

• Telephone banking

• Cheque payments

• Internet banking

What is the main function of a debit card?

• To borrow money from the bank

• To withdraw money directly from the user's account

• To earn interest on savings

• To deposit cash into an account

What security feature is commonly used in online banking to verify user identity?

• CAPTCHA

• Username only

• Account number only

• QR code

What is the role of a bank's PIN (Personal Identification Number)?

• To log in to an online banking account

• To authorize transactions securely

• To transfer funds automatically

• To store banking history

What is the primary purpose of a bank statement?

• To show a summary of a customer's transactions and balance

• To deposit money into an account

• To withdraw cash from an ATM

• To close a bank account

Which of these is a disadvantage of online banking?

• Transactions are slow

• High risk of fraud and hacking

• Requires physical presence at the bank

• Banks are only open on weekdays

What does an online banking system allow customers to do?

• Withdraw cash from their computers

• Access their bank accounts and perform transactions remotely

• Change their bank’s policies

• Issue new credit cards themselves

What is the main purpose of a credit card?

• To store banking information

• To make transactions by borrowing money from the bank

• To withdraw cash from ATMs only

• To increase a customer's bank balance