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15
×
Which of the following statements about EFT security is true?
EFT transactions are not encrypted
EFT is vulnerable to hacking
EFT systems use strong encryption for secure transactions
EFT does not require any security measures
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15
×
How do ATMs enhance the use of EFT in banking?
By processing cheques directly
By providing a physical location for cash transactions
By enabling various banking services including deposits and withdrawals
By allowing cash withdrawals only
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15
×
What do customers need to identify themselves at ATMs?
A bank card and a secret PIN
A bank statement and a driver's license
A cheque and a social security number
A passport and a fingerprint
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15
×
What is one advantage of using MICR technology over OCR for cheque processing?
Faster processing time
Higher error rate
Requires less technology
Lower error rate
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eraser
Reset score!
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gift
Win 25 points!
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fairy
Take points!
5
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15
20
25
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lifesaver
Give 25 points!
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banana
Go to last place!
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gift
Win 25 points!
Okay!
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fairy
Take points!
5
10
15
20
25
×
baam
Lose 20 points!
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15
×
Which of the following is a common application of EFT in businesses?
Transferring money between different currencies
Paying suppliers in cash
Paying employees' salaries directly into their bank accounts
Issuing physical cheques to employees
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seesaw
Swap points!
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gift
Win 20 points!
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gift
Win 10 points!
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thief
Give points!
5
10
15
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25
15
×
What is a disadvantage of using EFT for transactions?
It is more secure than cash transactions
It allows for instant transactions
It requires internet access
It eliminates the need for bank visits
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15
×
What information do banks typically read from cheques?
Only the payee's name
The date and the bank's address
Bank code, account number, and cheque number
Only the amount
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monster
Reset all scores!
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shark
Other team loses 25 points!
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rocket
Go to first place!
Okay!
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baam
Lose 10 points!
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15
×
How does EFT differ from traditional cash transactions?
EFT is only used for international transactions
EFT does not involve the physical movement of cash
EFT involves the physical movement of cash
EFT requires a bank visit for each transaction
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15
×
What technology is used by banks to streamline the processing of cheques?
Optical Character Recognition (OCR)
Blockchain technology
Electronic Fund Transfer (EFT)
Magnetic Ink Character Recognition (MICR)
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15
×
What is the primary function of Electronic Fund Transfers (EFT)?
To physically move cash between banks
To send instructions to a bank's computer system for transferring money
To process cheques using OCR technology
To allow customers to withdraw cash from ATMs
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