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15
×
What is one advantage of using MICR technology over OCR for cheque processing?
Higher error rate
Lower error rate
Requires less technology
Faster processing time
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15
×
Which of the following statements about EFT security is true?
EFT transactions are not encrypted
EFT systems use strong encryption for secure transactions
EFT does not require any security measures
EFT is vulnerable to hacking
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15
×
What do customers need to identify themselves at ATMs?
A passport and a fingerprint
A cheque and a social security number
A bank statement and a driver's license
A bank card and a secret PIN
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15
×
What technology is used by banks to streamline the processing of cheques?
Electronic Fund Transfer (EFT)
Magnetic Ink Character Recognition (MICR)
Blockchain technology
Optical Character Recognition (OCR)
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15
×
Which of the following is a common application of EFT in businesses?
Transferring money between different currencies
Issuing physical cheques to employees
Paying employees' salaries directly into their bank accounts
Paying suppliers in cash
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15
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What is a disadvantage of using EFT for transactions?
It requires internet access
It is more secure than cash transactions
It eliminates the need for bank visits
It allows for instant transactions
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heart
Other team wins 25 points!
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gift
Win 25 points!
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×
fairy
Take points!
5
10
15
20
25
×
thief
Give points!
5
10
15
20
25
×
monster
Reset all scores!
Oops!
×
rocket
Go to first place!
Okay!
×
gift
Win 5 points!
Okay!
×
baam
Lose 25 points!
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15
×
How does EFT differ from traditional cash transactions?
EFT requires a bank visit for each transaction
EFT does not involve the physical movement of cash
EFT is only used for international transactions
EFT involves the physical movement of cash
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boom
Lose 50 points!
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gift
Win 25 points!
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rocket
Go to first place!
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baam
Lose 25 points!
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15
×
What is the primary function of Electronic Fund Transfers (EFT)?
To send instructions to a bank's computer system for transferring money
To process cheques using OCR technology
To physically move cash between banks
To allow customers to withdraw cash from ATMs
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15
×
What information do banks typically read from cheques?
Only the amount
The date and the bank's address
Only the payee's name
Bank code, account number, and cheque number
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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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monster
Reset all scores!
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shark
Other team loses 10 points!
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shark
Other team loses 10 points!
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banana
Go to last place!
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