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What information do banks typically read from cheques?
 
Bank code, account number, and cheque number
 
The date and the bank's address
 
Only the payee's name
 
Only the amount
What is one advantage of using MICR technology over OCR for cheque processing?
 
Lower error rate
 
Higher error rate
 
Faster processing time
 
Requires less technology
What technology is used by banks to streamline the processing of cheques?
 
Magnetic Ink Character Recognition (MICR)
 
Electronic Fund Transfer (EFT)
 
Blockchain technology
 
Optical Character Recognition (OCR)
What do customers need to identify themselves at ATMs?
 
A bank card and a secret PIN
 
A cheque and a social security number
 
A bank statement and a driver's license
 
A passport and a fingerprint
How do ATMs enhance the use of EFT in banking?
 
By enabling various banking services including deposits and withdrawals
 
By allowing cash withdrawals only
 
By providing a physical location for cash transactions
 
By processing cheques directly
Which of the following statements about EFT security is true?
 
EFT systems use strong encryption for secure transactions
 
EFT is vulnerable to hacking
 
EFT does not require any security measures
 
EFT transactions are not encrypted
What is a disadvantage of using EFT for transactions?
 
It requires internet access
 
It eliminates the need for bank visits
 
It is more secure than cash transactions
 
It allows for instant transactions
How does EFT differ from traditional cash transactions?
 
EFT does not involve the physical movement of cash
 
EFT is only used for international transactions
 
EFT involves the physical movement of cash
 
EFT requires a bank visit for each transaction
Which of the following is a common application of EFT in businesses?
 
Paying employees' salaries directly into their bank accounts
 
Paying suppliers in cash
 
Issuing physical cheques to employees
 
Transferring money between different currencies
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 allow customers to withdraw cash from ATMs
 
To physically move cash between banks
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