Banking and Technology Quiz
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Questions and Answers

Which of the following is NOT a type of bank account?

  • Checking account
  • Investment account
  • Savings account
  • Credit account (correct)

    • What is the purpose of a routing number in banking?

  • To verify the account owner's identity
  • To process international transactions
  • To track the account balance
  • To identify the bank and location of the account (correct)

    • What is a disadvantage of using mobile banking?

  • It is less accessible than traditional banking
  • It is more expensive than traditional banking
  • It is less secure than traditional banking (correct)
  • It is less convenient than traditional banking

    • What is the purpose of a credit score?

    <p>To determine a borrower's creditworthiness</p> Signup and view all the answers

    What is a blockchain?

    <p>A decentralized digital ledger</p> Signup and view all the answers

    What is the purpose of FDIC insurance?

    <p>To protect depositors in case of bank failure</p> Signup and view all the answers

    What is a disadvantage of using a debit card?

    <p>It can lead to overspending</p> Signup and view all the answers

    What is the purpose of a SWIFT code in international banking?

    <p>To identify the bank and location of the account</p> Signup and view all the answers

    What is the purpose of a money market account?

    <p>To earn higher interest rates than a traditional savings account</p> Signup and view all the answers

    What is a disadvantage of using a cashier's check?

    <p>It is more expensive than a personal check</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a digital bank?

    <p>Limited online banking options</p> Signup and view all the answers

    What is the main benefit of using a mobile wallet?

    <p>Convenience and faster transactions</p> Signup and view all the answers

    What is the purpose of a SWIFT code in international banking?

    <p>To identify the bank branch</p> Signup and view all the answers

    What is the main difference between a credit card and a debit card?

    <p>Debit cards are linked to a checking account</p> Signup and view all the answers

    What is the purpose of a routing number in US banking?

    <p>To identify the bank branch</p> Signup and view all the answers

    What is the main advantage of using biometric authentication in mobile banking?

    <p>Faster login process</p> Signup and view all the answers

    What is the purpose of a wire transfer in banking?

    <p>To send money electronically</p> Signup and view all the answers

    What is the main difference between a traditional bank and a neobank?

    <p>Traditional banks offer mobile banking</p> Signup and view all the answers

    What is the purpose of a contactless payment card?

    <p>To make payments without a PIN</p> Signup and view all the answers

    What is the main advantage of using blockchain technology in banking?

    <p>Higher level of security</p> Signup and view all the answers

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