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Questions and Answers
Which of the following is NOT mentioned as a form of digital currency in the text?
Which of the following is NOT mentioned as a form of digital currency in the text?
- Credit cards
- Cryptocurrencies (correct)
- Smart watches
- Mobile phones
What is the function of a stored value card?
What is the function of a stored value card?
- To offer rewards and cashback
- To provide credit to the user
- To store a set amount of currency for making payments (correct)
- To link directly to the user's bank account
How is data read from a credit card when making a payment?
How is data read from a credit card when making a payment?
- By scanning a barcode on the card
- By reading the magnetic stripe, chip, or using contactless payment (correct)
- By connecting the card to the computer with a cable
- By entering a PIN into the card reader
What is the main difference between a credit card and a stored value card?
What is the main difference between a credit card and a stored value card?
Why do banks often provide stored value cards to certain individuals?
Why do banks often provide stored value cards to certain individuals?
Digital currency is only exchanged physically using coins and bank notes.
Digital currency is only exchanged physically using coins and bank notes.
Stored value cards have an unlimited amount of currency stored on them.
Stored value cards have an unlimited amount of currency stored on them.
Contactless payment involves swiping the magnetic stripe of a credit card.
Contactless payment involves swiping the magnetic stripe of a credit card.
Credit cards and mobile phones are the only forms of digital currency mentioned in the text.
Credit cards and mobile phones are the only forms of digital currency mentioned in the text.
Stored value cards are exclusively provided by credit card companies.
Stored value cards are exclusively provided by credit card companies.
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