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10 Questions

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Is a Cashless World the Future?

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Questions and Answers

Which of the following best describes a cashless society?

A society where paper and coin currencies are used for all transactions

A society where financial transactions are conducted with the use of debit or credit cards only

A society where financial transactions are conducted without the use of cash (correct)

A society where all financial transactions are conducted electronically

What is one advantage of a cashless society?

Limited financial options

Inability to track money or prove ownership

Increased convenience for people (correct)

Higher crime rates

Why are crime rates lower in a cashless society?

Tracking money and proving ownership is easier in a cashless society

Carrying cash makes people a high-value target for thieves (correct)

There are no financial transactions in a cashless society

Cashless transactions are more expensive

What does it mean when it is said that a cashless society is 'on its way'?

It is becoming a reality Signup and view all the answers

What is one weakness of a cashless society?

Inability to track money or prove ownership Signup and view all the answers

Which of the following is NOT an advantage of a cashless society?

Ease of tracking transactions Signup and view all the answers

What is one disadvantage of a cashless society?

Lack of privacy Signup and view all the answers

Why is carrying cash considered risky in terms of crime?

It makes people a target for thieves Signup and view all the answers

What is one reason why a cashless society is considered 'on its way'?

Advancements in technology Signup and view all the answers

What is one advantage of a cashless society in terms of financial record-keeping?

Easy access to transaction history Signup and view all the answers