Understanding Payment Methods Quiz
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Questions and Answers

Which of the following products is classified under Consumer Banking Products?

  • Certificate of Deposits
  • Bonds
  • Term Loan
  • Mortgages (correct)
  • What type of service does Digital Banking refer to?

  • In-person banking
  • Over-the-counter banking
  • Traditional branch banking
  • Internet banking (correct)
  • Which of the following services is classified under Transaction Products & Services?

  • Debt Restructuring
  • Collection Services (correct)
  • Correspondent Banking
  • Financial Advisory Services
  • What type of activities are typically associated with Corporate Finance?

    <p>Capital Market Activities</p> Signup and view all the answers

    Which of the following is an example of an International Banking Service?

    <p>Nigeria Interbank Transfer</p> Signup and view all the answers

    Where can clients access Digital Banking services?

    <p>Via Laptops, Pads, Smartphones</p> Signup and view all the answers

    What is the primary function of credit and debit cards mentioned in the text?

    <p>Making purchases or obtaining credit</p> Signup and view all the answers

    In the context of the text, which service allows you to write an order for your bank to pay someone from your account?

    <p>Cheques</p> Signup and view all the answers

    How can individuals grow their wealth, as mentioned in the text?

    <p>Utilizing savings accounts and investment opportunities</p> Signup and view all the answers

    Which banking service involves accessing your account and making transactions through a website or mobile app?

    <p>Online and Mobile Banking</p> Signup and view all the answers

    What does the text suggest about the role of banks in facilitating transactions?

    <p>Banks play a crucial role in facilitating secure and efficient transactions</p> Signup and view all the answers

    Which financial service is likened to 'tools in your financial toolbox' in the text?

    <p>Savings and Investment Management Services</p> Signup and view all the answers

    Which classification of bank products is based on their effect on the balance sheet?

    <p>On Balance Sheet vs Off Balance Sheet Products</p> Signup and view all the answers

    Which of the following is classified as an Asset product in banking?

    <p>Treasury Investments</p> Signup and view all the answers

    What type of product is a 'Letter of Credit' considered in banking classifications?

    <p>Guarantee</p> Signup and view all the answers

    Which classification of bank products is based on their ownership?

    <p>Asset vs Liability products</p> Signup and view all the answers

    Which type of product is categorized as a Liability product in banking?

    <p>Savings Accounts</p> Signup and view all the answers

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