Types of Money - SS1 Economics Past Questions & Answers - page 1

1

What is a credit card?

A

A plastic card that allows you to spend money directly from your bank account.

B

Physical currency that includes coins and banknotes issued by the government.

C

A plastic card that allows you to borrow money from the card issuer and pay it back later with interest.

 

D

Digital currency that can be used to purchase goods and services.

CORRECT OPTION: c
2

Which of the following is an example of virtual currency?

A

Cash

B

Credit Card

 

C

Bitcoin

D

Debit Card

CORRECT OPTION: c
3

What is a prepaid card?

A

A card that has a fixed amount of money loaded onto it and can be used to make purchases until the balance runs out.

B

A plastic card that allows you to borrow money from the card issuer and pay it back later with interest.

C

Digital currency can be used to purchase goods and services.

 

D

Payment systems that use mobile devices to make transactions.

CORRECT OPTION: a
4

Which of the following is an example of mobile payments?

A

 Bitcoin

B

Google Wallet

 

C

Cash

D

Credit Card

CORRECT OPTION: b
5

What is a debit card?

A

Plastic card that allows you to spend money directly from your bank account.

B

Physical currency that includes coins and banknotes issued by the government.

C

A plastic card that allows you to borrow money from the card issuer and pay it back later with interest.

 

D

A card that has a fixed amount of money loaded onto it and can be used to make purchases until the balance runs out.

CORRECT OPTION: a
6

Define virtual currency.

 

Virtual currency is digital currency that can be used to purchase goods and services.

7

What is a mobile payment system?

A mobile payment system is a payment system that uses mobile devices, such as smartphones, to make transactions.

 

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