Q51. Which of the following is an example of a digital financial tool?
a) Checkbook
b) Physical bank ledger
c) Credit card
d) Passbook
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Correct Answer: c) Credit card
Explanation: A credit card is an example of a digital financial tool used for electronic payments and credit access.
Q52. Which tool allows users to make payments through their mobile phones using a unified interface?
a) AEPS
b) NEFT
c) UPI
d) RTGS
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Correct Answer: c) UPI
Explanation: UPI (Unified Payment Interface) allows users to make payments through their mobile phones using a unified interface for multiple bank accounts.
Q53. What is the advantage of using a debit card over a credit card?
a) Access to a line of credit
b) Higher transaction limits
c) Direct access to funds from a bank account
d) Rewards programs
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Correct Answer: c) Direct access to funds from a bank account
Explanation: A debit card provides direct access to funds from a bank account, avoiding the need for borrowing or credit lines.
Q54. Which digital tool is best for managing multiple bank accounts from a single platform?
a) NEFT
b) PoS
c) UPI
d) e-Wallet
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Correct Answer: c) UPI
Explanation: UPI (Unified Payment Interface) is best for managing multiple bank accounts from a single platform, streamlining payments and transactions.
Q55. What type of service does AEPS provide?
a) Instant fund transfers
b) Biometric-enabled payments
c) Online bill payments
d) Credit card management
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Correct Answer: b) Biometric-enabled payments
Explanation: AEPS (Aadhaar Enabled Payment System) provides biometric-enabled payments, allowing transactions to be verified using biometric data.
Q56. The feature of a PoS system is to:
a) Track spending across multiple accounts
b) Facilitate retail transactions
c) Manage online investments
d) Encrypt transaction data
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Correct Answer: b) Facilitate retail transactions
Explanation: A PoS (Point of Sale) system facilitates retail transactions by processing payments and sales data in stores.
Q57. What does IMPS stand for?
a) Instant Mobile Payment Service
b) Immediate Payment Service
c) International Mobile Payment Service
d) Instant Money Payment Service
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Correct Answer: b) Immediate Payment Service
Explanation: IMPS stands for Immediate Payment Service, which allows instant and real-time money transfers between banks.
Q58. The main benefit of using an e-Wallet for transactions is:
a) Enhanced security for online transactions
b) Access to physical cash
c) High interest rates on deposits
d) Detailed transaction records
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Correct Answer: a) Enhanced security for online transactions
Explanation: An e-Wallet enhances security for online transactions by securely storing payment information and providing secure transaction methods.
Q59. Which tool is used to pay utility bills through an online platform?
a) USSD
b) e-Wallet
c) PoS
d) RTGS
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Correct Answer: b) e-Wallet
Explanation: An e-Wallet is used to pay utility bills through an online platform, offering convenience for managing and paying bills digitally.
Q60. What does USSD stand for in mobile banking?
a) Unstructured Supplementary Service Data
b) Unified Structured Service Data
c) Universal Supplementary Service Delivery
d) Unverified Service Delivery Data
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Correct Answer: a) Unstructured Supplementary Service Data
Explanation: USSD stands for Unstructured Supplementary Service Data, a protocol used for mobile banking services and accessing information through text-based menus.