Q61. What type of payment does a debit card facilitate?
a) Credit-based payments
b) Payments using a line of credit
c) Payments directly from a bank account
d) Cash payments
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Correct Answer: c) Payments directly from a bank account
Explanation: A debit card facilitates payments directly from a bank account, allowing users to access their funds directly for transactions.
Q62. Which digital tool is primarily used for making payments by scanning a code?
a) Credit card
b) PoS
c) QR code
d) IMPS
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Correct Answer: c) QR code
Explanation: QR codes are primarily used for making payments by scanning the code with a mobile device to transfer payment information.
Q63. Which system is used for electronic fund transfers in batches?
a) RTGS
b) IMPS
c) NEFT
d) AEPS
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Correct Answer: c) NEFT
Explanation: NEFT (National Electronic Fund Transfer) is used for electronic fund transfers in batches, processing transactions at scheduled intervals.
Q64. Which system allows for immediate and high-value fund transfers?
a) NEFT
b) IMPS
c) RTGS
d) e-Wallet
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Correct Answer: c) RTGS
Explanation: RTGS (Real Time Gross Settlement) allows for immediate and high-value fund transfers, processing transactions in real-time.
Q65. IMPS transactions are:
a) Processed in batches
b) Delayed by a day
c) Instantaneous and available 24/7
d) Limited to working hours
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Correct Answer: c) Instantaneous and available 24/7
Explanation: IMPS (Immediate Payment Service) transactions are instantaneous and available 24/7, providing round-the-clock money transfer services.
Q66. What is a key feature of an e-Wallet?
a) Storing physical cash securely
b) Making online transactions and managing payment information
c) Tracking physical assets
d) Providing investment advice
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Correct Answer: b) Making online transactions and managing payment information
Explanation: An e-Wallet is designed for making online transactions and managing payment information digitally, providing convenience for electronic payments.
Q67. AEPS transactions use:
a) Credit cards
b) Biometric authentication
c) QR codes
d) Internet banking
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Correct Answer: b) Biometric authentication
Explanation: AEPS (Aadhaar Enabled Payment System) uses biometric authentication, such as fingerprints, to authorize transactions linked with Aadhaar numbers.
Q68. What is the primary purpose of a credit card?
a) To make purchases on credit
b) To save funds for future use
c) To manage cash deposits
d) To earn interest on savings
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Correct Answer: a) To make purchases on credit
Explanation: A credit card allows users to make purchases on credit, borrowing funds up to a certain limit and paying them back within a specified period.
Q69. Which digital financial tool is used to make retail transactions at a store?
a) NEFT
b) PoS
c) USSD
d) QR code
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Correct Answer: b) PoS
Explanation: A PoS (Point of Sale) system is used to make retail transactions at a store, processing payments through various methods including cards and mobile payments.
Q70. Which of the following allows users to perform financial transactions without needing internet access?
a) UPI
b) USSD
c) RTGS
d) e-Wallet
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Correct Answer: b) USSD
Explanation: USSD (Unstructured Supplementary Service Data) allows users to perform financial transactions without needing internet access, using text-based menus on mobile phones.