Q51. What is the primary benefit of using an e-Wallet for transactions?
a) Physical card benefits
b) Secure storage of cash
c) Convenience and ease of digital payments
d) Access to offline services
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Correct Answer: c) Convenience and ease of digital payments
Explanation: e-Wallets offer convenience and ease by allowing users to make digital payments and manage their finances electronically, without needing physical cash.
Q52. Which digital tool helps in managing payments and financial transactions on a mobile device?
a) Debit Card
b) e-Wallet
c) Credit Card
d) USSD
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Correct Answer: b) e-Wallet
Explanation: e-Wallets help manage payments and financial transactions on mobile devices by storing payment information and facilitating electronic transactions.
Q53. What feature distinguishes IMPS from other payment methods?
a) Batch processing
b) Real-time transaction capability
c) Limited transaction hours
d) Requires internet access
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Correct Answer: b) Real-time transaction capability
Explanation: IMPS (Immediate Payment Service) is distinguished by its ability to process transactions in real-time, allowing for instant fund transfers between accounts.
Q54. What kind of transactions can be managed using the USSD code?
a) High-value transactions
b) Complex international transfers
c) Simple, low-value transactions without internet
d) Investment transactions
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Correct Answer: c) Simple, low-value transactions without internet
Explanation: USSD (Unstructured Supplementary Service Data) is used for managing simple, low-value transactions without requiring internet access, making it accessible via basic mobile phones.
Q55. Which service is commonly used for online bill payments?
a) IMPS
b) QR Code
c) UPI
d) e-Wallet
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Correct Answer: d) e-Wallet
Explanation: e-Wallets are commonly used for online bill payments, providing a convenient and secure way to pay utility bills and other services electronically.
Q56. Which type of card is typically used for making online purchases?
a) Debit Card
b) Gift Card
c) Credit Card
d) Prepaid Card
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Correct Answer: c) Credit Card
Explanation: Credit Cards are commonly used for making online purchases, allowing users to borrow money up to a credit limit and pay for goods and services online.
Q57. What does the ‘UMANG’ app primarily offer?
a) Social networking services
b) Access to government services
c) Financial investment tools
d) E-commerce platform
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Correct Answer: b) Access to government services
Explanation: The UMANG app provides a unified platform for accessing various government services and information, simplifying the process of interacting with government departments.
Q58. What is the main advantage of using a QR Code for payments?
a) Provides real-time transfer
b) Requires physical card details
c) Facilitates quick and contactless transactions
d) Involves high transaction fees
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Correct Answer: c) Facilitates quick and contactless transactions
Explanation: QR Codes facilitate quick and contactless transactions by allowing users to scan the code to complete payments, enhancing convenience and security.
Q59. Which service is designed for real-time settlement of high-value transactions?
a) NEFT
b) RTGS
c) IMPS
d) USSD
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Correct Answer: b) RTGS
Explanation: RTGS (Real-Time Gross Settlement) is designed for real-time settlement of high-value transactions, ensuring immediate processing and transfer of funds.
Q60. How does a debit card differ from a credit card?
a) Debit cards require pre-payment
b) Credit cards require immediate payment
c) Debit cards borrow money from the bank
d) Credit cards are linked to a bank account
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Correct Answer: a) Debit cards require pre-payment
Explanation: Debit Cards require pre-existing funds in the bank account, while Credit Cards allow users to borrow money up to a set limit and repay later.