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Cashless society
Quiz by little Rainbow
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10 questions
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- Q1What is the purpose of biometric authentication in a cashless society?To ensure secure and unique identification of individuals using their biological traitsTo provide discounts and rewards for cashless transactionsTo replace digital payment methods with physical cashTo track individuals' financial transactions for surveillance purposes30s
- Q2What is the concept of a 'digital wallet' in a cashless society?A secure virtual wallet that stores electronic payment credentials for making transactionsA wallet made of digital currency like BitcoinA physical wallet used to store cash and cardsA wallet used exclusively for online shopping30s
- Q3What is the main advantage of a cashless society for businesses?Higher taxes for businesses and increased financial risksComplex regulations and decreased convenienceLimited customer base and reduced profitabilityReduced costs associated with cash handling and increased efficiency in transactions30s
- Q4What is an example of a cashless payment method that utilizes near field communication (NFC) technology?Paper checksTraveler's checksContactless payment cardsMoney orders30s
- Q5What is the main objective of promoting a cashless society?Encouraging people to hoard physical cash for emergenciesReducing the overall amount of money circulating in the economyIncreasing efficiency and transparency in financial transactionsEliminating the need for financial institutions30s
- Q6What are some common examples of cashless payment methods?Credit cards, mobile payment apps, and online bankingCheques and money ordersCoins and banknotesPrepaid gift cards and traveler's checks30s
- Q7What are some potential challenges of transitioning to a cashless society?Decreased convenience and higher risk of theftSimplification of financial transactions and elimination of fraudMore privacy and reduced transaction costsLimited accessibility for people without access to digital payment methods and potential for increased economic inequality30s
- Q8What is the role of digital payment platforms in a cashless society?Replacing physical cash with digital currencyFacilitating electronic transactions and providing secure online payment methodsPromoting savings and investment in the stock marketOffering discounts and rewards for using cash30s
- Q9What are some advantages of a cashless society?Higher inflation rates, limited access to funds, and increased transaction costsConvenience, increased security, and easier tracking of expensesMore privacy, lower risk of fraud, and greater financial independenceDecreased convenience, limited acceptance, and higher risks of theft30s
- Q10What is a cashless society?A society where financial transactions are conducted electronically, without the use of physical currencyA society without any financial transactionsA society where gold is used as the main currencyA society where cash is used exclusively for all financial transactions30s