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Cashless society

Quiz by little Rainbow

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10 questions
Show answers
  • Q1
    What is the purpose of biometric authentication in a cashless society?
    To ensure secure and unique identification of individuals using their biological traits
    To provide discounts and rewards for cashless transactions
    To replace digital payment methods with physical cash
    To track individuals' financial transactions for surveillance purposes
    30s
  • Q2
    What is the concept of a 'digital wallet' in a cashless society?
    A secure virtual wallet that stores electronic payment credentials for making transactions
    A wallet made of digital currency like Bitcoin
    A physical wallet used to store cash and cards
    A wallet used exclusively for online shopping
    30s
  • Q3
    What is the main advantage of a cashless society for businesses?
    Higher taxes for businesses and increased financial risks
    Complex regulations and decreased convenience
    Limited customer base and reduced profitability
    Reduced costs associated with cash handling and increased efficiency in transactions
    30s
  • Q4
    What is an example of a cashless payment method that utilizes near field communication (NFC) technology?
    Paper checks
    Traveler's checks
    Contactless payment cards
    Money orders
    30s
  • Q5
    What is the main objective of promoting a cashless society?
    Encouraging people to hoard physical cash for emergencies
    Reducing the overall amount of money circulating in the economy
    Increasing efficiency and transparency in financial transactions
    Eliminating the need for financial institutions
    30s
  • Q6
    What are some common examples of cashless payment methods?
    Credit cards, mobile payment apps, and online banking
    Cheques and money orders
    Coins and banknotes
    Prepaid gift cards and traveler's checks
    30s
  • Q7
    What are some potential challenges of transitioning to a cashless society?
    Decreased convenience and higher risk of theft
    Simplification of financial transactions and elimination of fraud
    More privacy and reduced transaction costs
    Limited accessibility for people without access to digital payment methods and potential for increased economic inequality
    30s
  • Q8
    What is the role of digital payment platforms in a cashless society?
    Replacing physical cash with digital currency
    Facilitating electronic transactions and providing secure online payment methods
    Promoting savings and investment in the stock market
    Offering discounts and rewards for using cash
    30s
  • Q9
    What are some advantages of a cashless society?
    Higher inflation rates, limited access to funds, and increased transaction costs
    Convenience, increased security, and easier tracking of expenses
    More privacy, lower risk of fraud, and greater financial independence
    Decreased convenience, limited acceptance, and higher risks of theft
    30s
  • Q10
    What is a cashless society?
    A society where financial transactions are conducted electronically, without the use of physical currency
    A society without any financial transactions
    A society where gold is used as the main currency
    A society where cash is used exclusively for all financial transactions
    30s

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