#1
Which of the following is NOT a benefit of digital transactions for consumers?
Limited transaction options
ExplanationDigital transactions offer diverse options, not limited ones.
#2
Which of the following is NOT typically considered a form of digital payment?
Cash
ExplanationCash transactions are physical, not digital.
#3
Which of the following factors may affect consumer spending behavior?
Income level
ExplanationIncome influences purchasing power and choices.
#4
What is the primary advantage of using mobile payment apps for consumers?
Convenience
ExplanationMobile apps offer ease of payment.
#5
Which of the following statements best describes the concept of 'contactless payment'?
Payment made without physical contact between the payment device and the terminal
ExplanationContactless payment avoids physical contact.
#6
Which of the following is NOT a typical feature of a peer-to-peer payment service?
Transaction fees
ExplanationP2P services often offer fee-free transactions.
#7
What is the primary purpose of a consumer's credit score?
To determine eligibility for loans and credit cards
ExplanationCredit scores help lenders assess creditworthiness.
#8
What does the term 'EMV' stand for in relation to digital transactions?
Europay, Mastercard, Visa
ExplanationEMV refers to the standard for secure chip-based cards.
#9
What is the term used to describe the practice of analyzing consumer behavior to determine product pricing and marketing strategies?
Consumer research
ExplanationConsumer research informs marketing decisions.
#10
Which of the following is NOT a factor influencing consumer spending in a digital economy?
Traditional advertising
ExplanationTraditional ads still impact consumer behavior.
#11
What is the term for the process of converting data into a code to prevent unauthorized access?
Encryption
ExplanationEncryption secures data by converting it into code.
#12
What is the term used to describe the process of a consumer's transition from recognizing a need to making a purchase?
Consumer decision-making process
ExplanationIt's the sequence of steps leading to a purchase.
#13
What technology is commonly used to secure digital transactions?
SSL/TLS
ExplanationSSL/TLS encrypts data for secure transmission.
#14
In the context of digital transactions, what does the acronym 'KYC' stand for?
Know Your Customer
ExplanationKYC ensures customer identity verification.
#15
What is the primary purpose of tokenization in digital transactions?
To replace sensitive data with unique identifiers
ExplanationTokenization protects sensitive information.
#16
Which of the following is NOT a common type of digital fraud associated with consumer spending?
Napping
ExplanationNapping is not a recognized digital fraud type.
#17
Which of the following technologies is commonly used for contactless payments?
NFC (Near Field Communication)
ExplanationNFC enables contactless communication for payments.