TB-Chapter6-1 - Chapter 6 Test Bank 1 An account created by...

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Chapter 6 Test Bank 1. An account created by depositing funds and from which funds are paid out or withdrawn as needed is a: (a) credit card account (b) accumulating balance system (c) stored value payment system (d) none of the above Answer: (c) (see page 286) 2. All of the following offer low transaction costs for large transactions except: 3. None of the following payment systems offers immediate monetary value except: 4. T/F Credit cards are the dominant form of online payment throughout the world. Answer: False (see page 289) 5. All of the following are important federal regulations of payment systems except: (a) Regulation Z (b) Regulation E (c) EFTA (d) Regulation P Answer: (d) (see page 289) 6. Which of the following is best suited for processing micropayments? 7. T/F Digital cash is legal tender that is instantly convertible into other forms of value without the intermediation of any 3 rd parties. Answer: False (see page 302)
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8. Mondex is an example of : (a) smart card (b) digital checking (c) digital credit card (d) digital accumulating balance system Answer: (a) (see page 306) 9. The most common payment system in 2000 based on the number of transactions is: (a) cash (b) personal check (c) credit card (d) debit card Answer: (see page 284) 10. The most common payment system in 2000 based on dollar amount of transactions is: 11. All of the following are features of cash except: 12. All of the following are examples of ensured checks except: 13. P2P payment systems are a variation on what type of payment system (a) stored value payment system (b) digital checking system (c) accumulating balance system (d) digital credit card system Answer: (a) (see page 287)
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