Digital Financial Tools and Applications MCQ Questions with Answers

Select the appropriate answer from the choices given below.

Question. Which QR code can be edit at any time by owner?
(a) Static QR code
(b) Dynamic QR code
(c) Automatic QR code
(d) Perfect QR code

Answer : B

Question. Which Credit Cards are meant for those who already have a lot of credit card dept?
(a) Balance transfer
(b) Secured
(c) Low interest
(d) Reward

Answer : A

Question. The timing of NEFT is from
(a) 9 AM to 6 PM
(b) 9 AM to 7 PM
(c) 10 AM to 8 PM
(d) 8 AM to 7 PM

Answer : D

Question. How many digits are there to set UPI Pin?
(a) 3
(b) 7
(c) 5
(d) 6

Answer : D

Question. Which of the following is a type of payment system that is based on the Unique Identification Number?
(a) USSD
(b) AEPS
(c) PoS
(d) QR code

Answer : B

Question. Which of the following is/are type of Credit Card?
(a) Reward
(b) Low interest
(c) Secured
(d) All of these

Answer : D

Question. Which services are offered by AEPS?
(a) Cash deposit
(b) Payment transaction
(c) Balance enquiry
(d) All of the above

Answer : D

Question. What is the meaning of T in RTGS?
(a) Time
(b) Text
(c) Term
(d) Transfer

Answer : A

Question. Which information/details are required for USSD fund transfer?
(a) MMID
(b) MPIN
(c) Registered mobile number
(d) All of the above

Answer : D

Question. Which of the following is a system that facilitates users to access multiple bank accounts with a single mobile application?
(a) UPI
(b) AEPS
(c) USSD
(d) OTP

Answer : A

Question. Online payment systems typically are run by third party corporations such as
(a) PayPal
(b) Google
(c) Click2Pay
(d) All of these

Answer : D

Question. Debit Cards are also known as
(a) Credit Cards
(b) RuPay Cards
(c) Check Cards
(d) Shopping Cards

Answer : C

Question. In IMPS, the transfer limit is also considerable approximately………per day.
(a) Rs 50,000
(b) Rs 1, 00, 000
(c) Rs 1, 50, 000
(d) Rs 2, 00, 000

Answer : D

Question. Internet banking is also known as
(a) online banking
(b) web banking
(c) Both (a) and (b)
(d) None of these

Answer : C

Question. ………… provides an online payment system based on Unified Payments Interface (UPI).
(a) PayZapp
(b) PhonePe
(c) SBI Buddy
(d) Citrus

Answer : B

Question. UPI has been launched by
(a) RBI
(b) IFSC
(c) USSD
(d) NPCI

Answer : D

Question. Which type of PoS is a software/ hardware based system that carries add-on peripherals?
(a) Terminal
(b) Cloud
(c) Mobile
(d) None of these

Answer : A

Question. Many companies use ………… to provide temporary passcode.
(a) Email
(b) SMS
(c) Phone Calls
(d) None of these

Answer : B

Question. ...... is an internet based method of processing economic transactions.
(a) Online bill payment
(b) eWallet
(c) USSD
(d) All of the above

Answer : A

Question. ........ cards need electronic authorization,every time a transaction is reflected in the user’s account.
(a) Online debit
(b) Offline debit
(c) Prepaid debit
(d) All of these

Answer : A

Question. AEPS is another initiative taken by the……… to encourage cashless transactions in India.
(a) NPCI
(b) RBI
(c) ICICI
(d) HDFC

Answer : A

Question. To use USSD mobile banking, users will have to simply dial ...... .
(a) *99*#
(b) *99 #
(c) *# 99 #
(d) *999*#

Answer : B

Question. Which of the following facilities available under eWallet?
(a) Cash back
(b) Rewards
(c) Both (a) and (b)
(d) None of these

Answer : C

Question. For this card, cardholders borrow funds with which to pay for goods and services.
(a) Credit Card
(b) Debit Card
(c) ATM Card
(d) None of these

Answer : A

Question. Which eWallet is the first company in India to receive a license from RBI to start a payment bank?
(a) Freecharge
(b) Mobikwik
(c) Airtel Money
(d) Paytm

Answer : D

Question. ...... is a term used to describe organizations that deal with the management of money.
(a) Financial tool
(b) Economic tool
(c) Financial product
(d) None of these

Answer : A

Question. Which of the following refers to the instant access to the information hidden in the code?
(a) OTP
(b) USSD code
(c) QR code
(d) UPI

Answer : C

Question. eWallet is also known as …………protected with a password.
(a) Pocket wallet
(b) Mobile wallet
(c) Prepaid wallet
(d) None of these

Answer : B

Question. Which type of QR code is displayed in advertisting materials, on television and in newspapers?
(a) Static QR code
(b) Dynamic QR code
(c) Both (a) and (b)
(d) None of these

Answer : A

Question. Which of the following is the time and place where a retail transaction is completed?
(a) Credit Card
(b) Debit Card
(c) PoS
(d) eWallet

Answer : C

Question. What is the meaning of N in NEFT?
(a) Net
(b) New
(c) National
(d) Next

Answer : C

Question. Which internet banking service is available 24×7 throughout the year?
(a) RTGS
(b) IMPS
(c) NEFT
(d) None of these

Answer : B

Question. Which of the following is a string of characters or numbers automatically generated for single login attempt?
(a) Password
(b) OTP
(c) QR code
(d) USSD code

Answer : B

Question. Which bank offered the eWallet app PayZapp?
(a) ICICI
(b) HDFC
(c) SBI
(d) PNB

Answer : B

Question. ...... is a communication protocol available an every GSM enabled mobile device.
(a) USSD
(b) AEPS
(c) UPI
(d) NEFT

Answer : A

Question. The minimum amount to be remitted through RTGS is
(a) Rs 1 lakh
(b) Rs 1.5 lakhs
(c) Rs 2 lakhs
(d) Rs 2.5 lakhs

Answer : C

Identify True/False from the following statements.

Question. OTP works through randomness algorithms that generate a new and random password.

Answer : True

Question. There is no maximum and no minimum limit of fund transfer through the NEFT.

Answer : True

Question. Timing of IMPS is from 9 AM to 4:30 PM.

Answer : False

Question. Online bill pay helps you organize bills and keep track of due dates.

Answer : True

Question. Only SBI bank in India that is currently providing the *99 # service.

Answer : False

Question. USSD helps all individuals carry out financial transactions on a Micro-ATM.

Answer : False

Question. Mobile wallets are essentially digital versions of traditional wallet.

Answer : True

Question. A new era of financial system in India was started after independence.

Answer : True

Question. OTP cannot be sent to the user’s phone via SMS.

Answer : False

Question. Airtel Money Wallet launched in 13 different languages in collaboration with Master Card.

Answer : False

Question. Offline debit cards usually have a daily limit restriced to the value of transactions.

Answer : True

Question. Static QR codes are used to disseminate information to the general public.

Answer : True

Question. RTGS mechanism is regulated by Reserve Bank of India.

Answer : False

Question. Mobile PoS is also known as mPoS.

Answer : True

Question. Credit cardholder will not have to pay interest if the borrowed amount is repaid within 30 days.

Answer : True

Question. Using UPI, single click with single factor authentication is done.

Answer : False