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Learners Assessment Challenge
1. What is a potential risk of using mobile investment apps?
A. They often provide real-time market data
B. Users may make impulsive investment decisions based on convenience
C. They improve portfolio management
D. They usually have robust customer service
2. What is a significant advantage of using online trading platforms for investing?
A. Limited access to market information
B. High transaction fees compared to traditional brokers
C. The ability to execute trades instantly from anywhere
D. Constraints on investment options available
3. What is an electronic funds transfer?
A. A way of electronically transferring funds from your account to another account
B. Writing a check and sending in the mail.
C. Handing someone cash for goods or service.
D. All of the answers are correct.
4. Which of the following is a benefit of electronic funds transfer?
A. Safety
B. Convenience
C. Efficiency.
D. All of the above
5. What does the term "online banking" primarily refer to?
A. Traditional banking services
B. All banking services available electronically
C. Only mobile banking services
D. Banking conducted over a telephone
6. Which of the following is a primary benefit of online financial transactions?
A. Limited availability
B. Increased fees
C. 24/7 accessibility
D. High interest rates
7. How can ICT be used to gather customer feedback?
A. By sending out online surveys or using social media
B. By not collecting any feedback
C. By only using phone calls for feedback
D. By making physical visits to the customers
8. How have ICTs improved the security of personal financial transactions?
A. Through the use of encryption and secure protocols
B. By eliminating digital communication
C. By requiring physical signatures for all transactions
D. By making financial systems harder to access
9. What is one major advantage of using ICT for personal financial transactions?
A. It requires more paperwork
B. It allows for longer processing times
C. It provides greater convenience and accessibility
D. It limits the number of transactions
10. In what way do mobile banking applications benefit users in financial transactions?
A. They are only available during business hours
B. They facilitate transactions without needing a physical bank visit
C. They require users to memorise complex codes
D. They limit the amount of money that can be transferred
11. What role do ICTs play in enhancing financial literacy and personal finance management?
A. They eliminate the need for knowledge about finances
B. They provide access to online resources, tools, and budgeting apps
C. They create confusion around financial products
D. They limit the availability of financial information
12. What is a potential disadvantage of using ICTs for personal financial transactions?
A. Better access to financial services
B. Increased speed of transactions
C. Greater ease of making transfers
D. Reduced human interaction and potential for technical issues
13. What ethical responsibility do financial technology companies have when providing services that utilise ICT?
A. To maximise profits at any cost
B. To educate users about the potential risks and implications of their services
C. To avoid providing customer support
D. To disregard user feedback
14. Which of the following is an ethical concern related to the marketing practices of personal finance apps?
A. Transparency about fees and charges
B. Offering personalized financial advice
C. Targeting vulnerable populations without proper safeguards
D. Providing user-friendly interfaces
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