Answers Personal Finance - EL3403Understanding Checking and Debit Accounts

Understanding Checking and Debit Accounts Answers

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Which statement best describes differences between digital wallets and P2P payment systems?

P2P systems always involve a fee, while digital wallet transactions are free.

P2P transfers are irreversible, whereas digital wallet transactions can be canceled.

Digital wallets store multiple forms of payment, whereas P2P transfers using bank accounts.

Digital wallets require Internet connections, while P2P payments can be completely offline.

How are digital wallets and peer-to-peer payment services similar?

Both provide loyalty points and rewards with every transaction.

Both charge a standard flat rate fee regardless of the transaction amount.

Both require a waiting period of several days before funds become available.

Both can be used to send money directly to other individuals.

Which statement best describes a disadvantage of using digital currency for online purchases?

Digital currency can only be used in the country where it was purchased.

Digital currency transactions are slower than traditional electronic transfers.

Digital currency transactions are reversible and lead to frequent fraud.

Digital currency’s value can be subject to high volatility.

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