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AssignmentMultiple Choice

Understanding Checking and Debit Accounts

Question 1 • Personal Finance - EL3403

How do electronic monetary transactions differ from traditional methods?

Answer
A
Traditional methods are less susceptible to fraud.
B
Electronic transactions provide quicker access to funds.
C
Traditional methods provide more control of your privacy.
D
Electronic transactions are only processed on weekdays.

Explanation

Electronic transactions are generally processed faster than traditional methods such as mailing a check or depositing one in person, so funds can often be accessed sooner. The correct choice is “Electronic transactions provide quicker access to funds.” Electronic transactions are not limited to weekdays, and neither method is universally more private or less susceptible to fraud.

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