Banking

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People who are unbanked are most likely to use peer-to-peer (p2p) payment systems...

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Have a low income

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Peer-to-peer (P2P) payment systems allow you to send money directly to another person without a bank.

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Allow you to send money directly to another person without a bank.

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Which of the following is TRUE about banks and credit unions? Banks are for-profit institutions, while credit unions are non-profit, Banks offer higher interest rates on savings accounts than credit unions, Credit unions are insured by the FDIC, while banks are not, Banks are owned by their customers, while credit unions are owned by shareholders

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Banks are for-profit institutions, while credit unions are non-profit

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Which of the following is NOT required to open a checking account? Proof of identity, Proof of address, Social security number, Minimum age requirement

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Minimum age requirement

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Which of the following is NOT a common way most people are using P2P payment systems, such as Venmo? Splitting bills with friends, Paying rent or utilities, Sending money to family members, Investing in stocks

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Investing in stocks

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What feature is the LEAST important for a college student to look for in a peer-to-peer payment service? Options: Low or no transaction fees, Wide user base, Strong security features

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High interest rates

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Which of the following is FALSE about peer-to-peer (P2P) payment systems?
They allow direct money transfers between individuals,
They require a bank as an intermediary for every transaction,
They are convenient for splitting bills,
They can be accessed via mobile apps

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They require a bank as an intermediary for every transaction

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What is a typical fee for a peer-to-peer (p2p) transaction?

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$1

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How can you protect your checking account when using peer-to-peer (P2P) payment services? Options: Use strong and unique passwords, Avoid using public Wi-Fi networks, Regularly monitor your account activity, All of the above

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All of the above

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You have $30 in your account. How can a bank reorder 4 peer-to-peer (P2P) payments made today to MAXIMIZE your fees?

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Process the largest payment first