ICT applications

EFT stands for:

• electronic funds transfer

• email funds transfer

• electronic files transfer

ATM stands for:

• Automatic teller model

• Automatic transfer machine

• Automatic teller machine

All of these are not uses of EFT except:

• Depositing money

• Allows large businesses to pay all their employees their salaries

• withdrawing money

ATMS are cash machines which can be used for:

• Checking the balance of accounts

• Withdrawing money

• Pay electricity bills

All of these are advantages of internet banking:

• People can spend more time doing other things.

• Requires you to have a computer and Internet access to use it.

• Can be done at anytime.

All of these are disadvantages of internet banking:

• access to a world wide market.

• Security issues like phishing and pharming.

• easier to make errors.

In telephone banking we can speak with a bank representative.

• True

• False

Which device is used in EFTPOS?

• MICR

• OMR

• Chip and pin reader

These items of data are found on a debit card:

• mobile phone

• Expiry date

• card number

One of these information will not be found on a cheque:

• Signature

• PIN

• Cheque number