Financial Literacy - Quiz 3

What is the purpose of a Savings Account?

• To pay bills and expenses

• To keep savings safe for short-term goals

• To invest in long-term projects

• To speculate in the stock market

Which type of deposit allows withdrawals before maturity?

• Recurring Deposits

• Fixed Deposits

• Deposit Insurance

• Savings Account

What is the maximum insurance amount provided by DICGC for each depositor?

• Rs. 1,00,000

• Rs. 10,00,000

• Rs. 50,000

• Rs. 5,00,000

Which digital payment method requires a Virtual Payment Address (VPA)?

• Internet Banking

• Micro ATMs

• Mobile Banking

• Unified Payments Interface (UPI)

What is the purpose of a Point of Sale (PoS) system?

• To transfer funds instantly

• To facilitate high-value transactions

• To provide basic banking services

• To complete sales transactions

Which service allows mobile banking transactions using basic feature mobile phones?

• Unstructured Supplementary Service Data (USSD)

• Immediate Payment Service (IMPS)

• Unified Payments Interface (UPI)

• Micro ATMs

What is the main advantage of Digital Payments?

• Fast, Easy, and Convenient

• Limited payment options

• No digital record of transactions

• High transaction fees

Which digital payment method requires the use of Aadhaar authentication?

• Unified Payments Interface (UPI)

• Internet Banking

• Mobile Wallet

• Aadhaar Enabled Payment System (AEPS)

What is the purpose of a Fixed Deposit (FD)?

• To save for short-term goals

• To speculate in the stock market

• To transfer funds instantly

• To deposit a sum for a fixed period

Which digital payment method is known as a way to carry cash in digital format?

• Point of Sale

• Mobile Wallet

• Micro ATMs

• Internet Banking