Ros_Quiz on Cashless Society

What is a cashless society?

• A society that only uses coins

• A society that has no banks

• A society where all transactions are electronic

• A society that only uses cash

What is one advantage of a cashless society?

• More physical bank robberies

• Higher crime rates

• Increased need for cash storage

• Convenience in transactions

How does a cashless society affect crime rates?

• It lowers crime rates

• It has no effect on crime rates

• It makes crime easier

• It increases crime rates

What is a potential disadvantage of going cashless?

• Lower transaction fees

• Increased privacy

• Vulnerability to hackers

• Easier tracking of transactions

What can happen if electronic payment systems fail?

• Merchants can still take payments

• Buyers may be unable to purchase items

• All transactions will be recorded

• Cash will become more valuable

What is one cost associated with maintaining cash?

• Storing digital currency

• Increasing customer fees

• Printing bills and minting coins

• Hiring hackers for security

What might negative interest rates lead to in a cashless society?

• More cash transactions

• Lower bank fees

• Higher costs for customers

• Increased cash withdrawals

What is a benefit of using mobile devices in a cashless society?

• They require cash for transactions

• They are less secure than cash

• They can handle currency exchange

• They increase the need for physical cash

What is a concern regarding privacy in a cashless society?

• There are no privacy concerns

• Cash transactions are more private

• Electronic payments are less private

• All transactions are anonymous

What is one reason cash is used in illegal activities?

• It is easy to track

• It leaves no record of transactions

• It is safer than electronic payments

• It is more convenient