Understanding Fintech and Blockchain Basics

What does the term "fintech" stand for?

• Financial Technology

• Finance Techniques

• Final Technology

• Fiscal Network

Which of the following is a key feature of blockchain technology?

• Centralised database

• Decentralised ledger

• Paper-based records

• Manual transaction approval

Which of these is an example of a fintech service?

• Online banking app

• Physical cheque book

• Cash register

• Manual accounting ledger

What is the main purpose of blockchain in financial transactions?

• To increase paperwork

• To provide a transparent and secure record

• To slow down transactions

• To eliminate all digital records

Which cryptocurrency was the first to use blockchain technology?

• Ethereum

• Bitcoin

• Ripple

• Litecoin

In fintech, what does the term "peer-to-peer" (P2P) refer to?

• Transactions between banks only

• Transactions directly between individuals

• Transactions with government agencies

• Transactions using only cash

Which of the following best describes a "smart contract" in blockchain?

• A legal document signed by a lawyer

• A self-executing contract with the terms directly written into code

• A paper contract stored in a safe

• A verbal agreement between two parties

What is a "ledger" in the context of blockchain?

• A type of cryptocurrency

• A record of transactions

• A financial advisor

• A security protocol

Which of the following is NOT a benefit of fintech?

• Faster transactions

• Increased paperwork

• Greater accessibility

• Lower costs

What does "decentralised" mean in the context of blockchain?

• Controlled by a single authority

• Spread across multiple computers or nodes

• Only available in one location

• Managed by the government