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NFT & Crypto Terms

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

What is an NFT (non-fungible token)?

a)

An NFT is a paper asset that represents real-world objects like art, music, in-game items and videos.

b)

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos.

c)

An NFT is an imaginary asset that represents real-world objects like art, music, in-game items and videos.

d)

An NFT is a fake asset that represents real-world objects like art, music, in-game items and videos.

2.

What is an Airdrop?

a)

An airdrop is a something you have to buy.

b)

An airdrop is something that you make in real life.

c)

An airdrop is a distribution of cryptocurrency, tokens, or NFTs that are sent to a web3 wallet address for free

d)

An airdrop is a distribution of games you have to play in order to access something.

3.

What is the Blockchain?

a)

As a database, a blockchain stores information in real life in real format.

b)

This is where you send all your money and NFTs

c)

Acts as a database. A blockchain stores information electronically in digital format.

It's a receipt of all transactions.

d)

When you stack blocks together in real life you create a chain.

4.

What is a Centralized Exchange?

a)

Centralized exchanges are regulated, need licenses to operate, and are compliant with the regulatory authorities.

b)

Centralized exchanges are unregulated, don't need licenses to operate, and are non-compliant with the regulatory authorities.

c)

This is a peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.

d)

This is where you store your secret pass phrase

5.

What is a Decentralized Exchange?

a)

Decentralized exchanges are regulated, need licenses to operate, and are compliant with the regulatory authorities.

b)

Centralized exchanges are unregulated, don't need licenses to operate, and are non-compliant with the regulatory authorities.

c)

This is a peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.

d)

This is where you store your secret pass phrase

6.

What is KYC (Know Your Customer)?

a)

Decentralized exchanges are regulated, need licenses to operate, and are compliant with the regulatory authorities.

b)

Process is a foundation of AML/CFT compliance regulations around the world and requires financial institutions to both identify their customers and work to understand the nature of the business in which they are involved.

c)

This is a peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.

d)

This is where you store your secret pass phrase

7.

What is a Cold Wallet?

a)

This refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users

b)

This is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline

c)

This is a peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.

d)

This is where you store your secret pass phrase

8.

What is a Hot Wallet?

a)

This refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users

b)

This is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline

c)

This is a peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.

d)

This is where you store your secret pass phrase

9.

What is a Wallet Address?

a)

This is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline

b)

This is a unique string of numbers and letters (also called a public key) that people can use to send you cryptocurrency and NFTs

c)

This is where you store your secret pass phrase

d)

This is something you NEVER SHARE WITH OTHERS

10.

What is a Seed Phrase ?

a)

This is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline

b)

This is a unique string of numbers and letters (also called a public key) that people can use to send you cryptocurrency and NFTs

c)

A seed phrase is a series of words generated by your cryptocurrency wallet that gives you access to the crypto associated with that wallet

d)

This is something you SHARE WITH OTHERS

11.

What is Minting?

a)

This is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline

b)

This is a unique string of numbers and letters (also called a public key) that people can use to send you cryptocurrency and NFTs

c)

This is how how your digital art becomes a part of the blockchain

d)

This is something you NEVER SHARE WITH OTHERS.

12.

What is a Smart Contract?

a)

This refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.

b)

This is a unique string of numbers and letters (also called a public key) that people can use to send you cryptocurrency and NFTs

c)

This is how how your digital art becomes a part of the blockchain

d)

This is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.

13.

What is Gas?

a)

This refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.

b)

This is a unique string of numbers and letters (also called a public key) that people can use to send you cryptocurrency and NFTs

c)

This is how how your digital art becomes a part of the blockchain

d)

This is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.

14.

What is FOMO?

a)

FEAR OF MISSING HOME

b)

FRIGHT ON MOON OUTSKIRTS

c)

FEAR OF MISSING OUT

d)

FEAR OF MISSING OTTERS

15.

What is WAGMI?

a)

WE AREN'T ALL GONNA MAKE IT

b)

WE ARE ALL GONNA MAKE IT

c)

WE ARE ALL GONNA MAKE ICE

d)

WE ARE ALL MAKING INVESTMENTS

16.

What is HODL?

a)

HOLD ON FOR DEAR LIFE

b)

HANG OUT FOR DAY LIFE

c)

HOLD OUT FOR DAY LAKE

d)

HOLD ON FOR DEAR LONGEVITY

17.

What is AMA?

a)

ASK ME NOTHING

b)

ASK MOM ANYTHING

c)

ASK ME ANYTHING

d)

HOLD ON FOR DEAR LONGEVITY