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WorksheetsCHAPTER 9 : FINTECH
Total questions: 20
Worksheet time: 10mins
Which of the following is "NOT" an example of how FinTech apps help to manage personal finances?
Consolidating debt.
Automatic bill payments.
Budget tracking.
Printing physical checkbooks.
Blockchain technology ensures secure transactions because it
A) Uses one central bank computer to approve all data.
B) Relies on consensus across a decentralized network.
C) Stores all records only in paper form.
D) Automatically erases all previous transactions.
Malaysian banks, such as Maybank with its Maybank2u platform, were early adopters of internet banking. How does fintech primarily impact the relationship between traditional banks and their customers?
A) Fintech has completely eliminated the need for traditional banks.
B) Fintech forces traditional banks to compete with new players, leading them to invest in their own digital platforms and services.
C) Traditional banks have completely ignored fintech and have not been affected by it.
D) Fintech has led to a decrease in the overall number of financial products available to consumers.
According to this topic, what is the primary purpose of fintech, or financial technology?
A) To serve as a replacement for all traditional financial institutions.
B) To create new types of currencies for government use.
C) To automate the entire stock market and trading processes.
D) To facilitate or moderate traditional financial methodologies and services.
What technology is described as the underlying foundation of most cryptocurrencies, according to the document?
A) Blockchain technology.
B) Cloud computing .
C) Artificial Intelligence (AI).
D) Robo-advisors.
What is the primary function of Insurtech, and how does it benefit a customer?
A) It makes the insurance process easier and more convenient through technology, which benefits customers with faster service.
B) It provides banking services to low-income individuals, which benefits customers who are underserved by traditional banks.
C) It automates investment advice, which benefits customers by lowering fees.
D) It helps financial firms fight fraud, which benefits customers by ensuring compliance.
Health insurance is part of risk management in wealth management.
A) TRUE
B) FALSE
Which of the following are examples of fintech platforms in Malaysia that provide lending and financing services?
A) BigPay.
B) Grab PayLater.
C) Shopee SPayLater.
D) Touch ’n Go eWallet.
Which of the following is not a type of FinTech service?
A) Digital Banking.
B) Payment & Remittance.
C) Wealth Management.
D) Traditional Brick-and-Mortar Banking.
Blockchain is (a) , meaning no single authority controls the system.
Rahman frequently uses his Maybank2u app to transfer money and pay bills. Recently, he received a suspicious SMS with a link asking him to “verify” his banking details
Which FinTech area is MOST relevant in protecting Rahman’s finances?
A) Cybersecurity to safeguard financial data from scams and phishing.
B) Blockchain to create decentralized ledgers.
C) Smart contracts to execute transactions automatically.
D) Robo-advisors to give investment advice.
Fintech apps can track spending habits and provide proofs of spending.
TRUE
FALSE
Which of the following statements about Digital Payments and Peer-to-Peer (P2P) Transfers are "incorrect"?
A) Digital payments only work internationally, while P2P transfers are limited to local use.
B) Digital payments include a wide range of transactions such as e-wallets, QR codes, and online banking, while P2P transfers specifically refer to direct money transfers between individuals using identifiers like phone numbers or emails.
C) Digital payments require NFC technology, while P2P transfers only use QR codes.
D) Digital payments are less secure than cash, while P2P transfers are completely risk-free.
Fintech apps only help with bill payments and do not assist in budgeting.
TRUE
FALSE
Which component of wealth management involves “setting money goals and planning how to reach them”?
A) Investment Management.
B) Risk Management.
C) Financial Planning.
D) Budget Deficit.
True or False: Only wealthy people can invest using FinTech platforms.
A) TRUE
B) FALSE
Which of the following best describes the decentralized nature of blockchain?
A) A single authority verifies and stores all data.
B) Data can be modified by an administrator anytime.
C) Transactions are hidden from participants.
D) Data is stored across multiple computers without central control.
Aisyah just started her small online bakery business. She often struggles with cash flow because customers sometimes pay late. To solve this, she uses a mobile app that allows her to receive instant payments through QR codes and e-wallets. This helps her run her business more smoothly without waiting for bank transfers.
Which type of FinTech solution is Aisyah using?
A) Digital Banking.
B) Payment & Remittance.
C) Lending & Financing.
D) Wealth Management.
How do Robo-advisors make investment services more accessible compared to traditional advisors?
A) By replacing all financial institutions with blockchain.
B) By offering automated, low-cost investment advice using algorithms.
C) By requiring higher fees than human advisors.
D) By focusing only on cryptocurrency investments.
What is the main purpose of "RegTech" in the financial industry?
A) To provide faster insurance claim approvals.
B) To help financial firms comply with regulations like Anti-Money Laundering (AML) and Know Your Customer (KYC) using technology.
C) To automate personal budgeting and debt consolidation.
D) To create decentralized digital currencies.
