WorksheetsQuiz: Fundamentals of Global Payment Systems and Practices
Total questions: 10
Worksheet time: 5mins
Which of the following best describes a payment system?
A method of printing checks
A set of processes and technologies that transfer monetary value
A bank account used for deposits only
A mobile wallet application
In the traditional 'four corners' payment model, which is NOT one of the four participants?
Payer
Payer’s financial institution
Payee’s financial institution
Central Bank
Which payment channel is considered the oldest form of non-cash payment system?
ACH (Automated Clearing House)
Checks (paper-based)
Credit cards
Wire transfers
Real Time Gross Settlement (RTGS) systems are primarily used for:
Small consumer purchases
Payroll processing
High-value, urgent transfers between businesses
Credit card transactions
Which payment system processes transactions in batches, typically the next day?
RTGS
ACH / BACS
Credit Card Network
Bitcoin
Which of the following is TRUE about card-based payments?
Debit cards are always linked to a line of credit.
Stored value cards are funded in advance.
All debit cards require a PIN.
Credit cards are always issued by merchants, not banks.
In payment processing and controls, which of the following is a key step to prevent fraud?
Ignoring documentation to save time
Using call-back verification for changes in payment instructions
Always paying invoices immediately
Relying solely on email confirmations
Settlement becomes final when:
A check is written by the payer
The payer’s account is debited
The payee knows the payment is unconditional and irrevocable
Both payer and payee are informed about the transaction
Which alternative payment system is based on informal, trust-based networks and often used in regions with limited banking access?
Blockchain
Hawala
PayPal
ACH
What is one major risk of using cryptocurrencies like Bitcoin?
Government guarantee of all transactions
Extremely stable exchange rates
High volatility and lack of regulation
Dependence on central banks for settlement
