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[IGCSE] 6.6 Banking Systems
Presentation
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Other
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KG - Professional Development
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Practice Problem
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Easy
David Kang
Used 10+ times
FREE Resource
12 Slides • 23 Questions
1
2
Multiple Select
What are some of the functionalities provided by Automatic Teller Machines (ATMs) ?
A) Withdraw cash
B) Deposit cheques
C) Check the balance of their account
D) Pay a bill
E) Apply for a loan
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4
Reorder
Here are five cards describing the steps of withdrawing money from an ATM. Please arrange them in the correct order that you would experience at the ATM.
Customer is asked to enter their PIN after inserting the card into the ATM.
The ATM provides a range of options, and the customer selects 'withdraw cash.'
Customer’s account is checked to ensure sufficient funds are available.
The ATM dispenses the cash and asks if the customer would like a receipt.
The card is returned to the customer after the transaction is completed.
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6
Fill in the Blanks
The user is asked to insert their
7
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A message will then appear asking the customer which
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The customer chooses to
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Fill in the Blanks
A
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The drawer will then close and an
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The
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The customer's account is updated with the amount on the cheque (pending cheque clearance within ______ to ______ hours).
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A
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If they do not require another service, the
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Categorize
It is possible to withdraw cash at any time of day.
Many services, no bank visit needed.
It is possible to access an account from anywhere in the world.
It usually provides quicker service than waiting in a queue in a bank.
They are often in places where theft can take place at night.
There is potential for shoulder-surfing and card-cloning scams.
Some banks charge customers for using ATMs.
Cash withdrawal limits are often imposed on customers.
If the debit card is faulty then no transaction can take place.
There is a loss of the personal touch, which some customers will not like.
Below are statements about the use of ATMs. Organize each statement into the correct category: Advantages or Disadvantages.
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18
Multiple Choice
What is Electronic Funds Transfer (EFT)?
A manual process of transferring money between accounts using cash.
A system that requires physical checks for transferring money between accounts.
A system allowing money transfer instructions to be sent directly to a bank’s computer system.
A service provided only for international transactions between banks.
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Categorize
Secure payment method.
Quick payment process.
Costs less than cheques.
Customers can dispute (60 days).
No reverse after transfer.
Funds must be available.
Cannot verify recipient's ID.
Below are statements about the use of EFT. Organize each statement into the correct category: Advantages or Disadvantages.
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Reorder
Arrange these steps in the sequence they occur during a chip and PIN card transaction:
The PIN is entered using a keypad.
The PIN is read from the chip and compared to the entered PIN.
The restaurant receives an authorisation code.
The same amount of money is debited to the restaurant's bank account.
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Reorder
Put the following steps in the correct order to show how a credit/debit card transaction is processed
The card is checked for validity and funds availability.
The restaurant's bank contacts the customer's bank.
The price of the meal is deducted from the customer's account.
A receipt is produced as proof of purchase.
24
Reorder
Organize the following actions in the order they take place when a customer pays for a meal using a chip and PIN card:
A check is made on whether there are enough funds in the account.
If everything checks out OK, the transaction is authorised.
An authorisation code is sent to the restaurant.
The transaction is terminated if the card is not valid or funds are insufficient.
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Multiple Choice
What is a key advantage of using a credit card for purchases?
Funds are immediately deducted from your current account
There is customer protection if the company stops trading
Less customer protection than with a debit card
High interest rates apply
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Multiple Choice
Which of the following is a disadvantage of using a debit card?
Money comes from the customer's current account
No interest charges
Safer than carrying cash
Less customer protection if goods do not arrive or company goes out of business
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Multiple Choice
What is a common disadvantage shared by both credit and debit cards?
Annual fees often apply
Security risks when using the card online
Easy to end up with credit damage as sums mount up
Can be charged a high-interest rate
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Categorize
More convenient and safer than cash.
Possible to stop payments if necessary.
Cheques can be drawn at any time.
Cheques can be post-dated.
Cheques can be traced if lost.
Cheques are not legal tender and can be refused.
Slow method of payment.
More susceptible to fraud than cards.
Relatively expensive payment method.
Below are statements about the use of cheques. Organize each statement into the correct category: Advantages or Disadvantages.
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Reorder
Arrange the following steps to reflect how cheques are processed using an image-based system:
Smith Bank uses electronic data to create a digital record of the cheque.
Cheque images and digital records are added to a file of other cheques paid that day.
The central facility breaks the file down into individual payment messages and validates them.
A 'no pay' decision is made if there are insufficient funds or suspected fraud.
35
Reorder
Place the following steps in the correct order they occur in the image-based cheque clearing process:
A camera at Smith Bank takes an image of the cheque and OCR software converts it to electronic data.
Hodder Bank receives 'request to pay' images and validates the transactions.
Smith Bank sends all files to a central facility.
The central facility sends a 'pay/no pay' response to Smith Bank.
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