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B Com Exam  >  B Com Tests  >  Test: Security and Payment - 1 - B Com MCQ

Test: Security and Payment - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Security and Payment - 1

Test: Security and Payment - 1 for B Com 2024 is part of B Com preparation. The Test: Security and Payment - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Security and Payment - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Security and Payment - 1 below.
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Test: Security and Payment - 1 - Question 1
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What is the primary purpose of electronic payment systems in the context of e-commerce?

Detailed Solution for Test: Security and Payment - 1 - Question 1
Electronic payment systems in the context of e-commerce primarily aim to enable the exchange of goods and services without the need for physical currency. They facilitate online transactions, making it convenient for buyers to pay for products and services electronically.
Test: Security and Payment - 1 - Question 2
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Why is prompt and secure payment important in e-commerce?

Detailed Solution for Test: Security and Payment - 1 - Question 2
Prompt and secure payment is crucial in e-commerce because it ensures the smooth flow of the entire business chain. If payment delays or imbalances occur, it can disrupt the entire process, affecting consumers, companies, and banks.
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Test: Security and Payment - 1 - Question 3
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What is the key benefit of using an intermediary in online payment systems?

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The key benefit of using an intermediary in online payment systems is that they resolve uncertainties about security and identity. They provide additional security and authentication layers in electronic transactions.
Test: Security and Payment - 1 - Question 4
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In the context of electronic payment systems, what does the term "micropayments" refer to?
Detailed Solution for Test: Security and Payment - 1 - Question 4
Micropayments in electronic payment systems refer to small-denomination payments that need to be processed in real-time, often for very small amounts, such as for snippets of information.
Test: Security and Payment - 1 - Question 5
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Which type of payment system involves the transmission of sensitive financial information, such as credit card numbers, along with payment orders?
Detailed Solution for Test: Security and Payment - 1 - Question 5
Payment Based on EFT - Notational Funds Transfer involves the transmission of sensitive financial information, such as credit card numbers, along with payment orders.
Test: Security and Payment - 1 - Question 6
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What security requirement ensures that no money can be taken from a user without explicit authorization by that user in a payment system?
Detailed Solution for Test: Security and Payment - 1 - Question 6
Authorization in a payment system ensures that no money can be taken from a user without their explicit authorization. It's a fundamental security requirement.
Test: Security and Payment - 1 - Question 7
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In an electronic payment system, what does the term "confidentiality" refer to?
Detailed Solution for Test: Security and Payment - 1 - Question 7
In an electronic payment system, "confidentiality" refers to the restriction of information about transactions only to the participants involved, ensuring that sensitive data is not disclosed to unauthorized parties.
Test: Security and Payment - 1 - Question 8
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What is the primary advantage of digital currency payment systems?
Detailed Solution for Test: Security and Payment - 1 - Question 8
The primary advantage of digital currency payment systems is that they provide anonymity and convenience, similar to paper money. Users can make payments without revealing their identities.
Test: Security and Payment - 1 - Question 9
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Why is trust in intermediaries important in notational funds transfer systems in electronic payments?
Detailed Solution for Test: Security and Payment - 1 - Question 9
Trust in intermediaries is important in notational funds transfer systems because intermediaries handle sensitive payment information on behalf of users, ensuring security and authenticity in transactions.
Test: Security and Payment - 1 - Question 10
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What is the main challenge for payment systems that rely on notational funds transfer over the open Internet?
Detailed Solution for Test: Security and Payment - 1 - Question 10
The main challenge for payment systems that rely on notational funds transfer over the open Internet is dealing with the inherently less secure nature of the open Internet, as it is more susceptible to various security threats compared to private networks.
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