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B Com Exam  >  B Com Tests  >  Test: Security and Payment - 3 - B Com MCQ

Test: Security and Payment - 3 - B Com MCQ


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10 Questions MCQ Test - Test: Security and Payment - 3

Test: Security and Payment - 3 for B Com 2024 is part of B Com preparation. The Test: Security and Payment - 3 questions and answers have been prepared according to the B Com exam syllabus.The Test: Security and Payment - 3 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 - 3 below.
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Test: Security and Payment - 3 - Question 1
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What is the primary goal of any national payment system?

Detailed Solution for Test: Security and Payment - 3 - Question 1
The primary goal of any national payment system is to enable the circulation of money in its economy, providing a conduit for effecting payments and transmission of monetary policy.
Test: Security and Payment - 3 - Question 2
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Which of the following is NOT one of the four major components of India's "Payment Systems - Vision Document"?

Detailed Solution for Test: Security and Payment - 3 - Question 2
The four major components of India's "Payment Systems - Vision Document" are Safety, Security, Soundness, and Efficiency. Anonymity is not explicitly mentioned as a component.
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Test: Security and Payment - 3 - Question 3
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What is the main benefit of electronic clearing systems?

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Electronic clearing systems settle transactions on a gross, real-time basis, providing efficient and secure means for handling a large number of transactions.
Test: Security and Payment - 3 - Question 4
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What is the purpose of signature authorization in a payment system?
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Signature authorization in a payment system is used to provide nonrepudiation of origin. Digital signatures ensure that only the owner of the secret signing key can sign messages.
Test: Security and Payment - 3 - Question 5
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Which of the following does the "Triple-S + E" principle NOT address?
Detailed Solution for Test: Security and Payment - 3 - Question 5
The "Triple-S + E" principle addresses Safety, Security, Soundness, and Efficiency in electronic payment systems. Scalability is not explicitly mentioned as a component.
Test: Security and Payment - 3 - Question 6
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Which type of payment system separates sensitive and non-sensitive information during online transactions?
Detailed Solution for Test: Security and Payment - 3 - Question 6
Notational funds transfer systems separate sensitive and non-sensitive information, transmitting only digital product representing values (electronic currency) instead of sensitive payment information.
Test: Security and Payment - 3 - Question 7
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What is the main managerial issue for credit card brand companies?
Detailed Solution for Test: Security and Payment - 3 - Question 7
Credit card brand companies need to balance security with efficiency in their electronic payment systems, ensuring that the system is secure while also maintaining efficiency.
Test: Security and Payment - 3 - Question 8
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What are the three main areas of public policy that guide payment system development and reform?
Detailed Solution for Test: Security and Payment - 3 - Question 8
The three main areas of public policy that guide payment system development and reform are protecting the rights of users of payment systems, enhancing efficiency and competition, and ensuring a safe, secure, and sound payments system.
Test: Security and Payment - 3 - Question 9
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Which type of payment system is designed to handle both low value retail payments and large value payments related to inter-bank transactions?
Detailed Solution for Test: Security and Payment - 3 - Question 9
Inter-Bank Cheques Clearing Systems handle both low value retail payments and large value payments related to inter-bank transactions, including the clearing of high value customer cheques.
Test: Security and Payment - 3 - Question 10
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What is the key benefit of electronic payment systems that facilitate confidentiality of transactions?
Detailed Solution for Test: Security and Payment - 3 - Question 10
The key benefit of electronic payment systems that facilitate confidentiality of transactions is the ability to conduct anonymous transactions, limiting the knowledge of transaction details to certain participants.
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