Title: QUIZ: Peer-to-Peer (P2P) Payment Services -- Page One Economics®
Course: Kelly's Copying and Exporting Course > Section: Peer-to-Peer (P2P) Payment Services -- Page One Economics®

Q: Peer-to-peer payment systems provide the capability to make digital payments through
- writing a check to the person you owe money to.
- taking out cash at an ATM to pay someone.
- a smartphone app that allows users to transfer money to others.
- purchasing a money order and sending it.
A: a smartphone app that allows users to transfer money to others.

Q: Bank-centric payment apps are different from third party apps because
- third party apps are offered through banking apps, and bank-centric apps are not.
- bank-centric apps are added features within bank apps.
- bank-centric apps only allow transfers within the same bank.
- third-party apps are less reliable than bank-centric apps.
A: bank-centric apps are added features within bank apps.

Q: Monica needs to pay the rent to her landlord, Camilo. Which of the following methods of payment would have the lowest transaction costs for Monica?
- Using a P2P payment app to transfer the money in real time to Camilo
- Driving to the ATM, taking out the cash, and meeting Camilo to pay him
- Writing a check, filling an envelope, and taking it to the mailbox to send to Camilo
- Purchasing a money order at her bank and then mailing it to Camilo
A: Using a P2P payment app to transfer the money in real time to Camilo

Q: Pixel used her bank’s P2P payment app to pay Lumen back from her checking account. Once Pixel transferred the money, Lumen had instant access to the funds. This scenario best describes
- high transactions costs.
- a real-time payment.
- a debit card transaction.
- a credit card payment.
A: a real-time payment.

Q: Digital wallets within the P2P apps, are known as
- ATMs.
- bank-centric.
- debit cards.
- stored value accounts.
A: stored value accounts.

Q: Most P2P apps require the person sending the money to provide the bank account number of the person to whom they are sending money.
- True
- False
A: False

Q: If businesses want to accept payment from a P2P app, they may pay a fee of up to ________ percent and _____ per transaction to the company that runs the P2P app.
- 3.5; $0.40
- 2.8; $0.30
- 4.5; $0.25
- 2.9; $0.30
A: 2.9; $0.30

Q: Which generation is using P2P payment apps more than any other generation?
- Millennials
- Generation Z
- Generation Y
- Baby Boomers
A: Millennials

Q: Which of the following best describes transaction costs?
- The costs associated with selling a service such as cutting someone’s hair
- The costs associated with the buying and selling of a good, service, or financial asset
- The costs associated with accepting only debit or credit card payments
- The costs associated only with writing a check to pay someone
A: The costs associated with the buying and selling of a good, service, or financial asset

Q: When using P2P apps, one of the drawbacks is that
- the app keeps track of how much money you have transferred.
- the app makes it easy to connect to your personal bank account.
- the app provides a way to make real-time payments.
- you may mistakenly send money to the wrong person; it may not be refunded.
A: you may mistakenly send money to the wrong person; it may not be refunded.