Citizenship and Heritage Studies – SS1 – Cashless Economy (Questions with Answers and Explanations)

Savings from reduced currency production can be used for ______.

A. schools, hospitals and roads
B. printing more notes
C. increasing bribery
D. buying vaults only

People who were outside the banking system can access savings, payments and credit through mobile phones and wallets. This is called ______.

A. financial inclusion
B. inflation control
C. currency production
D. money laundering

When many payments are made electronically, fewer physical notes are needed in the hands of the public. This helps to ______.

A. reduce the volume of currency in circulation
B. increase the cost of printing money
C. encourage counterfeiting
D. stop banks from lending