| Examination
Questions (page 347) |
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1(a)
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The
PIN. |
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(b)
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For
security. It ensures that they are the authorised user of the
card. |
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(c)
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Fewer
bank staff needed. Takes staff away from routine transactions
to do more profitable sales type work. Fewer chances of errors.
Provides 24 hour a day 365 days a year banking. |
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(d)
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Provides
24 hour a day 365 days a year banking. Queues are smaller. Do
not need to interact with the bank staff. Can visit late at
night when the parking is easier. |
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(e)
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Danger
of being robbed. Phantom withdrawals. Wrong amount of money
being issued. |
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(f)
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Using
a modem and the Internet and special software supplied by the
bank. |
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(g)
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(i)
(ii)
(iii) |
PIN and account number/name.
Statement details. Balance transfer. Pay bill. etc.
Ability to obtain cash. |
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(h)
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Can
check the account balance from home. Can set up standing orders
and direct debits without leaving home. |
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(i)
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Need computer equipment. Possibility of security breaches by
hackers. |
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2(a)
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The
bank's sort code. The customer's account number. |
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(b)
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Using
magnetic ink character recognition. |
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(c)
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(i)
(ii) |
The amount the cheque is for.
This is not known until the person has written the cheque. It
has to be put on the cheque so that it can be read with the
MICR reader. |
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(d)
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(i)
(ii)
(iii)
(iv) |
Step 4 ; Step 3 ; Step 1 ; Step 2.
For security. Only the person who owns the card should know
the PIN.
Magnetic stripe.
Order a new cheque book. Obtain a balance. Obtain a statement/mini-statement.
Transfer money between accounts etc. |
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(e)
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To identify the customer. To pay for goods using an EFTPOS terminal.
To pay for calls in some public telephones. |
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3(a)
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Manufacturer's
code; Product code; Country of origin; Check digit. |
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(b)
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An
itemised bill is produced that makes it easier to check. Quicker
data entry means fewer queues. |
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(c)
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The
price changes so a new bar code would need to be produced. |
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(d)
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Cash;
Cheque; Store card; Credit card; Debit/Switch card etc. |
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(e)
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(i)
(ii) |
They get points (i.e. money off) or coupons. They get notified
about special offers.
Keeps customers coming back to the store. Provides the marketing
department with useful information concerning customer's buying
habits; Can sell lists of customers to other companies etc.
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4
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| Advantages: |
Fewer
queues at checkouts as transactions are completed faster.
Less wastage of food as correct amounts are ordered or
made on site.
Itemised receipts make it easier for shoppers to check
they have been charged correctly.
Loyalty cards allow shoppers to save money by shopping
at the store regularly. |
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| Disadvantages: |
e-commerce
means that many high street stores could close with the
resulting loss in jobs.
Most ICT developments in stores reduce the numbers of
staff needed.
Small shops will close as they can no longer attract customers
because of their more expensive goods.
Information about shoppers from loyalty card schemes erodes
privacy. |
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5(a)
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One
of:
bank account number
bank sort code number
encrypted PIN. |
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(b)
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Gives
an instruction to remove the money from the customer's account
and deposit it in the store's bank account. This happens immediately. |
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