Cefs Unit 1 All Topics Exam
Questions With 100% Correct And
Verified Answers 2025
ATMi-iCORRECTiANSWERS-
Automateditellerimachine,ialsoiknowniasiaicashimachine.
Bacsi-iCORRECTiANSWERS-
Theicentralipaymentisystemiuseditoiprocessidifferentitypesio
fielectronicipayment.
Banker'sidrafti-iCORRECTiANSWERS-
Aibanker'sidraftiisisimilaritoiaichequeibutitheipaymentiisisig
nediandiguaranteedibyitheifinancialiservicesiproviderithatiis
suesiit,iratherithanibyianiindividual.iBanker'sidraftsiareiused
iforipayingilargeisumsiofimoney.
Cashbacki-iCORRECTiANSWERS-
Aiserviceiofferedibyisomeiretailersiwhenicustomersipayibyica
rd.iTheiretailerigivesitheicustomericashiandidebitsitheiamou
ntioficashihandedioverifromitheicustomer'sipaymenticard.
Cashicardi-iCORRECTiANSWERS-
AicardiuseditoiwithdrawicashifromiATMsioribranchicounters.
CHAPSi-iCORRECTiANSWERS-
ClearingiHouseiAutomatediPaymentiSystem,iaisame-
dayipaymentisystemiforihigh-
valueitransactions,isuchiasiaihouseipurchase.
Chequei-iCORRECTiANSWERS-
Aiwritteniinstructionitoitheiprovideri(egitheibankioribuildingi
society)itoipayiaispecifiediamountitoiaispecifiedipersonioriorg
anisation.i(Theilawirelatingitoichequesiisiquiteicomplexisoith
,isiisiaisimplifiediexplanationiforitheipurposeiofitheseistudyim
aterials.)
Contactlessicardi-iCORRECTiANSWERS-
Aicardithaticanibeireadisimplyibyiholdingiitiinifrontiofiaicardir
eader.iItiisiusediforilow-valueipayments.
Debiticardi-iCORRECTiANSWERS-
Aicardithaticanibeiuseditoiwithdrawicash,itoimakeiface-to-
faceitransactionsiin,iforiexample,ishops,ianditoimakeipayme
ntsionlineiorioveritheiphone.
Directicrediti-iCORRECTiANSWERS-
Anielectronicipaymentiintoianiaccount,iforiexampleiaisalaryi
oribenefitipayment.
Directidebiti-iCORRECTiANSWERS-
Anielectronicipaymentioutiofianiaccount.iTheiamountiandifre
quencyiofiaidirectidebitipaymenticanivary.ii
FasteriPaymentsi-iCORRECTiANSWERS-
Anielectronicipaymentiserviceithatienablesipaymentsitoibeim
adeiwithinitwoihours.
Mandatei-iCORRECTiANSWERS-
Aipaperiorionlineiinstructionitoiaiprovideri(egibankioribuildi
ngisociety)itoimakeiaipaymentifromianiaccount.
Prepaidicardsi-iCORRECTiANSWERS-
Aicardithatihasitoihaveimoneyicrediteditoiitibeforeitheicardih
oldericaniuseiititoipayiforigoods.iOnceitheiinitialisumiofimone
yionitheicardirunsiout,iiticanibeitoppediupiagain.iSomeiprepa
idicardsicanibeiloadediwithiforeignicurrencyiandiusediabroad
Standingiorderi-iCORRECTiANSWERS-
Anielectronicipaymentioutiofianiaccount.iStandingiordersiar
eiuseditoimakeiregularipaymentsiofitheisameiamount.
Transactioni-iCORRECTiANSWERS-
Buyingiorisellingisomething.
, Transactionineedi-iCORRECTiANSWERS-
Theireasoniwhyisomeoneineedsitoimakeiaipayment,iegineedi
ngitoitopiupiyouriphoneicreditisoithatiyouicaniuseiyouriphone
iisiaitransactionineed.
Traveller'sichequei-iCORRECTiANSWERS-Aipre-
printedichequeiforiaisetiamountioficurrency,iegi50iori100iUSi
dollarsiorieuros.iAitraveller'sichequeicanibeiexchangediforilo
calicurrencyioriuseditoimakeipaymentsiwhileiabroad.
Aspirationsi-iCORRECTiANSWERS-
Thingsioriexperiencesithatipeopleiwouldilikeitoihaveiinitheifu
ture,iforiexampleiowningiaihomeiinsteadiofirenting,ihavingiai
luxuryiholidayioribuyingiaisportsicar.
Assestsi-iCORRECTiANSWERS-
Thingsithatiaipersonioriaibusinessiowns.iForiaipersonitheirias
setsimightiincludeiproperty,ijewelleryiorifinancialiproductsis
uchiasicompanyishares.
Bankiratei-iCORRECTiANSWERS-
TheiinterestirateithatitheiBankiofiEnglandiusesiwheniitilends
imoneyitoiotheribanks.iFinancialiservicesiprovidersitakeiacco
untiofitheiBankirateiwhenitheyidecideihowitoisetiinterestirate
sionitheiriowniproducts.
Demographicichangesi-iCORRECTiANSWERS-
Changesitoitheisizeiandistructureiofitheipopulationi(foriexam
pleianiincreaseiinitheinumberiofipeopleioveritheiageiofi65,iori
airiseiinichildreniofischooliage).
Economiciboomi-iCORRECTiANSWERS-
Aiperiodiwhenitheicountryiisiproducingiandisellingianiincrea
singiamountiofigoodsiandiservices.
Interestiratei-iCORRECTiANSWERS-
Theiamount,iexpressediasipercentage,ithatiaifinancialiservic
Questions With 100% Correct And
Verified Answers 2025
ATMi-iCORRECTiANSWERS-
Automateditellerimachine,ialsoiknowniasiaicashimachine.
Bacsi-iCORRECTiANSWERS-
Theicentralipaymentisystemiuseditoiprocessidifferentitypesio
fielectronicipayment.
Banker'sidrafti-iCORRECTiANSWERS-
Aibanker'sidraftiisisimilaritoiaichequeibutitheipaymentiisisig
nediandiguaranteedibyitheifinancialiservicesiproviderithatiis
suesiit,iratherithanibyianiindividual.iBanker'sidraftsiareiused
iforipayingilargeisumsiofimoney.
Cashbacki-iCORRECTiANSWERS-
Aiserviceiofferedibyisomeiretailersiwhenicustomersipayibyica
rd.iTheiretailerigivesitheicustomericashiandidebitsitheiamou
ntioficashihandedioverifromitheicustomer'sipaymenticard.
Cashicardi-iCORRECTiANSWERS-
AicardiuseditoiwithdrawicashifromiATMsioribranchicounters.
CHAPSi-iCORRECTiANSWERS-
ClearingiHouseiAutomatediPaymentiSystem,iaisame-
dayipaymentisystemiforihigh-
valueitransactions,isuchiasiaihouseipurchase.
Chequei-iCORRECTiANSWERS-
Aiwritteniinstructionitoitheiprovideri(egitheibankioribuildingi
society)itoipayiaispecifiediamountitoiaispecifiedipersonioriorg
anisation.i(Theilawirelatingitoichequesiisiquiteicomplexisoith
,isiisiaisimplifiediexplanationiforitheipurposeiofitheseistudyim
aterials.)
Contactlessicardi-iCORRECTiANSWERS-
Aicardithaticanibeireadisimplyibyiholdingiitiinifrontiofiaicardir
eader.iItiisiusediforilow-valueipayments.
Debiticardi-iCORRECTiANSWERS-
Aicardithaticanibeiuseditoiwithdrawicash,itoimakeiface-to-
faceitransactionsiin,iforiexample,ishops,ianditoimakeipayme
ntsionlineiorioveritheiphone.
Directicrediti-iCORRECTiANSWERS-
Anielectronicipaymentiintoianiaccount,iforiexampleiaisalaryi
oribenefitipayment.
Directidebiti-iCORRECTiANSWERS-
Anielectronicipaymentioutiofianiaccount.iTheiamountiandifre
quencyiofiaidirectidebitipaymenticanivary.ii
FasteriPaymentsi-iCORRECTiANSWERS-
Anielectronicipaymentiserviceithatienablesipaymentsitoibeim
adeiwithinitwoihours.
Mandatei-iCORRECTiANSWERS-
Aipaperiorionlineiinstructionitoiaiprovideri(egibankioribuildi
ngisociety)itoimakeiaipaymentifromianiaccount.
Prepaidicardsi-iCORRECTiANSWERS-
Aicardithatihasitoihaveimoneyicrediteditoiitibeforeitheicardih
oldericaniuseiititoipayiforigoods.iOnceitheiinitialisumiofimone
yionitheicardirunsiout,iiticanibeitoppediupiagain.iSomeiprepa
idicardsicanibeiloadediwithiforeignicurrencyiandiusediabroad
Standingiorderi-iCORRECTiANSWERS-
Anielectronicipaymentioutiofianiaccount.iStandingiordersiar
eiuseditoimakeiregularipaymentsiofitheisameiamount.
Transactioni-iCORRECTiANSWERS-
Buyingiorisellingisomething.
, Transactionineedi-iCORRECTiANSWERS-
Theireasoniwhyisomeoneineedsitoimakeiaipayment,iegineedi
ngitoitopiupiyouriphoneicreditisoithatiyouicaniuseiyouriphone
iisiaitransactionineed.
Traveller'sichequei-iCORRECTiANSWERS-Aipre-
printedichequeiforiaisetiamountioficurrency,iegi50iori100iUSi
dollarsiorieuros.iAitraveller'sichequeicanibeiexchangediforilo
calicurrencyioriuseditoimakeipaymentsiwhileiabroad.
Aspirationsi-iCORRECTiANSWERS-
Thingsioriexperiencesithatipeopleiwouldilikeitoihaveiinitheifu
ture,iforiexampleiowningiaihomeiinsteadiofirenting,ihavingiai
luxuryiholidayioribuyingiaisportsicar.
Assestsi-iCORRECTiANSWERS-
Thingsithatiaipersonioriaibusinessiowns.iForiaipersonitheirias
setsimightiincludeiproperty,ijewelleryiorifinancialiproductsis
uchiasicompanyishares.
Bankiratei-iCORRECTiANSWERS-
TheiinterestirateithatitheiBankiofiEnglandiusesiwheniitilends
imoneyitoiotheribanks.iFinancialiservicesiprovidersitakeiacco
untiofitheiBankirateiwhenitheyidecideihowitoisetiinterestirate
sionitheiriowniproducts.
Demographicichangesi-iCORRECTiANSWERS-
Changesitoitheisizeiandistructureiofitheipopulationi(foriexam
pleianiincreaseiinitheinumberiofipeopleioveritheiageiofi65,iori
airiseiinichildreniofischooliage).
Economiciboomi-iCORRECTiANSWERS-
Aiperiodiwhenitheicountryiisiproducingiandisellingianiincrea
singiamountiofigoodsiandiservices.
Interestiratei-iCORRECTiANSWERS-
Theiamount,iexpressediasipercentage,ithatiaifinancialiservic
