Question 1

​Mobile payment and digital wallet services include Apple Pay, Google Wallet, and Samsung Pay. The ultimate goal of these payment systems is to

Accepted Answer

A)  ​link from a digital wallet to another app within a single phone. 
B)  ​entail more security risks than carrying a physical wallet. 
C)  ​communicate wirelessly with point-of-sale systems. 
D)  ​work with existing magnetic-strip credit-card machines. 
A)  ​link from a digital wallet to another app within a single phone. 
B)  ​entail more security risks than carrying a physical wallet. 
C)  ​communicate wirelessly with point-of-sale systems. 
D)  ​work with existing magnetic-strip credit-card machines. A

Question 2

Transactions in virtual currency do not require financial institutions, and can be conducted anonymously. With these features of virtual currency in mind, the most ethical action a user can take is to​

Accepted Answer

A)  ​protect himself or herself. 
B)  ​avoid the use of virtual currency entirely. 
C)  ​use virtual currency exclusively. 
D)  ​take advantage of those who are not aware of how virtual currency is used. 
A)  ​protect himself or herself. 
B)  ​avoid the use of virtual currency entirely. 
C)  ​use virtual currency exclusively. 
D)  ​take advantage of those who are not aware of how virtual currency is used. A

Question 3

Businesses have been required to switch to digital invoices in​

Accepted Answer

A)  ​the European Union. 
B)  ​the United States. 
C)  ​countries that host the Association of Financial Professionals. 
D)  ​the home regions of cloud-based companies. 
A)  ​the European Union. 
B)  ​the United States. 
C)  ​countries that host the Association of Financial Professionals. 
D)  ​the home regions of cloud-based companies. A

Question 4

Apple Pay and other phone-based payment systems enable mobile devices to​

Accepted Answer

A)  ​link from a digital wallet to another app within a single phone. 
B)  ​entail more security risks than carrying a physical wallet. 
C)  ​communicate wirelessly with point-of-sale systems. 
D)  ​work with existing magnetic-strip credit-card machines. 
A)  ​link from a digital wallet to another app within a single phone. 
B)  ​entail more security risks than carrying a physical wallet. 
C)  ​communicate wirelessly with point-of-sale systems. 
D)  ​work with existing magnetic-strip credit-card machines.

Question 5

Virtual currency is stored in a digital wallet and identified by public keys. To access virtual currency requires corresponding sequences of private keys. Unlike real currency, virtual currency is​

Accepted Answer

A)  ​not issued or backed by any government or bank. 
B)  ​subject to special digital transaction fees. 
C)  ​risk-free. 
D)  ​required to be accepted in payment or exchange. 
A)  ​not issued or backed by any government or bank. 
B)  ​subject to special digital transaction fees. 
C)  ​risk-free. 
D)  ​required to be accepted in payment or exchange.

Question 6

A digital invoice is​

Accepted Answer

A)  ​an electronic version of a paper bill that can be paid online. 
B)  ​an online view of a paper bill that cannot be paid online. 
C)  ​a statement for a subscription service that makes B2B payments. 
D)  ​a supplemental record of a transaction payment. 
A)  ​an electronic version of a paper bill that can be paid online. 
B)  ​an online view of a paper bill that cannot be paid online. 
C)  ​a statement for a subscription service that makes B2B payments. 
D)  ​a supplemental record of a transaction payment.

Question 7

Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except​

Accepted Answer

A)  ​federal registration requirements. 
B)  ​state licensing requirements. 
C)  ​the proposed uniform Regulation of Virtual Currencies Act. 
D)  ​the Federal Deposit Insurance Corporation regulations. 
A)  ​federal registration requirements. 
B)  ​state licensing requirements. 
C)  ​the proposed uniform Regulation of Virtual Currencies Act. 
D)  ​the Federal Deposit Insurance Corporation regulations.

Question 8

Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is​

Accepted Answer

A)  ​digital money. 
B)  ​coins and bills. 
C)  ​checks, notes, and other negotiable instruments in paper form. 
D)  ​all of the choices. 
A)  ​digital money. 
B)  ​coins and bills. 
C)  ​checks, notes, and other negotiable instruments in paper form. 
D)  ​all of the choices.

Exam 56: Negotiable Instruments

​Mobile payment and digital wallet services include Apple Pay, Google Wallet, and Samsung Pay. The ultimate goal of these payment systems is to

Transactions in virtual currency do not require financial institutions, and can be conducted anonymously. With these features of virtual currency in mind, the most ethical action a user can take is to​

Businesses have been required to switch to digital invoices in​

Apple Pay and other phone-based payment systems enable mobile devices to​

Virtual currency is stored in a digital wallet and identified by public keys. To access virtual currency requires corresponding sequences of private keys. Unlike real currency, virtual currency is​

A digital invoice is​

Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except​

Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is​

Law and Legal Reasoning

Courts and Alternative Dispute Resolution

Court Procedures

Business and the Constitution

Business Ethics

Tort Law

Strict Liability and Product Liability

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Criminal Law and Cyber Crime

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration

Capacity and Legality

Mistakes, Fraud, and Voluntary Consent

The Writing Requirement in Our Digital World

Third Party Rights

Performance and Discharge

Breach of Contract and Remedies

The Formation of Sales and Lease Contracts

Title, Risk, and Insurable Interest

Performance and Breach of Sales and Lease Contracts

Warranties

International and Space Law

Negotiable Instruments

Transferability and Holder in Due Course

Liability, Defenses, and Discharge

Banking in the Digital Age

Creditors Rights and Remedies

Secured Transactions

Bankruptcy Law

Agency Formation and Duties

Agency Liability and Termination

Employment, Immigration, and Labor Law

Employment Discrimination

Small Businesses and Franchises

All Forms of Partnerships

Limited Liability Companies and Special Business Forms

Corporate Formation and Financing

Corporate Directors, Officers, and Shareholders

Mergers and Takeovers

Investor Protection, Insider Trading, and Corporate Governance

Administrative Agencies

Consumer Law

Environmental Protection

Antitrust Law

Professional Liability and Accountability

Personal Property and Bailments

Real Property and Landlord-Tenant Law

Insurance

Wills and Trusts

The Legal Environment of Business

Torts and Crimes

Contracts and E-Contracts

Domestic and International Sales and Lease Contracts

Creditors Rights and Bankruptcy

Agency and Employment

Business Organizations

Government Regulation

Property and Its Protection

Filters

Mobile payment and digital wallet services include Apple Pay, Google Wallet, and Samsung Pay. The ultimate goal of these payment systems is to

Transactions in virtual currency do not require financial institutions, and can be conducted anonymously. With these features of virtual currency in mind, the most ethical action a user can take is to

Businesses have been required to switch to digital invoices in

Apple Pay and other phone-based payment systems enable mobile devices to

Virtual currency is stored in a digital wallet and identified by public keys. To access virtual currency requires corresponding sequences of private keys. Unlike real currency, virtual currency is

A digital invoice is

Virtual currency has legitimate uses. Laws that apply to virtual currency include all of the following except

Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is