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LML4807 EXAM PACK 2024/2025
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LML4807 EXAM PACK 2024/2025 QUESTIONS WITH ANSWERS
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LML4807 EXAMPACK 2024/2025
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
,L
LML4807 EXAM PACK 2024
Briefly explain the following concepts:
1.1 On – us payments. (2)
1.2 Negative option marketing. (2)
1.3 Electronic fund transfer at point of sale (EFTPOS). (2)
1.4 An electronic purse. (2)
1.5 Dealing at arm’s length in relation to credit agreement. (2)
1.6 Two-party credit cards. (3)
1.7 Advances against fixed deposits. (3)
1.8 Depositum. (4)
[20]
1.1 On-us payments (2):
On-us payments refer to transactions where both the payer's and payee's bank accounts are held at the
same financial institution. This allows for quicker processing as the transaction stays within the bank's
internal system.
1.2 Negative option marketing (2):
Negative option marketing is a sales strategy where a consumer's failure to decline an offer is taken as
, consent to receive goods or services and be billed for them. The consumer must actively opt-out to avoid
charges.
1.3 Electronic fund transfer at point of sale (EFTPOS) (2):
EFTPOS refers to the system where a customer uses a debit or credit card to make a payment
electronically at the point of sale. The funds are transferred directly from the customer's bank account to
the merchant's.
1.4 An electronic purse (2):
An electronic purse is a digital payment system where users preload money into a card or digital device
and use it to make small transactions, similar to a prepaid card.
1.5 Dealing at arm’s length in relation to a credit agreement (2):
Dealing at arm’s length means that the parties involved in a credit agreement are independent, have no
special relationship, and are acting in their own self-interest without undue influence.
1.6 Two-party credit cards (3):
A two-party credit card system involves only two parties: the cardholder and the card issuer (usually a
bank). The issuer provides the credit and processes payments between itself and the cardholder, without
involving third-party networks like Visa or Mastercard.
1.7 Advances against fixed deposits (3):
Advances against fixed deposits refer to loans or credit provided by a bank using the customer's fixed
deposit as collateral. The borrower can receive funds while the fixed deposit remains intact and
continues to earn interest.
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