Exam (elaborations)
LML4807 EXAM PACK 2024/2025
- Course
- LML4807 (LML4807)
- Institution
- University Of South Africa (Unisa)
LML4807 EXAM PACK 2024/2025
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LML4807 EXAM PACK2024/2025
QUESTIONS WITH COMPLETE ANSWERS
,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]
On-us payments (2): This refers to a transaction where both the payer and
the payee have accounts at the same financial institution. The payment process
is quicker since it is processed internally by the same bank.
, Negative option marketing (2): A marketing strategy where customers are
automatically subscribed to a service or product unless they explicitly opt out. It
assumes consent unless the customer takes action to decline.
Electronic Fund Transfer at Point of Sale (EFTPOS) (2): A system where
customers can pay for goods or services directly using a debit or credit card, with
the funds being electronically transferred from the customer’s bank account to
the merchant’s account at the time of sale.
Electronic purse (2): A prepaid electronic card or device that stores a limited
amount of funds for making small payments, typically used for micropayments or
transactions where traditional payment methods are inconvenient.
Dealing at arm’s length in relation to credit agreement (2): This refers to
transactions or agreements between parties who are independent and act in their
own self-interest, ensuring fairness in the terms of a credit agreement without
favoritism or undue influence.
Two-party credit cards (3): A credit card system where the transaction
involves only two parties—the cardholder and the issuing bank. The cardholder
makes purchases, and the bank directly manages the credit relationship with the
cardholder.
Advances against fixed deposits (3): A loan facility where a bank provides a
loan or advance to a customer based on the security of their fixed deposit
account. The loan is typically a percentage of the deposit's value and offers lower
interest rates since the deposit serves as collateral.
, Depositum (2): A legal term referring to a contract of deposit where one party
(the depositor) hands over an item to another party (the depositee) for
safekeeping, without transferring ownership.
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QUESTION 2 (Your answer should not exceed 3 typed or 4 hand-written pages)
Read the following facts and answer the questions that follow:
Traders CC holds a bank account with Ace Bank. An employee of
Traders CC, Kenneth, was permitted to receive information regarding
the finances of the bank account via sms and through other
communication methods from Ace Bank. When Kenneth resigned as
an employee, Traders CC requested Ace Bank to refrain from sending
any further communications concerning Traders CC’s bank account to
Kenneth. It has now come to Traders’ attention that despite the request,
Kenneth still receives communication from
Ace Bank regarding the affairs of Trader CC’s bank account.
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