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Answer Key Worksheet 1

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71 views3 pages

Answer Key Worksheet 1

Uploaded by

ziyadyara11
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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1

Answer key Worksheet#1 Grade 12

QUESTION 1:
Explain what is meant by a cryptocurrency.
Cryptocurrency is a digital or virtual form of currency that uses cryptography for
security and operates on decentralized technology called blockchain. Unlike
traditional currencies issued by governments, cryptocurrencies are typically not
controlled by any central authority, making them resistant to government
interference or manipulation.

QUESTION 2:
State two advantages and disadvantages of the use of digital currency.
Advantages:
1. Security: Digital currencies use cryptographic techniques, making them
secure against fraud and counterfeiting.
2. Lower Transaction Costs: Digital currency transactions often have lower
fees compared to traditional banking methods and can facilitate
international transfers with reduced costs.
Disadvantages:
1. Volatility: The value of digital currencies can be highly volatile, making
them risky for investment and daily transactions.

2. Regulatory Issues: The lack of regulation can lead to concerns over security
and fraud, as well as uncertainty in legal protections for users.

QUESTION 3:
Differentiate chat room from a forum.
A chat room is a real-time online space where users can communicate instantly
through text messages, often on a specific topic or theme. In contrast, a forum is
an online discussion platform where users post messages or questions, and
responses can occur over a longer period, allowing for more in-depth discussions.
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Answer key Worksheet#1 Grade 12

QUESTION 4:
Describe the process of data mining.
Data mining is the process of extracting valuable insights and patterns from large
sets of data. It involves several steps: data collection, data cleaning (removing
inaccuracies), data analysis (applying algorithms to find patterns), and
interpreting the results to make informed decisions. Techniques such as
clustering, classification, and regression analysis are commonly used in data
mining.

QUESTION 5:
Explain two ways on how data mining can be used.
1. Customer Segmentation: Businesses can use data mining to analyze
customer data and segment them into different groups based on
purchasing behavior, enabling targeted marketing strategies.
2. Fraud Detection: Financial institutions can apply data mining techniques to
identify unusual patterns in transaction data, helping to detect and prevent
fraudulent activities in real-time.

QUESTION 6:
Explain the advantages and disadvantages of learners using MOOC to improve
their work-based skill set.
Advantages:
1. Accessibility: MOOCs provide learners with access to a wide range of
courses from top universities, allowing them to learn at their own pace and
schedule.
2. Cost-Effective: Many MOOCs are free or low-cost, making it an affordable
option for skill development compared to traditional education.
Disadvantages:
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Answer key Worksheet#1 Grade 12
1. Lack of Personal Interaction: MOOCs may lack the personalized support
and interaction that traditional classrooms provide, making it challenging
for some learners to stay motivated.

2. Variable Quality: The quality of courses can vary significantly, and learners
may find it difficult to assess the credibility of a course before enrolling.

QUESTION 7:
Discuss the impact of the central bank moving to a digital-based currency only.
The transition to a digital-only currency by a central bank could enhance
transaction efficiency, reduce cash handling costs, and facilitate real-time
payments. However, it may also raise concerns over privacy, as all transactions
could be monitored. Additionally, it could lead to challenges for those who are
unbanked or lack access to digital technology, potentially exacerbating inequality.

QUESTION 8:
Discuss the impact of the use of IT in banking and finance.
The use of IT in banking and finance has streamlined operations, improving
efficiency and customer service through online banking, mobile apps, and
automated services. It has also enhanced data management and analytics,
enabling better risk assessment and personalized services. However, increased
reliance on IT also raises cybersecurity concerns, as financial institutions become
more vulnerable to hacking and fraud.

Feel free to adjust any of the answers or let me know if you need more details!

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