ICT in Finance

Question 1

internet

Answer 1

Saves time as reduces amount of trips required to go to the bank, but security has to be of high level and technology has to be working to access that money and keep it safe

Question 2

Video conferencing

Answer 2

It is efficient, cost effective and scalable, but if there are network issues calls have to be cancelled which can take time

Question 4

Spreadsheets

Answer 4

Spreadsheets store information in columns which can be manipulated and used in calculations.
Can be used to carry out calculations rather than having to do them by hand.
Can easily hold information within spreadsheets.
Relies on one person to do and if one small thing is wrong the whole spreadsheet can be wrong.

Question 5

Databases

Answer 5

Databases store information in a table in columns and rows. There can be different calculation
s made within databases. They can be used to store transaction data and customer accounts. Advantage: They keep data secure.
Disadvantage: The software for databases can be complex.

Question 6

BACS payment

Answer 6

BACS is a form of electronic payment transfer which is secure and instant. It allows payments to be made between businesses and customers and businesses.
Advantage: Cheap way to send money between people.
Disadvantage: BACS payments will only transfer on business days.