Blockchain and Cryptocurrency UPDATED
ACTUAL Exam Questions and CORRECT
Answers
2 details of business transaction - CORRECT ANSWER - 1. always happens between, at
least, two organizations
2. Buyer and seller, no business operates in isolation
5 Details of Ledger - CORRECT ANSWER - 1. system of records for a business
2. transactions are always recorded in the ledger
3. in the selling organization, a transaction removes assets from the ledger
4. in the buying organization, a transaction adds assets onto the ledger
5. every organization keeps their own respective Ledgers
2 types of assets - CORRECT ANSWER - 1. tangible
2. intangible
3 Examples of Tangible Assets - CORRECT ANSWER - house, products, cash
3 Examples of Intangible Assets - CORRECT ANSWER - mortgage, services, online
music/video
2 Places Transactions Could Happen and Description of Each - CORRECT ANSWER - 1.
open market (auction)
2. closed market (supply chain)
Businesses Contracts - CORRECT ANSWER - set conditions of transactions
, 2 Details of Businesses Networks - CORRECT ANSWER - 1. Contain many examples of
networks of individuals and organizations that collaborate to create value and wealth.
2. These networks work together in markets that exchange assets in the form of goods and
services between the participants.
8 Details of Blockchain - CORRECT ANSWER - 1. It is a distributed database leveraging
distributed processing
2. Multiple parties (peer) share it by keeping an identical copy
3. Transactions are recorded (write) in the database
4. Transactions/Blocks are processed one at a time, no new transaction/block is committed until
the prior one is approved
5. All participants must give approval to the new recording = new Block
6. New Block is concatenated with prior Block by using a cryptographic hash (like a fingerprint
of predecessor Block)
7. Every recording uses private cryptographic key or digital signature
8. The process is repeated over and over creating a 'block chain'
4 details of difference between blockchain and bitcoin - CORRECT ANSWER - 1.
Blockchain it is an unchangeable system of recordkeeping that is seeing a growing use well
beyond financial transactions.
2. Data is copied on multiple servers or computers and encrypted into blocks,
3. Which are then linked by hashes to previous blocks.
4. This allows the system to reject any non-valid transactions.
block - CORRECT ANSWER - Each new record (write) to the database
1 detail of blockchain technology and 8 benefits of blockchain technology - CORRECT
ANSWER - -provides the basis for a dynamic distributed and shared ledger that can be
applied to
1. save time when recording transactions between parties
2. remove costs associated with intermediaries
ACTUAL Exam Questions and CORRECT
Answers
2 details of business transaction - CORRECT ANSWER - 1. always happens between, at
least, two organizations
2. Buyer and seller, no business operates in isolation
5 Details of Ledger - CORRECT ANSWER - 1. system of records for a business
2. transactions are always recorded in the ledger
3. in the selling organization, a transaction removes assets from the ledger
4. in the buying organization, a transaction adds assets onto the ledger
5. every organization keeps their own respective Ledgers
2 types of assets - CORRECT ANSWER - 1. tangible
2. intangible
3 Examples of Tangible Assets - CORRECT ANSWER - house, products, cash
3 Examples of Intangible Assets - CORRECT ANSWER - mortgage, services, online
music/video
2 Places Transactions Could Happen and Description of Each - CORRECT ANSWER - 1.
open market (auction)
2. closed market (supply chain)
Businesses Contracts - CORRECT ANSWER - set conditions of transactions
, 2 Details of Businesses Networks - CORRECT ANSWER - 1. Contain many examples of
networks of individuals and organizations that collaborate to create value and wealth.
2. These networks work together in markets that exchange assets in the form of goods and
services between the participants.
8 Details of Blockchain - CORRECT ANSWER - 1. It is a distributed database leveraging
distributed processing
2. Multiple parties (peer) share it by keeping an identical copy
3. Transactions are recorded (write) in the database
4. Transactions/Blocks are processed one at a time, no new transaction/block is committed until
the prior one is approved
5. All participants must give approval to the new recording = new Block
6. New Block is concatenated with prior Block by using a cryptographic hash (like a fingerprint
of predecessor Block)
7. Every recording uses private cryptographic key or digital signature
8. The process is repeated over and over creating a 'block chain'
4 details of difference between blockchain and bitcoin - CORRECT ANSWER - 1.
Blockchain it is an unchangeable system of recordkeeping that is seeing a growing use well
beyond financial transactions.
2. Data is copied on multiple servers or computers and encrypted into blocks,
3. Which are then linked by hashes to previous blocks.
4. This allows the system to reject any non-valid transactions.
block - CORRECT ANSWER - Each new record (write) to the database
1 detail of blockchain technology and 8 benefits of blockchain technology - CORRECT
ANSWER - -provides the basis for a dynamic distributed and shared ledger that can be
applied to
1. save time when recording transactions between parties
2. remove costs associated with intermediaries
