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Class 10 Social Science
Economics Money And Credit
Quiz 1
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Which one of the following statements is most appropriate regarding transaction made in money?
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It is the easiest way.
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It is the safest way.
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It is the cheapest way.
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It promotes trade.
Explanation
a
Which one of the following is a modem form of currency?
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Gold
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Silver
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Copper
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Paper notes
Explanation
d
Which among the following authorities issues currency notes on behalf of the government?
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Government of India
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The State Bank of India
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National Bank for Agriculture and Rural Development
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Reserve Bank of India
Explanation
d
In which of the following systems exchange of goods is done without use of money?
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Credit system
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Barter system
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Banking system
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Collateral system
Explanation
b
Banks provide a higher rate of interest on which of the following accounts?
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Saving account
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Current account
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Fixed deposits for long period
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Fixed deposits for very short period
Explanation
c
Banks use the major portion of the deposits to:
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Keep as reserve so that people may withdraw
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Meet their routine expenses
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Extend loans
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Meet renovation of bank
Explanation
c
What percentage of their deposits is kept as cash by the banks in India?
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25%
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20%
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15%
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10%
Explanation
c
The informal source of credit does not include which one of the following?
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Traders
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Friends
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Cooperative Societies
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Moneylenders
Explanation
c
Which one of the following is the new way of providing loans to the mral poor?
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Because the currency is authorised by the government of the country.
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Because it is liked by the people who use it.
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Because the use of currency has its origin in ancient times.
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Because the currency is authorised by the World Bank.
Explanation
a
Who issues the currency notes in India?
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Currency notes are issued by the Finance Commission.
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All the nationalized banks can issue the currency notes.
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Only Reserve Bank of India can issue currency notes.
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Any individual or organization can issue cur¬rency notes with the permission of the govt.
Explanation
c
Which among the following banks issues currency notes on behalf of the Central Government in India?
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RBI
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State Bank of India
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Bank of India
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Central Bank of India
Explanation
a
What do the banks do with the deposits which I they accept from the customers?
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Banks use these deposits for charitable activities.
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Banks use a major portion of deposits to extend loans.
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Banks use deposits to give bonus to their employees.
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Banks use deposits to set up more branches in the country.
Explanation
b
What is the main source of income of a bank?
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Bank charges that the depositors pay for ; keeping their money safe is the main ; source of the bank's income.
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The difference between what is charged from the borrowers and paid to the depositors is the main source of bank's income.
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Banks earn huge amounts of money by investing the money of the depositors in various company shares.
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The Government of India gives huge amounts of money to the banks to help their smooth functioning.
Explanation
b
An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment refers to
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Debt
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Deposit
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Credit
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Collateral
Explanation
c
Which body (authority) supervises the functioning of formal sources of loans?
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Finance Ministry
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Head Office of each Bank
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Reserve Bank
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Cooperative Societies
Explanation
c
Money-lenders usually demand a 'security' from the borrower. What is the formal word used for the 'security', such as land, vehicle, livestock, building, etc.?
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Deposit
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Collateral
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Credit
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Guarantee
Explanation
b
Which among the following options will be the cheapest source of credit in rural areas?
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Bank
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Cooperative Society
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Money-lender
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Finance Company
Explanation
b
In which country is the Grameen Bank meeting the credit needs of over 6 million poor people?
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Bhuta
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Sri Lanka
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Bangladesh
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Nepal
Explanation
c
A typical Self Help Group usually has
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100-200 members
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50-100 members
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less than 10 members
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15-20 members
Explanation
d
Which of the following is not an informal source of credit?
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Money-lender
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Relatives and Friends
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Commercial Banks
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Traders
Explanation
c
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