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Class 7 Social Science
Banks and the Magic of Finance Chapter 20 Quiz 1
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Long ago, why was barter replaced by coins and money?
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Because people wanted shiny objects
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Because barter was inconvenient and unfair
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Because coins were easier to steal
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Because rulers forced people to use coins
If you had $100 for daily expenses, which account would be smarter to use?
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Checking Account
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Savings Account
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Certificate of Deposit
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Money Market Account
You want to build an emergency fund you can access anytime. Which account works best?
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Checking Account
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Savings Account
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Certificate of Deposit
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Money Market Account
You received $500 that you don’t need for 2 years. Which account gives higher returns if you don’t touch it?
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Checking Account
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Savings Account
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Certificate of Deposit
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Current Account
If a bank pays 4% on deposits but charges 9% on loans, how do they earn?
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By magic
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From the difference between loan and deposit interest
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From taxes paid by people
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From RBI subsidies
Which of these is the riskiest digital banking behavior?
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Using UPI on your own phone
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Sharing your PIN or OTP with someone
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Withdrawing from an ATM
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Depositing money in a branch
If banks didn’t exist, which would be the biggest challenge for you?
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Not being able to play games online
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Not being able to store or grow money safely
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Not being able to go to malls
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Not being able to learn history
Why don’t people just use one account for everything?
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Because banks want to confuse us
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Because different accounts serve different purposes
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Because the government doesn’t allow it
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Because people like variety
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