This quiz works best with JavaScript enabled. Home > Class 10 > Class 10 Economics Chapter 3 Money And Credit – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 10 Economics Chapter 3 Money And Credit Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is/are included in Terms of Credir A) Collateral. B) Interest Rate. C) Documents needed. D) Mode of Repayment. E) All the above. Show Answer Correct Answer: E) All the above. 2. How many members a typical Self-Help Group Should have? A) 14-19. B) 15-20. C) 20-25. D) 25-30. Show Answer Correct Answer: B) 15-20. 3. Saving per member varies from Rs ..... to Rs ..... or more. A) 25 to 50. B) 25 to 100. C) 50 to 100. D) 75 to 100. Show Answer Correct Answer: B) 25 to 100. 4. Which of the following will be given in cheaper Interest Rate? A) Formal Loan. B) Informal Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Formal Loan. 5. The statutory Liquidity Ratio (SLR) refers to A) Ratio of deposits that the banks required to keep with RBI. B) The minimum cash which the banks have to keep with themselves. C) The ratio at which the RBI lends funds to banks. D) Ratio of maximum amount of credit given to a particular use or sector. Show Answer Correct Answer: B) The minimum cash which the banks have to keep with themselves. 6. Among 20 public sector commercial banks in India A) 14 nationalized in 1967 and 6 in 1980. B) 14 nationalized in 1969 and 6 in 1980. C) 12 nationalized in 1967 and 8 in 1980. D) 12 nationalized in 1969 and 8 in 1980. Show Answer Correct Answer: B) 14 nationalized in 1969 and 6 in 1980. 7. Which of the following are examples of informal sector loans? A) Moneylenders. B) Traders. C) Cooperatives. D) Only (a) and (b). Show Answer Correct Answer: D) Only (a) and (b). 8. Terms of credit are with respect to: A) Interest rate. B) Collateral. C) Documentation. D) All the above. Show Answer Correct Answer: D) All the above. 9. Why is currency accepted as a medium of exchange? A) Because the currency is authorised by the government of the country. B) Because it is liked by the people who use it. C) Because the use of currency has its origin in ancient times. D) Because the currency is authorised by the World Bank. Show Answer Correct Answer: A) Because the currency is authorised by the government of the country. 10. Which of the following is not coming under informal source of credit for rural households in India? A) Friends. B) Relatives. C) Landlords. D) Commercial Bank. Show Answer Correct Answer: D) Commercial Bank. 11. When both parties have to agree to sell and buy each others commodities. This is known as ..... A) Medium of exchange. B) Barter system. C) Double coincidence of wants. D) None of the above. Show Answer Correct Answer: C) Double coincidence of wants. 12. For the purposes of monetary management, M1 and M2 are referred to as A) Narrow money. B) Representative money. C) Commodity money. D) Broad money. Show Answer Correct Answer: A) Narrow money. 13. The deposits in the bank accounts are known as ..... A) Demand deposits. B) Smart accounts. C) All the above. D) None of the above. Show Answer Correct Answer: A) Demand deposits. 14. Reserve Bank of India was nationalised on A) 1st April 1935. B) 1 Ste Jan 1935. C) 1 Ste Jan 1949. D) 1st April 1949. Show Answer Correct Answer: C) 1 Ste Jan 1949. 15. An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment. A) Credit. B) Chit fund. C) Bank. D) Cheque. Show Answer Correct Answer: A) Credit. 16. Which among these is an essential feature of barter system? A) Money can easily exchange any commodity. B) It is based on double co-incidence of wants. C) It is generally accepted as a medium of exchange of goods with money. D) It acts as a measure and store of value. Show Answer Correct Answer: B) It is based on double co-incidence of wants. 17. At present which form of money is increasingly used apart from paper money? A) Bitcoins. B) Metallic money. C) Plastic money. D) All the above. Show Answer Correct Answer: C) Plastic money. 18. How many languages are seen on an Indian Currency note? A) 15. B) 18. C) 17. D) 16. Show Answer Correct Answer: C) 17. 19. The legal tender of money in England is called A) Dollar. B) Pound. C) Yen. D) Yuan. Show Answer Correct Answer: B) Pound. 20. Terms of credit does not include A) Collateral. B) Interest rate. C) Cheque. D) Mode of repayment. Show Answer Correct Answer: C) Cheque. 21. Which of the following is not a modern form of money? A) Paper notes. B) Demand deposits. C) Silver coins. D) None of the above. Show Answer Correct Answer: C) Silver coins. 22. Megha is submitting the following as collateral A) Salary slip. B) Documents of her new house. C) Plan of her new house. D) None of the above. Show Answer Correct Answer: B) Documents of her new house. 23. Cheap and affordable ..... is crucial for the country's development. A) Loan. B) Credit. C) Money. D) None of the above. Show Answer Correct Answer: B) Credit. 24. Which one of the following is not a modern form of currency? A) Paper Notes. B) Coins. C) Barter Exchange. D) Plastic Money. Show Answer Correct Answer: C) Barter Exchange. 25. Which bank acts as financial adviser to the Government A) Reserve bank of India (RBI). B) Regional Rural Banks. C) State Bank of India. D) Private Sector Banks. Show Answer Correct Answer: A) Reserve bank of India (RBI). 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