This quiz works best with JavaScript enabled. Home > Class 10 > Class 10 Economics Chapter 3 Money And Credit – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 10 Economics Chapter 3 Money And Credit Quiz 5 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Loan provided by Co Operative Societies is called A) Formal Loan. B) Informal Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Formal Loan. 2. What is debt? A) Money that is spent. B) Money that is owed because of borrowing. C) Money that you lend to others. D) None of the above. Show Answer Correct Answer: B) Money that is owed because of borrowing. 3. Formal sector loans include loans from 1. Banks 2. Money lenders 3. Cooperatives 4. Traders A) 1 & 3. B) 2 & 4. C) 2 & 3. D) 1 & 4. Show Answer Correct Answer: A) 1 & 3. 4. Money is a measure of A) Currency. B) Value. C) Transfer. D) All of these. Show Answer Correct Answer: A) Currency. 5. Pre requisite of Barter System A) Triple coincidence of wants. B) Coincidence of wants. C) Double coincidence of wants. D) No coincidence of wants. Show Answer Correct Answer: C) Double coincidence of wants. 6. In situations with high risks, credit might create further problems for the borrower, what is it called? A) Absence of collateral. B) Debt trap. C) Debit. D) Demand deposits. Show Answer Correct Answer: B) Debt trap. 7. Swapna is unable to repay the moneylender and she is caught in debt. She has to sell a part of the land to pay off the debt. This situation is an example of A) Debt-insecurity. B) Debt-loss. C) Debt-Stairs. D) Debt-condition. Show Answer Correct Answer: C) Debt-Stairs. 8. What was used as a commodity money in Greece A) Cattle. B) Sheep. C) Teeth. D) Gold. Show Answer Correct Answer: A) Cattle. 9. In which country is the Grameen Bank meeting the credit needs of over 8.5 million poor people? A) Bhutan. B) Burma. C) Bangladesh. D) Brazil. Show Answer Correct Answer: C) Bangladesh. 10. The modern forms of money are ..... and ..... A) Grains and cattle. B) Gold and silver coins. C) Currency and deposits. D) None of the above. Show Answer Correct Answer: C) Currency and deposits. 11. An increase in the rate of SLR will; A) Increase Lending activities by Commercial Banks. B) Decrease lending activities by Commercial Banks. C) Will not impact lending at all. D) None of the above. Show Answer Correct Answer: B) Decrease lending activities by Commercial Banks. 12. Reserve bank of India (RBI) was established on A) 1$^{st}$ April 1945. B) 1$^{st}$ oct 1947. C) 1$^{st}$ April 1935. D) 1$^{st }$oct 1945. Show Answer Correct Answer: C) 1$^{st}$ April 1935. 13. Banks use the major portion of the deposits to A) Keep as a reserve so that people may withdraw. B) Meet their routine expenses. C) Extend loans. D) Meet renovation of bank. Show Answer Correct Answer: C) Extend loans. 14. ..... is an asset that the borrower owns (such as land, building, vehicle, livestock, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid? A) Debt trap. B) Guarantee. C) Collateral. D) Warranty. Show Answer Correct Answer: C) Collateral. 15. Which of the following is not considered as money? A) Demand deposits with the banks. B) Cheque. C) Gold coin. D) Currency. E) Rupee coins. Show Answer Correct Answer: C) Gold coin. 16. Reserve bank of India (RBI) was nationalized on A) 1$^{st}$ January 1949. B) 1$^{st}$ January 1947. C) 12$^{th}$ February 1954. D) 1$^{st}$ April 1935. Show Answer Correct Answer: A) 1$^{st}$ January 1949. 17. Credit (loan) refers to an agreement in which the lender supplies the borrower with ..... in return for the promise of future payment. A) Money. B) Goods. C) Services. D) Any of the above. Show Answer Correct Answer: A) Money. 18. Banks provide a higher rate of interest on which one of the following accounts A) Savings account. B) Current account. C) Fixed deposit for long time. D) Fixed deposit for short term. Show Answer Correct Answer: C) Fixed deposit for long time. 19. Which among the following bank issues currency on behalf of central government of India? A) 1.RBI. B) 2.SBI. C) 3.Bank of India. D) 4.Central Bank of India. Show Answer Correct Answer: A) 1.RBI. 20. The formal sector still meets only about ..... of the total credit needs of the rural people A) 1/FTH. B) Half. C) H/thh. D) None of the above. Show Answer Correct Answer: B) Half. 21. Why do banks keep a small proportion of the deposits as cash with themselves? A) To extend loan to the poor. B) To extend loan facility. C) To pay salary to their staff. D) To pay the depositors who might come to withdraw money. Show Answer Correct Answer: B) To extend loan facility. 22. What was used as a commodity money in Rome A) Teeth. B) Cattle. C) Sheep. D) Gold. Show Answer Correct Answer: C) Sheep. 23. Cooperative societies use ..... as collateral to obtain loan from banks. A) Lands. B) Deposits. C) Members' accounts. D) Membership amount. Show Answer Correct Answer: B) Deposits. 24. The qualitative credit control measures of RBI doesn't include A) Change in lending margins. B) Direct Action. C) Open Market operations. D) Moral Suasion. Show Answer Correct Answer: C) Open Market operations. 25. Plastic money comprises of- A) Debit cards. B) Cash. C) Both A & B. D) None of the above. Show Answer Correct Answer: A) Debit cards. ← PreviousNext →Related QuizzesClass 10 Economics Chapter 3 Money And Credit Quiz 1Class 10 Economics Chapter 3 Money And Credit Quiz 2Class 10 Economics Chapter 3 Money And Credit Quiz 3Class 10 Economics Chapter 3 Money And Credit Quiz 4Class 10 Economics Chapter 3 Money And Credit Quiz 6Class 10 Economics Chapter 3 Money And Credit Quiz 7Class 10 Economics Chapter 3 Money And Credit Quiz 8Class 10 Economics Chapter 3 Money And Credit Quiz 9Class 10 Economics Chapter 3 Money And Credit Quiz 10Class 10 Economics Chapter 3 Money And Credit Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books