This quiz works best with JavaScript enabled. Home > Class 10 > Class 10 Economics Chapter 3 Money And Credit – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 10 Economics Chapter 3 Money And Credit Quiz 7 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who is the founder of Grameen Bank of Bangladesh? A) Mohammad Yunus. B) Mohammad Kasim. C) Mohammad Tuglaq. D) Mohammad Zakir. Show Answer Correct Answer: A) Mohammad Yunus. 2. An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment refers to A) Debt. B) Deposit. C) Credit. D) Collateral. Show Answer Correct Answer: C) Credit. 3. No individual in India can legally refuse a payment made ..... A) Rupees. B) Money. C) Deposits. D) Cheque. Show Answer Correct Answer: A) Rupees. 4. Grameen Bank was started in: A) Bengal. B) Bangladesh. C) Sri lanka. D) India. Show Answer Correct Answer: B) Bangladesh. 5. Most of the important decisions regarding the savings and loan activities are taken by the ..... A) Secretary. B) Treasurer. C) Group leader. D) Group members. Show Answer Correct Answer: D) Group members. 6. The first stage in the evolution of money is A) Paper money. B) Commodity money. C) Barter system. D) Metalic money. Show Answer Correct Answer: C) Barter system. 7. Debit and Credit cards are the examples for A) Bank Money. B) Plastic money. C) Paper Money. D) Commodity money. Show Answer Correct Answer: B) Plastic money. 8. Which of the following is not used as money in the ancient past? A) Cattle. B) Grains. C) Metal coins. D) Currency. Show Answer Correct Answer: D) Currency. 9. A typical SHG has ..... members. A) 15 to 20. B) 20 to 25. C) 25 to 30. D) 30 to 35. Show Answer Correct Answer: A) 15 to 20. 10. Identify the condition when both the parties in a barter economy have to agree to sell and buy each others commodities? What is it called? A) Lender's of Last Resort. B) Double Coincidence of Wants. C) Medium of Exchange. D) Terms of Credit. Show Answer Correct Answer: B) Double Coincidence of Wants. 11. Which one of the following is the main source of credit for rich urban households in India? A) Formal sector. B) Informal sector. C) Money lenders. D) Traders. Show Answer Correct Answer: A) Formal sector. 12. In the monetary management of the country narrow money refers to A) M1and M4. B) M2 and M3. C) M1 and M2. D) M2 and M4. Show Answer Correct Answer: C) M1 and M2. 13. Money lender usually demand a security from the borrower.What is the formal word used for security such as land, vehicle, livestock, building etc. A) 1.Deposit. B) 2.Collateral. C) 3.Credit. D) 4.Guarantee. Show Answer Correct Answer: B) 2.Collateral. 14. The legal tender of money used in USA is A) Pound. B) Dollar. C) Euro. D) Yen. Show Answer Correct Answer: B) Dollar. 15. In an SHG most of the decisions regarding savings and loan activities are taken by A) Banks. B) Members. C) RBI. D) Nearest coooerative society. Show Answer Correct Answer: B) Members. 16. Which among the following options will be the cheapest source of credit in rural areas? A) Bank. B) Cooperative society. C) Money lender. D) Finance company. Show Answer Correct Answer: B) Cooperative society. 17. Both parties, the seller and the buyer have to agree to sell and buy each other commodities. A) Barter system. B) Double coincidence of wants. C) Terms of credit. D) Collateral. Show Answer Correct Answer: B) Double coincidence of wants. 18. Money acts as an intermediate in the exchange process A) Correct. B) Incorrect. C) All the above. D) None of the above. Show Answer Correct Answer: A) Correct. 19. Organisation which supervises the credit activities of lenders in the informal sector- A) RBI. B) State Government. C) Central Government. D) None of the above. Show Answer Correct Answer: D) None of the above. 20. The Reserve Bank of India supervises the functioning of ..... sources of loans. A) Formal. B) Informal. C) All the above. D) None of the above. Show Answer Correct Answer: A) Formal. 21. Debt-trap means: A) Ability to pay back loan. B) Extravagance. C) None of the above. D) Increasing debt. Show Answer Correct Answer: D) Increasing debt. 22. Double coincidence of wants is must for Barter system A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 23. The deposits in the bank accounts can be withdrawn on demand, these deposits are called ..... A) Term deposits. B) Reserved deposits. C) Demand deposits. D) None of the above. Show Answer Correct Answer: C) Demand deposits. 24. What portion of deposits are kept by the banks for their day to day transaction? A) 10%. B) 15%. C) 20%. D) 25%. Show Answer Correct Answer: B) 15%. 25. Who is the Finance Minister of India? A) Mr Amit shah. B) Mar. Rajnath. C) Mrs. Sita Ramana. D) None of the above. Show Answer Correct Answer: C) Mrs. Sita Ramana. ← 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 5Class 10 Economics Chapter 3 Money And Credit Quiz 6Class 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