This quiz works best with JavaScript enabled. Home > Class 10 > Class 10 Economics Chapter 3 Money And Credit – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 10 Economics Chapter 3 Money And Credit Quiz 8 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one of the following is not a feature of money? A) Medium of exchange. B) Lack of divisibility. C) A store of value. D) A unit of account. Show Answer Correct Answer: B) Lack of divisibility. 2. Most of the important decisions regarding the savings and loan activities are taken by the SHGs members A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 3. What is the double coincidence of wants? A) Both parties have to agree to sell and buy each other's commodities. B) Exchanging commodity for commodity. C) Credit on commodity. D) Loan on commodity till sold further. Show Answer Correct Answer: A) Both parties have to agree to sell and buy each other's commodities. 4. Which of the following examples does not fall under unorganised sector? A) A farmer irrigating his field. B) A daily wage labourer working for a contractor. C) A doctor in a hospital treating a patient. D) A handloom weaver working on a loom in her house. Show Answer Correct Answer: C) A doctor in a hospital treating a patient. 5. In India, the ..... issues currency notes on behalf of the central government. A) Central Bank of India. B) State Bank of India. C) Reserve Bank of India. D) None of the above. Show Answer Correct Answer: B) State Bank of India. 6. About what percentage of their deposits is kept as cash by the banks in India? A) 25 %. B) 20%. C) 15 %. D) 10 %. Show Answer Correct Answer: C) 15 %. 7. Bank loans require proper ..... and ..... A) Documents and collateral. B) Time and interest rate. C) Lenders and borrowers. D) None of the above. Show Answer Correct Answer: A) Documents and collateral. 8. Banks use major portion of the deposits to- A) Meet their routine expenses. B) Keep as reserve so that people may withdraw. C) Extend loans. D) For renovation of banks. Show Answer Correct Answer: C) Extend loans. 9. Rate of interest charged by banks is ..... than the interest rates given by the banks: A) Lower. B) Same. C) Higher. D) No relation between the interest rates. Show Answer Correct Answer: C) Higher. 10. Banks provide a higher rate of interest on which of the following accounts? A) Saving account. B) Fixed account for long period of time. C) Current account. D) Fixed account for short period of time. Show Answer Correct Answer: B) Fixed account for long period of time. 11. An agreement in which lender supplies the borrower with money, goods or services in return for promise of future payment refers to ..... A) 1.Debt. B) 2.Deposit. C) 3.Credit. D) 4.Collateral. Show Answer Correct Answer: C) 3.Credit. 12. ..... is an asset that the borrower owns and uses as a guarantee until the loan is repaid to the lender. A) Currency. B) Collateral. C) Credit Card. D) None of the above. Show Answer Correct Answer: B) Collateral. 13. One Rupee is issued and circulated by RBI on behalf of A) StateGovernment. B) Financial Government. C) Banking Government. D) Central Government. Show Answer Correct Answer: D) Central Government. 14. Which one of the following is not a modern form of money? A) Demand deposits. B) Paper currency. C) Coins. D) Precious metals. Show Answer Correct Answer: D) Precious metals. 15. Which of the following statements related to currency is wrong? A) Currency has no value on its own. B) Reserve Bank of India is authorized to print currency in our country. C) No individual can refuse to accept payment made in rupees. D) It is legal to print currency on our own. Show Answer Correct Answer: D) It is legal to print currency on our own. 16. What came after grains and cattle as a medium of exchange in India? A) Currency notes. B) Metallic coins-gold, silver, copper. C) Barter System. D) Value for land. Show Answer Correct Answer: B) Metallic coins-gold, silver, copper. 17. An asset that the borrowers own, and use this as a guarantee to the lender, until the loan is repaid. A) Security. B) Collateral. C) Property. D) All of these. Show Answer Correct Answer: B) Collateral. 18. WHICH OF THE FOLLOWING IS THE FORMAL SOURCE OF CREDIT A) TRADERS. B) COOPERATIVE SOCIETIES. C) MONEYLENDERS. D) FRIENDS AND RELATIVES. Show Answer Correct Answer: A) TRADERS. 19. Modern forms of money does not include A) Gold. B) Papernotes. C) Coins. D) Demand Deposits. Show Answer Correct Answer: A) Gold. 20. Analyze the information given below, consideringone of the following correct options:Megha has taken a loan of ' 6 lakhs from the bank to purchase a house. The loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. A) Interest on loan. B) Formal source of loan. C) Informal source of loan. D) None of the above. Show Answer Correct Answer: B) Formal source of loan. 21. The ratio of their deposits which the banks are required to keep with RBI is called A) Cash Reserve Ratio. B) Statutory Liquidity ratio. C) Fixed deposits. D) Legal Reserve Ratio. Show Answer Correct Answer: A) Cash Reserve Ratio. 22. A financial institution which accepts deposits from public and provide loans to them. A) Share Market. B) Insurance Company. C) Banks. D) All of these. Show Answer Correct Answer: C) Banks. 23. Find the incorrect option from the following: A) Poor households still depend on informal sources of credit. B) RBI supervises the functioning of informal sources of loans. C) Banks are not present everywhere in the rural areas. D) RBI monitors the banks is actually maintaining cash balance. Show Answer Correct Answer: B) RBI supervises the functioning of informal sources of loans. 24. In a barter system: A) Goods are exchanged for money. B) Goods are exchanged for foreign currency. C) Goods are exchanged without the use of money. D) Goods are exchanged on credit. Show Answer Correct Answer: C) Goods are exchanged without the use of money. 25. ..... , the founder of Grameen Bank, and recipient of 2006 Nobel Prize for Peace A) Professor Muhammad wealth. B) Professor Muhammad Yunus. C) Professor Muhammad Yusuf. D) None of the above. Show Answer Correct Answer: B) Professor Muhammad Yunus. ← 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 7Class 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