CBSE Questions for Class 10 Economics Money And Credit Quiz 1 - MCQExams.com

_________ costs of borrowing increase the debt-burden.
  • Higher
  • Medium
  • Informal
  • Formal
In rural areas farmers take credit for _____.
  • Family
  • Health
  • Crop production
  • Education
First gold coins were introduced during the reign of _____.
  • Harsha
  • Gupta
  • Shahjahan
  • None of the above
A 'debt trap' means _____.
  • not able to repay credit amount
  • ability to pay credit amount
  • over spending till no money is left
  • none of these
Which of the following is the main source of credit for the rich household?
  • Informal Sector
  • Formal Sector
  • Both formal and informal
  • Neither formal or informal
Cheque is a _____.
  • money
  • legal tender money
  • optional money
  • none of the above
Since money acts as an intermediate in the exchange process, it is called _____.
  • value for money
  • exchange value
  • medium of exchange
  • none of these
What is the name of the success story that met the credit needs of the poor, at reasonable rates, in Bangladesh?
  • Grameen Bank
  • Reserve Bank
  • Cooperative Bank
  • Janta Bank
Formal sources of credit do not include _____.
  • banks
  • cooperative societies
  • employers
  • none of the above
Modern forms of money include ________.
  • paper notes
  • gold coins
  • silver coins
  • copper coins
Indian currency was last devalued in _______.
  • 1955
  • 1956
  • 1991
  • 1967
Credit is generally given at a high rate of interest by _____.
  • cooperatives
  • self help groups
  • money lenders
  • banks
For the development of a country the credit should be _____.
  • For a short period
  • Easily available
  • Cheap and affordable
  • For a long period
In rural areas, what is the major reason behind taking the credit?
  • Telecommunication
  • Crop production
  • Establishment of factory
  • For buying luxuries
Which of the following does the terms of credit NOT include?
  • Interest rate
  • Collateral
  • Documentation
  • Lender's land
Introduction of___________ eliminated the need for double coincidence of wants.
  • paper
  • gold
  • computer
  • money
What do you mean by 'credit'?
  • Agreement in which the borrower lends money, goods and services in return for the promise of future payment
  • Agreement in which the lender lends money without the promise of future payment
  • Agreement in which the moneylenders lends money to poor borrowers
  • Agreement in which only banks lends money to borrowers
Credit from _______________ pushes the borrower into a painful situation.
  • cooperatives
  • SHG
  • moneylenders
  • banks
Paper notes and coins are accepted as a medium of exchange because they are _____.
  • Light in weight
  • Easy to carry
  • Authorised by the government
  • Issued by the Resrve Bank of India
Why is money called a 'medium of exchange' ?
  • Because money can create loan
  • Because money adds to the value of a commodity
  • Because money is portable
  • Because money acts as an intermediate in the process of exchange
The problem of double coincidence of wants is solved with the introduction of _____.
  • technology
  • gold
  • computer
  • money
In a SHG, important decisions in regard to loan and savings are taken by _____.
  • Government organization
  • Bank
  • Non-government organisation
  • Group Members
Small farmers borrow money for cultivation from _____.
  • traders
  • family members
  • banks
  • money lenders
What do you mean by SHGs?
  • Self Help Groups
  • Service Holder Groups
  • Self Housing Groups
  • Soul Harassing Groups
Saving per member of a SHG varies from Rs _____ to Rs _____ or more, depending upon the ability of the people to save.
  • 10; 40
  • 15; 65
  • 25; 100
  • 40; 150
The terms of credit comprise of _____.
  • fixed deposit
  • voter card
  • collateral
  • pan card
Currency is accepted as a medium of exchange because __________.
  • it is easy to carry
  • paper doesn't cost more to be printed in the form of currency
  • is authorised by the government of the country
  • none of the above
A person holding _________  can easily exchange it for any commodity or service that he or she might want.
  • baggage
  • land
  • money
  • eatables
SHG members usually belong to _____.
  • different states
  • different neighborhood
  • one neighborhood
  • rich family
Interest rate, collateral and documentation requirement and the mode of repayment together comprise, what is called the _____.
  • security papers
  • terms of credit
  • credit
  • all of the above
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