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SEBA Class 10 Social Economics MCQ Chapter 1 Money and Banking
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Money and Banking
PART – III: [ECONOMICS]
MULTIPLE CHOICE QUESTIONS
1. In the words of Anna Lappe “Every time you spend money, you’re casting a vote for the kind of ________ you want.
(a) commodity.
(b) world.
(c) service.
(d) product.
Ans: (b) world.
2. Lack of self-sufficiency leads to ______.
(a) trade relations.
(b) barter system.
(c) exchange of goods.
(d) interdependence.
Ans: (d) interdependence.
3. Which of the following types of money is also known as nervous money?
(a) Hot money.
(b) Dear money.
(c) Standard money.
(d) Token money.
Ans: (a) Hot money.
4. _________ money is the product of an economic offense.
(a) Cheap.
(b) Black.
(c) Hot.
(d) Dear.
Ans: (b) Black.
5. The ______ is the head of all the banks present in a nation.
(a) Central Bank.
(b) World Bank.
(c) Commercial Bank.
(d) Asian Development Bank.
Ans: (a) Central Bank.
6. At present, _______ % of the total deposits of the Central Bank is used for private sector lending in India.
(a) 20
(b) 30
(c) 40
(d) 50
Ans: (c) 40.
7. About ________ % of India’s population had bank account as per 2001 census.
(a) 34
(b) 35
(c) 36
(d) 37
Ans: (c) 36.
8. In the term ‘SIDBI’, ‘S’ stands for ________.
(a) State.
(b) Small.
(c) Saving.
(d) Sweden.
Ans: (b) Small.
9. In which year was IDBI established? _________.
(a) 1961
(b) 1962
(c) 1963
(d) 1964
Ans: (d) 1964.
10. As per 2014 census, the number of RRBs in India are _______.
(a) 57
(b) 59
(c) 67
(d) 69
Ans: (a) 57.
11. The first stage in the evolution of money is ________.
(a) Metallic standard.
(b) Barter system.
(c) Coinage standard.
(d) Animal standard.
Ans: (b) Barter system.
12. In which year was the Bank of Hindustan set up?
(a) 1740
(b) 1750
(c) 1760
(d) 1770
Ans: (d) 1770.
13. The _______ used the term ‘Back’ in place of Monte.
(a) Indians.
(b) Germans.
(c) French.
(d) Spanish.
Ans: (b) Germans.
14. ________ was established in the year 1982.
(a) NABARD.
(b) SIDBI.
(c) CRISIL.
(d) IDBI.
Ans: (a) NABARD.
15. Five RRBs were established for the first time in the year ________.
(a) 1970
(b) 1975
(c) 1980
(d) 1985
Ans: (b) 1975.
16. _______ is considered as the apex investment development bank for promoting and production in rural areas.
(a) RRB.
(b) IDBI.
(c) NBFI.
(d) NABARD.
Ans: (d) NABARD.
17. The Reserve Bank of India was nationalised in the year _______.
(a) 1919
(b) 1929
(c) 1939
(d) 1949
Ans: (d) 1949.
18. How many commercial banks were nationalised on 14th July, 1969?
(a) 10
(b) 12
(c) 14
(d) 16
Ans: (c) 14.
19. When did SIDBI start its operation?
(a) 1990
(b) 1991
(c) 1992
(d) 1993
Ans: (a) 1990.
20. _______ refers to unaccounted money generated through any illegal activity.
(a) Black money.
(b) Fiat money.
(c) Hot money.
(d) Dear money.
Ans: (a) Black money.
21. In which system does double coincidence of wants exists?
(a) Barter system.
(b) Trading system.
(c) Credit system.
(d) Monetary system.
Ans: (a) Barter system.
22. __________ issues currency notes on behalf of the Government of India.
(a) State Bank of India.
(b) Ministry of Finance.
(c) Commercial Banks.
(d) Reserve Bank of India.
Ans: (d) Reserve Bank of India.
23. When was the Reserve Bank of India set up?
(a) 1934
(b) 1928
(c) 1935
(d) 1936
Ans: (c) 1935.
24. Currency is accepted as a medium of
exchange because _______.
(a) it is readily acceptable by the public without any hesitation.
(b) the use of currency has its origin in the ancient times.
(c) the currency is authorized by the Government of India as the only medium of exchange.
(d) it can be used in foreign exchange.
Ans: (c) the currency is authorized by the Government of India as the only medium of exchange.
25. Fiat money means the currency _____.
(a) backed by tangible assets.
(b) made legal by the order of the government.
(c) backed by gold reserves.
(d) used in foreign exchange.
Ans: (b) made legal by the order of the government.
26. Which among the following is the function of a Central bank?
(a) Issue of currency.
(b) Custodian of foreign exchange reserves.
(c) Banker, Agent and Advisor to government.
(d) All of the above.
Ans: (d) All of the above.
27. Which among the following is not a function of money?
(a) Medium of exchange.
(b) Price stability.
(c) Unit of account.
(d) Store of value.
Ans: (b) Price stability.
28. Outward flow of money during socio- economic disorder and uncertainty in the nation is called ________ money.
(a) Hot.
(b) Fiat.
(c) Dear.
(d) Easy.
Ans: (a) Hot.
29. Existence of dear money indicates ________.
(a) Inflation in the economy.
(b) Depression in the economy.
(c) High rate of interest is charged by the bank.
(d) Low rate of interest is charged by the bank.
Ans: (c) High rate of interest is charged by the bank.
30. Which of the following statements is correct about credit creation by banks?
(a) Banks create credit depending on their total assets.
(b) Banks create credit depending on their total deposits.
(c) Banks create credit depending on their total securities.
(d) Banks create credit depending on their total income.
Ans: (b) Banks create credit depending on their total deposits.
31. The expanded form of SIDBI is _________.
(a) State and Industries Development Bank of India.
(b) Small Industrial Development Bank of India.
(c) Savings Industrial Development Bank of India.
(d) Small Industries Development Bank of India.
Ans: (d) Small Industries Development Bank of India.
32. _______ money can be both proper money and money of account.
(a) Commodity.
(c) Legal tender.
(b) Paper.
(d) All of the above.
Ans: (d) All of the above.
33. _____ is an example of an agricultural bank
(a) SIDBI.
(b) NBFI.
(c) NABARD.
(d) RRB.
Ans: (c) NABARD.
34. Miscellaneous functions of a bank include ___________.
(a) Advancing of loans.
(b) Credit creation.
(c) Issue of traveler’s cheque.
(d) Regulation of credit.
Ans: (c) Issuer of traveler’s cheque.
35. Why is cheque not considered as money?
(a) Because it is a mere promise to pay.
(b) Because it cannot be instantly converted into liquid cash.
(c) Because it does not possess cognizability.
(d) All of the above reasons.
Ans: (d) All of the above reasons.
36. Free enterprise economy is the one wherein the ________ supervises the economy.
(a) Centre.
(b) Local Government.
(c) RBI.
(d) State.
Ans: (d) State.
37. Which of the following is a secondary function of money?
(a) Medium of exchange.
(b) Measure of value.
(c) Store of value.
(d) Optimum utilisation of money.
Ans: (c) Store of value.
38. ___________ % of the total deposits of banks at present, is used for priority sector lending in India.
(a) 40
(b) 51
(c) 30
(d) 74
Ans: (a) 40.
39. Money whose face value is greater than its intrinsic value is known as ______ money.
(a) Dear.
(b) Easy.
(c) Token.
(d) Black.
Ans: (c) Token.
40. Cognizability is one of the important characteristics of money. The term Cognizability’ means ________.
(a) Money is readily accepted by the common people.
(b) Money should be capable of being easily recognised.
(c) Money of same denomination should be identical in all aspects.
(d) Money must be transferable in nature.
Ans: (b) Money should be capable of being easily recognised.
41. Money on the wings refers to _______ money.
(a) Cheap.
(b) Black.
(c) Hot.
(d) Fiat.
Ans: (c) Hot.
42. When did SIDBI start its operation?
(a) 1996
(b) 1993
(c) 1992
(d) 1990
Ans: (d) 1990.
43. When was NABARD established?
(a) 1982
(b) 1990)
(c) 1989
(d) 1984
Ans: (a) 1982.
44. Which among the following is NOT a function of NABARD?
(a) To serve as the apex development bank for promoting investment and production in rural areas.
(b) To simplify the process of granting loans and advances.
(c) To develop the institutions which are associated with the industrial development of the country.
(d) To assess and evaluate the various rural schemes.
Ans: (c) To develop the institutions which are associated with the industrial development of the country.
45. As per Geoffrey Crowther, who cannot be considered as the ancestors of banks?
(a) Creditors.
(b) Businessmen.
(c) Gold merchants.
(d) Money lenders.
Ans: (a) Creditors.
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