MCQ on Money and Credit Card Multiple Choice Questions (MCQ)

Money and Credit Card Multiple Choice Questions for NCERT CBSE 10^th class examinations

1-When both parties have to agree to sell and buy each other commodities, this is known as

(A) coincidence of wants

(B) double coincidence of wants

(C) mutual coincidence of wants

(D) none of the above

2-The deposits in the bank accounts can be withdrawn on

(A) demand

(B) transcript

(C) application

(D) none of the above

3-In India, banks hold about ___ of their deposits as cash.

(A) 10%

(B) 15%

(C) 20%

(D) 25%

4-Which of the following is Collateral used for borrowing?

(A) livestocks

(B) building

(C) vehicle

(D) all of the above

5-Which of the following is not a formal source of credit?

(A) Banks

(B) Employer

(C) Cooperative societies

(D) all of the above

6-Money acts as ___ in the exchange process.

(A) an intermediate

(B) a currency

(C) barter system

(D) deposit

7-In India, following bank issues currency on the behalf of central government.

(A) State Bank of India

(B) Bank of India

(C) Union Bank of India

(D) Reserve Bank of India

8-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

9-Following is the terms of credit.

(A) mode of repayment

(B) interest rate

(C) documentation requirement

(D) all of the above

10-A situation in which loan is impossible to pay due to high interest rates

(A) debt trap

(B) loan trap

(C) interest trap

(D) none of the above

ANSWERS:

1-(D), 2-(A), 3-(B), 4-(D), 5-(B), 6-(A), 7-(D), 8-(D), 9-(D), 10-(A),