Money And Credit Class 10 MCQ Quiz – Test Your Knowledge

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Are you preparing for your CBSE Class 10 Social Science board exam? This MCQ quiz on "Money and Credit" will help you revise key concepts like forms of money, the role of credit, formal and informal sources of credit, and the impact of credit on the economy.

About the Quiz

Chapter Name: Money and Credit
Subject: Social Science (Economics)
Book: NCERT Class 10 Economics
Question Type: Multiple Choice Questions (MCQs)
Leaderboard: Yes (Check Your Rank!)

Why Take This Quiz?

✔ Quick revision for CBSE exams
✔ Based on NCERT textbook concepts
✔ Leaderboard to track top performers

Click Below to Start the Quiz!

Chapter 3 - Money and Credit

1 / 15

Credit (loan) refers to an agreement in which the lender supplies the borrower with money, goods, or services in return for the promise of _____.

No payment

Payment made

Collateral

Future payment

2 / 15

What is a potential negative economic implication of an economy without the concept of credit?

Limited access to funds for starting businesses or making investments

Increased financial flexibility and convenience

Increased access to funds for starting businesses

Increased capacity of savings

3 / 15

Which one of the following options describes ‘Collateral’?

Double coincidence of wants

Asset as a guarantee for a loan

Trade in barter

Certain products for barter

4 / 15

What are demand deposits?

Deposits that earn a higher interest rate

Deposits that can be withdrawn only after a fixed period

Deposits that can be withdrawn on demand

Deposits that are used for loans

5 / 15

What is the main difference between formal and informal sources of credit?

Formal sources charge a higher rate of interest, while informal sources charge a lower rate of interest.

Formal sources are supervised by the RBI, while informal sources are not supervised by any organization.

Formal sources require collateral, while informal sources do not require collateral.

Formal sources provide loans only to large-scale industries, while informal sources provide loans to small-scale industries and rural households.

6 / 15

In India, who issues the currency notes on behalf of the central government?

Reserve Bank of India

None

State Bank of India

Finance Minister of India

7 / 15

Why is modern currency accepted as a medium of exchange?

Because it is authorized by the government

Because it is accepted by international organizations

Because it is backed by gold reserves

Because it is used by all countries

8 / 15

What are the two forms of modern currency?

Gold and silver

Paper notes and coins

Paper notes and mobile wallets

Coins and credit cards

9 / 15

Rohan has taken a loan of Rs.5 lakhs from the bank to purchase a house at a 12% rate of interest. He has to submit papers about the new house and salary records to the bank. What is this process called?

Interest Rate

Collateral

Installments

Principal Amount

10 / 15

What is the primary function of money?

All of the above

Medium of exchange

Credit creation

Standard of deferred payments

11 / 15

A porter making pots, wants to exchange pots for wheat. Luckily, he meets a farmer who has wheat and is willing to exchange it for pots. What is this situation known as?

Barter system of wants

None of the above

Double incidence of wants

Incidence of wants

12 / 15

Mohan is an agricultural laborer. There are several months in a year when he has no work and needs credit to meet his daily expenses. He depends upon his employer, the landowner for credit who charges an interest rate of 5 percent per month. Mohan repays the money by working physically for the landowner on his farmland. Over the years his debt will –

Also See: From MCQs to Map Skills: Class 10 Social Science Sample Paper 2023-24

Remain constant - as he is working for the employer but is repaying less

Be totally repaid - as he is repaying the debt in the form of physical labor

Reduce - as the amount equivalent to his salary is being counted as monthly repayment

Increase - because of increasing interest and non-payment of the monthly amount

13 / 15

Rehman is a poor agricultural labor and needs a loan for cultivation on his small piece of land.

Which of the following would DEFINITELY offer him a fair interest rate and flexible terms of credit?

village moneylender

commercial bank

cooperative society

rich landowner

14 / 15

Most agricultural laborers like Mohan depend upon loans from the informal sector. Which of the following statements about this sector is correct –

There is govt. bodies to supervise the informal sector

Money lenders use fair means to get their money back

Money lenders ask for a reasonable rate of interest

Cost of informal loans to the borrower is quite high

15 / 15

What is the role of Self-Help Groups (SHGs) in rural society?

They provide a platform for discussing and acting on social issues.

They help borrowers overcome the problem of lack of collateral.

They provide loans to small-scale industries and rural households.

All of the above.

Your score is

The average score is 69%

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Pos.	Name	Score	Duration	Points
1	NEILNEEGRO	100 %	52 seconds	15
2	aaradhana	100 %	54 seconds	15
3	..	100 %	59 seconds	15
4	Ankush Deo Rajput	100 %	1 minutes 12 seconds	15
5	qwerty	100 %	1 minutes 13 seconds	15
6	Steve Harrington	100 %	1 minutes 25 seconds	15
7	NIGGA	100 %	1 minutes 27 seconds	15
8	PARKAVI	100 %	1 minutes 48 seconds	15
9	tutututututututututuututuututuuuututuututuutuuu	100 %	1 minutes 55 seconds	15
10	IS	100 %	2 minutes 16 seconds	15
11	someone	100 %	2 minutes 41 seconds	15
12	SARASWATI	100 %	3 minutes 44 seconds	15
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15	Fff	93 %	1 minutes 6 seconds	14
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192	udit	7 %	57 seconds	1
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194	MANU	0 %	18 minutes 57 seconds	0

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Key Topics Covered in the Quiz

✔ Functions of Money
✔ Types of Credit – Formal & Informal
✔ Role of Banks & Self Help Groups (SHGs)
✔ Impact of Credit on Borrowers
✔ Collateral and Terms of Credit

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Money and Credit Class 10 MCQ Quiz – Test Your Knowledge

About the Quiz

Why Take This Quiz?

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Key Topics Covered in the Quiz

More Class 10 Social Science MCQ Quizzes

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About the Quiz

Why Take This Quiz?

Leaderboard – Top Scorers

Key Topics Covered in the Quiz

More Class 10 Social Science MCQ Quizzes

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