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

What are the two forms of modern currency?

Paper notes and mobile wallets

Paper notes and coins

Coins and credit cards

Gold and silver

2 / 15

Rita has taken a loan of Rs.7 lakhs from the bank to purchase a car. The annual interest rate on the loan is 14.5 percent and the loan is to be repaid in 3 years in monthly installments. The bank retained the papers of the new car as collateral, which will be returned to Rita only when she repays the entire loan with interest.

Analyze the loan information given above, considering one of the following correct options.

Deposit criteria

Terms of credit

Mode of re-payment

Interest on loan

3 / 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

4 / 15

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

Cost of informal loans to the borrower is quite high

Money lenders use fair means to get their money back

Money lenders ask for a reasonable rate of interest

There is govt. bodies to supervise the informal sector

5 / 15

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

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

They help borrowers overcome the problem of lack of collateral.

All of the above.

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

6 / 15

Which one of the following options describes ‘Collateral’?

Certain products for barter

Asset as a guarantee for a loan

Trade in barter

Double coincidence of wants

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

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

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

8 / 15

What are demand deposits?

Also See: The Rise of Nationalism in Europe Class 10 Important Questions and Answers

Deposits that are used for loans

Deposits that earn a higher interest rate

Deposits that can be withdrawn only after a fixed period

Deposits that can be withdrawn on demand

9 / 15

In SHGs most of the decisions regarding savings and loan activities are taken by _____.

Members

Bank

Government organization

LIC

10 / 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

Future payment

Collateral

11 / 15

Find the Incorrect option

Demand deposit facility is like a cheque

Demand deposits are a safe way of money transformation

With demand deposit payments can be made without cash

Demand deposit share the essential features of money

12 / 15

What are the main terms of credit?

Interest rate, collateral, and documentation requirement

Interest rate, mode of repayment, and time period

Collateral, documentation requirement, and mode of repayment

Interest rate, collateral, documentation requirement, mode of repayment, and time period

13 / 15

Why is modern currency accepted as a medium of exchange?

Because it is accepted by international organizations

Because it is backed by gold reserves

Because it is authorized by the government

Because it is used by all countries

14 / 15

How do SHGs help borrowers overcome the problem of lack of collateral?

By requiring collateral from borrowers.

By guaranteeing loan repayment through group pressure.

By providing loans at a higher rate of interest.

By using the group's savings as collateral.

15 / 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?

Collateral

Interest Rate

Principal Amount

Installments

Your score is

The average score is 68%

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Pos.	Name	Score	Duration	Points
1	NEILNEEGRO	100 %	52 seconds	15
2	Ankush Deo Rajput	100 %	1 minutes 12 seconds	15
3	qwerty	100 %	1 minutes 13 seconds	15
4	Steve Harrington	100 %	1 minutes 25 seconds	15
5	NIGGA	100 %	1 minutes 27 seconds	15
6	tutututututututututuututuututuuuututuututuutuuu	100 %	1 minutes 55 seconds	15
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8	SARASWATI	100 %	3 minutes 44 seconds	15
9	Ullu	100 %	5 minutes	15
10	nn	100 %	5 minutes 19 seconds	15
11	Fff	93 %	1 minutes 6 seconds	14
12	pk	93 %	1 minutes 16 seconds	14
13	Sia	93 %	1 minutes 20 seconds	14
14	niggA	93 %	1 minutes 31 seconds	14
15	pranav	93 %	1 minutes 45 seconds	14
16	V	93 %	2 minutes 10 seconds	14
17	y	93 %	2 minutes 19 seconds	14
18	yiyiyyyyyyyo	93 %	2 minutes 39 seconds	14
19	Atharva Warkad	93 %	3 minutes 4 seconds	14
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21	Pranav	93 %	3 minutes 19 seconds	14
22	J	93 %	3 minutes 55 seconds	14
23	Guuuggttty	87 %	1 minutes 18 seconds	13
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84	vedika	73 %	6 minutes 53 seconds	11
85	Dolly	73 %	7 minutes 34 seconds	11
86	Vishwajit atnure	73 %	9 minutes 20 seconds	11
87	jagath	73 %	11 minutes 32 seconds	11
88	sakii	67 %	49 seconds	10
89	baba grup	67 %	56 seconds	10
90	naisha	67 %	2 minutes 25 seconds	10
91	DHRUV	67 %	2 minutes 43 seconds	10
92	poronesiAN PARRAPIO	67 %	2 minutes 49 seconds	10
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98	Steve Harrington	67 %	5 minutes 13 seconds	10
99	sreeram	67 %	6 minutes 45 seconds	10
100	Aryamaan	60 %	3 minutes 27 seconds	9
101	qwertyuiop[asdfghjklzxcvbnm	60 %	4 minutes 24 seconds	9
102	b	60 %	8 minutes 4 seconds	9
103	Rohit	60 %	11 minutes 10 seconds	9
104	Gh	60 %	12 minutes 42 seconds	9
105	lob	53 %	1 minutes 47 seconds	8
106	SWARIT	53 %	1 minutes 59 seconds	8
107	Ankush	53 %	2 minutes 44 seconds	8
108	sehar	53 %	3 minutes 55 seconds	8
109	Naini	53 %	6 minutes 35 seconds	8
110	....	53 %	8 minutes 54 seconds	8
111	riri	53 %	13 minutes 43 seconds	8
112	It's me	53 %	1 hours 3 minutes 5 seconds	8
113	g	53 %	1 hours 42 minutes 12 seconds	8
114	SAKII	47 %	58 seconds	7
115	Dipesh	47 %	2 minutes 18 seconds	7
116	pratheek	47 %	3 minutes 47 seconds	7
117	Meenu	47 %	4 minutes 2 seconds	7
118	Daksh Goyal	47 %	5 minutes 26 seconds	7
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120	R	47 %	5 minutes 40 seconds	7
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123	baba gruop karnal	40 %	59 seconds	6
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134	Momo	33 %	3 minutes 20 seconds	5
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142	ee	20 %	3 minutes 43 seconds	3
143	gujjar	13 %	44 seconds	2
144	😂😂 lol	13 %	1 minutes 2 seconds	2
145	gujjar	13 %	7 minutes 1 seconds	2
146	udit	7 %	57 seconds	1
147	MANU	0 %	18 minutes 57 seconds	0

Also See: Money and Credit Class 10: Simplified Notes

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

More Class 10 Social Science MCQ Quizzes

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Money and Credit Class 10 MCQ Quiz – Test Your Knowledge

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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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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