Table of Contents
Money and Credit Notes class 10
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MONEY AND CREDIT NOTES CLASS 10
- 21. What is demonetization?
Ans. On November 8, 2016, currency notes of Rs. 500 and Rs. 1, 000 were declared invalid. People were asked to deposit these notes to the banks by a specific period and receive new currency notes. This is known as demonetization.
22.List various ways through which digital transactions are made.
Ans. Internet or mobile phones, cheque, ATM cards, credit cards, and POS swipe machines.
23.What is the main objective to promote digital transactions?
Ans. To reduce the requirement of cash for transactions and also control corruption.
24.What is meant by double coincidence of wants?
Ans. Double coincidence of wants means owner of good X, say shoes, to find someone else with good Y, say a bag of wheat, and both being in need of each other’s good
25.What is the meaning of barter system?
Ans. A system where goods are directly exchanged, without the use of money, is called barter system.
26.Define money.
Ans. Money is anything which has common acceptability as a means of exchange, a measure and a store of value.
27.Why money is called ‘a medium of exchange?
0r
How does money act as a medium of exchange.
Ans. Money acts as an intermediary in the exchange process, thus it is called a medium of exchange.
28.What objects were used as money in India, before the introduction of coins?
Ans. Foodgrains and cattle were used as money before the introduction of coins in India.
29.Which metals were used for making coins in India in later stages?
Ans. Gold, silver and copper coins were used for making coins in later stages in India.
30.Give the modern forms of money.
Ans. The modern forms of money include currency-paper notes and coins and plastic money.
DOWNLOAD MOBILE APPLICATION TO LEARN MORE: MONEY AND CREDIT NOTES CLASS 10