MRSAFPI-QUIZ 3 (SOCIAL SCIENCE) (ECONOMICS)

Welcome to your MRSAFPI-QUIZ 3 (SOCIAL SCIENCE) (ECONOMICS)

Name

Email ID

Contact No.

Introduction of ……… eliminated the need for double coincidence of wants.

Paper

Gold

Computer

Money

None

Which of the following statements is most appropriate regarding transaction made in money?

It is the easiest way.

It is the safest way.

It is the cheapest way.

It promotes trade.

None

Which of the following are Informal sector loans? (i) Loan from relative (ii) Loan from trader (iii) Loan from moneylender (iv) Loan from employer

Only option (i)

Only option (ii) and (iv)

Only option (iii) and (i)

All of the above

None

Which of the following is a mode of digital payments?

Payment through currency notes.

Payment through cheques.

Payment through net banking.

All of these

None

Which of the following is incorrect?

Credit agreement is made between bank and the customer.

Banks made a demand for collateral security.

Nature of bank loans is of formal credit.

Bank charges relatively low interest.

None

Which of the following creates credit?

Reserve Bank of India

Commercial banks

Government agencies

None of these

None

What do you mean by ‘credit’?

Agreement in which the borrower supplies the lender with money, goods and services in return for the promise of future payment.

Agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

Agreement in which the lender supplies the borrower with money, goods and services in return for the promise of no future payment.

None of them

None

Which households take more loans from the formal sector?

Poor household and rich household

Well off households and households with few assets

Poor households and well-off households.

Well-off households and rich household.

None

Presently which is not the main source of credit from following for rural households in India?

Traders

Friends

Commercial banks

Moneylenders

None

10.

Which one of the following is the appropriate meaning of the collateral?

It is the total sum of money borrowed from the banks.

It is the amount of money borrowed from friends.

It is and asset of the borrower used as a guarantee to the lender.

It is the total amount of money invested in a business.

None

11.

On which deposits, customer obtain maximum interest?

Demand Deposits

Saving Deposits

Fixed Deposits

All of the above

None

12.

What do you mean by SHGs?

Self Help Groups

Service Holder Groups

Self housing groups

Self harassing Groups

None

13.

Arrange the following in the correct sequence? (i) Commodity money (ii) Paper notes and coins (iii) Bank money and digital payments (iv) Metallic coins

(i), (iii), (iv), (ii)

(i), (ii), (iv), (iii)

(i), (iv), (ii), (iii)

(i), (ii), (iii), (iv)

None

14.

Which among the following is an essential feature of barter system?

Money can easily exchange any commodity.

It is based on the double-coincidence of wants.

It is generally accepted as a medium of exchange of goods with the money.

It acts as a measure and store of value.

None

15.

Consider the following statements: (a) Reserve bank of India grants loans to commercial banks. (b) Prof. Mohammaed Yunus was the founder of Grameen bank. (c) Cheque is an example of plastic money. (d) Moneylender is an example of Reserve bank of India. Which of the following statements are correct?

(a), (c), (d)

(a) and (b)

(b) and (c)

(b), (c) and (d)

None

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