Money and Credit Test

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Money and Credit Test - 10

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Weekly Quiz Competition

Question 1
1 / -0

The problem of double coincidence of wants is solved with the introduction of _____.

A
technology

B
gold

C
computer

D
money
Solution
- In the olden times, people exchanged services and goods for other services and goods in return.
- The problem of double coincidence of wants arose due to the exchange of goods system.
- The problem was solved with the introduction of money..
- Money is used medium of exchange and for storage of value.
Question 2
1 / -0

In a SHG, important decisions in regard to loan and savings are taken by _____.

A
Government organization

B
Bank

C
Non-government organisation

D
Group Members

Solution

In a SHG (Self Help Group) important decisions in regard to loan and savings are taken by group members. Self Help Groups issue loans at reasonable rate of interest
Question 3
1 / -0

Small farmers borrow money for cultivation from _____.

A
traders

B
family members

C
banks

D
money lenders.

Solution

Small farmers borrow money for cultivation from money lenders.
They borrow money from money lenders because they don't have any form of security (collateral) as requested by the formal sources of credit.
Small farmers often get exploited with higher interest from money lenders.
Question 4
1 / -0

What do you mean by SHGs?

A
Self Help Groups

B
Service Holder Groups

C
Self Housing Groups

D
Soul Harassing Groups

Solution

Self Help Groups is a small group of 15 to 20 people formed to mutually help each other.
Self Help Groups help in promoting self employment, credit, awareness and savings.
Banks in India supports SHGs by means of bank linkage programme.
SHGs led to economic empowerment of women in India.
Question 5
1 / -0

Saving per member of a SHG varies from Rs _____ to Rs _____ or more, depending upon the ability of the people to save.

A
10; 40

B
15; 65

C
25; 100

D
40; 150

Solution

Saving per member of a SHG varies from Rs 25 to Rs 100 or more, depending upon the ability of the people to save.
Savings led to capital formation and later led to investment in ventures.
SHGs led to economic empowerment of women in India.
Question 6
1 / -0

The terms of credit comprise of _____.

A
fixed deposit

B
voter card

C
collateral

D
pan card

Solution

Interest rate, collateral and documentation requirement and the mode of repayment together comprise what is called the terms of credit.
They may vary depending on the nature of the lender and the borrower.
Question 7
1 / -0

Currency is accepted as a medium of exchange because __________.

A
it is easy to carry

B
paper doesn't cost more to be printed in the form of currency

C
is authorised by the government of the country

D
none of the above

Solution

(i) It is accepted as a medium of exchange because the currency is authorised by the government of the country.
(ii) In India, the Reserve Bank of India issues currency notes on behalf of the Central Government.
(iii) As per Indian law, no other individual or organisation is allowed to issue currency.
(iv) Moreover, the law legalises the use of rupee as a medium of payment that cannot be refused in settling transactions in India.
(v) No individual in India can legally refuse a payment made in rupees. Hence this rupee is widely accepted as a medium of exchange.
Question 8
1 / -0

A person holding _________ can easily exchange it for any commodity or service that he or she might want.

A
baggage

B
land

C
money

D
eatables

Solution

1:A person holding money can easily exchange it for any commodity or service that he or she might want.
2:Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in particular country or socio-economic.
Question 9
1 / -0

SHG members usually belong to _____.

A
different states

B
different neighborhood

C
one neighborhood

D
rich family

Solution

1:Self Help Group members usually belong to one neighbourhood.
2:Self Help Group is a small group of 15 to 20 people formed to mutually help each other.
3:Banks supports SHGs by means of bank linkage programme.
Question 10
1 / -0

Interest rate, collateral and documentation requirement and the mode of repayment together comprise, what is called the _____.

A
security papers

B
terms of credit

C
credit

D
all of the above

Solution

Terms of credit includes: Interest rates, Collateral (security),Documentation related to lending money and The mode of repayment.

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Money and Credit Test - 10

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Money and Credit Test - 10

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SHARING IS CARING

Question 1

technology

gold

computer

money

Solution

Question 2

Government organization

Bank

Non-government organisation

Group Members

Solution

Question 3

traders

family members

banks

money lenders.

Solution

Question 4

Self Help Groups

Service Holder Groups

Self Housing Groups

Soul Harassing Groups

Solution

Question 5

10; 40

15; 65

25; 100

40; 150

Solution

Question 6

fixed deposit

voter card

collateral

pan card

Solution

Question 7

it is easy to carry

paper doesn't cost more to be printed in the form of currency

is authorised by the government of the country

none of the above

Solution

Question 8

baggage

land

money

eatables

Solution

Question 9

different states

different neighborhood

one neighborhood

rich family

Solution

Question 10

security papers

terms of credit

credit

all of the above

Solution

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