CBSE Class 10 Social Science Board Exam 2020: Check MCQs from Chapter 3 of Economics (Money & Banking)

 CBSE Class 10th Board Exam for Social Science is scheduled for March 18, 2020. Students must be revising their lessons and important notes for the exam. From 2020, CBSE has also introduced 1mark MCQs in the exam which can be asked from any of the 4 subjects. In this article, we have provided a list of important MCQS from Chapter 3 of the Economics Textbook.

Ques 1 Identify the condition when both the parties in a barter economy have to agree to sell and buy each others commodities? What is it called?

1. Lender’s of Last Resort
2. Double Coincidence of Wants
3. Medium of Exchange
4. Terms of Credit

Ans: Double Coincidence of Wants

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Ques 2 In a SHG most of the decisions regarding savings and loan activities are taken by

1. Bank
2. Members

3. Non-government organisation

Ans: Members.

Ques 3 Formal sources of credit does not include

1. Banks.
2. Cooperatives.
3. Employers.

Ans: Employers

Ques 4 _______________ is an asset that the borrower owns and uses as a guarantee until the loan is repaid to the lender.

1. Currency
2. Collateral
3. Credit Card

Ans: Collateral

Ques 5 Which of the following methods can reduce the dependence on informaal sector?

1. banks and cooperatives increase their lending particularly in the rural areas,
2. interest rates are decreased on credit
3. formal sector loans expands,andeveryone receives loans
4. All the above

Ans: All the above

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Ques 6 Which one of the following is not an informal lender?

1. Moneylenders
2. Traders
3. SHGs
4. Relatives

Ans: SHGs

Ques 7 Which one of the following is NOT a term of credit?

1. Collateral
2. Interest rate
3. Bank Deposits of the borrower
4. mode of repayment

Ans: Bank Deposits of the borrower

Ques 8 Which one of the follwoing is not a modern form of currency?

1. Paper Notes
2. Coins
3. Barter Exchange
4. Plastic Money

Ans: Barter Exchange