Money and Credit Class 10 MCQ Quiz – Test Your Knowledge

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)
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Why Take This Quiz?

✔ Quick revision for CBSE exams
✔ Based on NCERT textbook concepts
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Chapter 3 - Money and Credit

1 / 15

Rehman is a poor agricultural labor and needs a loan for cultivation on his small piece of land.

Which of the following would DEFINITELY offer him a fair interest rate and flexible terms of credit?

commercial bank

cooperative society

village moneylender

rich landowner

2 / 15

In India, who issues the currency notes on behalf of the central government?

Finance Minister of India

None

State Bank of India

Reserve Bank of India

3 / 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.

Terms of credit

Deposit criteria

Interest on loan

Mode of re-payment

4 / 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?

Interest Rate

Principal Amount

Installments

Collateral

5 / 15

Which one of the following options describes ‘Collateral’?

Asset as a guarantee for a loan

Trade in barter

Certain products for barter

Double coincidence of wants

6 / 15

What are demand deposits?

Deposits that can be withdrawn on demand

Deposits that earn a higher interest rate

Deposits that are used for loans

Deposits that can be withdrawn only after a fixed period

7 / 15

What are the two forms of modern currency?

Gold and silver

Paper notes and coins

Paper notes and mobile wallets

Coins and credit cards

8 / 15

What is the primary function of money?

All of the above

Standard of deferred payments

Credit creation

Medium of exchange

9 / 15

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

Government organization

Members

LIC

Bank

10 / 15

Why is modern currency accepted as a medium of exchange?

Because it is used by all countries

Because it is backed by gold reserves

Because it is authorized by the government

Because it is accepted by international organizations

11 / 15

How do banks earn income from deposits?

By charging a higher rate of interest on loans than what they offer on deposits

By investing in stocks and shares

By charging a fee for depositing money

By paying a higher interest rate on deposits

12 / 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 using the group's savings as collateral.

By providing loans at a higher rate of interest.

13 / 15

What are the main terms of credit?

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

Interest rate, collateral, and documentation requirement

Collateral, documentation requirement, and mode of repayment

Interest rate, mode of repayment, and time period

14 / 15

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

There is govt. bodies to supervise the informal sector

Money lenders use fair means to get their money back

Cost of informal loans to the borrower is quite high

Money lenders ask for a reasonable rate of interest

15 / 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

Future payment

Payment made

Collateral

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The average score is 61%

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Pos.	Name	Score	Duration	Points
1	Jobi	100 %	1 minutes 21 seconds	15
2	Praniiii❤️🥴🧿	100 %	1 minutes 30 seconds	15
3	varun	100 %	2 minutes 16 seconds	15
4	G	100 %	2 minutes 31 seconds	15
5	Saisuryaa	100 %	2 minutes 35 seconds	15
6	Pranii❤️🥴🧿	93 %	1 minutes 26 seconds	14
7	Praniii❤️🥴🧿	93 %	1 minutes 54 seconds	14
8	okk	93 %	1 minutes 55 seconds	14
9	mmmm	93 %	2 minutes 12 seconds	14
10	Jobina	93 %	2 minutes 18 seconds	14
11	Rc	93 %	2 minutes 43 seconds	14
12	Sausuruyaa	93 %	3 minutes 18 seconds	14
13	Ud	93 %	3 minutes 26 seconds	14
14	Abc	93 %	3 minutes 26 seconds	14
15	Hehe	93 %	3 minutes 42 seconds	14
16	nixie	93 %	3 minutes 52 seconds	14
17	Ankush	93 %	4 minutes 5 seconds	14
18	Diya	87 %	2 minutes 6 seconds	13
19	ABCD	87 %	2 minutes 18 seconds	13
20	watev	87 %	2 minutes 55 seconds	13
21	Maya	87 %	3 minutes	13
22	milkana	87 %	3 minutes 2 seconds	13
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36	Praniiiiiii❤️🧿	80 %	1 minutes 53 seconds	12
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50	Prani❤️	73 %	2 minutes 14 seconds	11
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69	..	67 %	4 minutes 57 seconds	10
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78	Sak	60 %	2 minutes 18 seconds	9
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84	Jfgj	60 %	3 minutes 26 seconds	9
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103	putin	53 %	7 minutes 22 seconds	8
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105	Bhagrath	53 %	10 minutes 41 seconds	8
106	Tarun	53 %	36 minutes 14 seconds	8
107	Ronat	47 %	2 minutes	7
108	M	47 %	2 minutes 23 seconds	7
109	Sarvesh tembhare	47 %	3 minutes 24 seconds	7
110	anmol	47 %	3 minutes 58 seconds	7
111	Hk	47 %	4 minutes 7 seconds	7
112	Diya	47 %	4 minutes 9 seconds	7
113	Rishu	47 %	4 minutes 16 seconds	7
114	Pranii♥️	47 %	4 minutes 19 seconds	7
115	Anusha Gurung	47 %	4 minutes 21 seconds	7
116	Ram	47 %	4 minutes 35 seconds	7
117	Khush	47 %	5 minutes 7 seconds	7
118	Anmol kaur	47 %	5 minutes 35 seconds	7
119	Jeevitha	47 %	5 minutes 48 seconds	7
120	Aditi	47 %	7 minutes 20 seconds	7
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122	Sidhant ray	47 %	7 minutes 35 seconds	7
123	Sneha	47 %	32 minutes 16 seconds	7
124	Narpat singh	40 %	1 minutes 47 seconds	6
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142	Narpat singh	20 %	1 minutes 36 seconds	3
143	Ronat	20 %	2 minutes 37 seconds	3
144	Gautam	20 %	9 minutes 40 seconds	3
145	Rte	20 %	18 minutes 22 seconds	3
146	S	13 %	39 seconds	2
147	Jass_dhot	13 %	1 minutes 42 seconds	2
148	Arqaz khan	13 %	2 minutes 28 seconds	2
149	hi	7 %	1 minutes 9 seconds	1
150	S	7 %	1 minutes 27 seconds	1
151	ulalala 2	0 %	21 seconds	0
152	Anmol kaur	0 %	41 seconds	0
153	ulalala 3 - dm open	0 %	1 minutes 4 seconds	0
154	Bhagrath	0 %	1 minutes 10 seconds	0

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

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About the Quiz

Why Take This Quiz?

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Key Topics Covered in the Quiz

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