Write 10 xtra question and answer of ch 3 money and credit
Answers
Answer:
here's your 10 qs. and ans. of monry and credit
Explanation:
Money and Credit CBSE Class 10 Important Question and Answers
1. Which is the main source of credit for urban househ olds?
Ans.Banks and Cooperatives
2. Name the agency from whom Arun took loan to meet he r expenses
Ans.Bank
3. Give one reason to deposit money with the banks.
Ans.To save money and to earn interest
4. Give a special feature the Tughlaq Coins.
Ans.These are square in shape and words of a parti cular language are written on it.
5. Explain the different types of objects used as mone y before the introduction of coins?
Ans.. Before the introduction of coins, a variet y of objects was used as money.
B. For example since the very early ages. Indians used grains and cattle as money.
C. There after came the use of metallic coins-gol d, silver, copper coins- a phase which continued well into the last century.
6. Can an Indian shopkeeper refused the payment made i n rupees? Give reason to justify your answer?
Ans.A. In India, the Reserve bank of India issues currency notes on behalf of the central government.
B. As per Indian law, no other individual or organiza tion is allowed to issue currency.
C. Moreover the law legalizes the use of rupee as a me dium of payment that cannot be refused in settling transactions on India.
D. So individual in India can legally refuse a payment made in rupees. Hence, the rupee is widely accepted as a medium of exchange.
7. Can you identify the reasons why banks give interest on the deposits made by people?
Ans.A. The business of banks totally dependent on th e deposits.
B. Banks keeps a small portion of deposits as cash wi th themselves.
C. Banks use the major portion of deposits to extend loans.
D. Banks charge very high interest of the loans given to the borrowers. This is the main profit of Banks.
E. There is a huge demand for loan for various economi c activities. Banks need money to meet the loan requirements.
F. Just to increase the funds and to attract the depos itors, banks give interest on the deposits made by people.
8. “Money plays very important role in our everyday li fe” Explain.
Ans.A. The use of money expands a very important role in o ur everyday life. No transaction is possible without the use of money.
B. Goods are bought and sold with the use of money.
C. The objective of each and every person is to earnin g money. All human beings are working day and night to earn money.
D. If we want to purchase any thing if it is tiny or l arge we need money.
9. What is Barter system? Explain this system with an example.
Ans.A. Barter System: In a barter system where goods are d irectly exchanged without the use of money, double coincidence of wants is an ess ential feature. When both parties have to agree to sell, buy and ready to exc hange each other’s commodities are called double coincidence of wants.
B. Example: A Shoe seller sells his shoe in exchange o f wheat. In this case, both parties i.e., shoe seller and wheat producers have to agree to sell and buy each other’s commodities. This is barter system and this system requires double coincidence of want.
10. Mention the short comings of the barter system that led to the evolution of money?
Ans.A. Exchanging of goods was difficult. Demand of two pe rsons for each other’s commodity should have risen at the same time, other wise exchange was not possible. This is known as double coincidence of wa nt.
B. It is a time consuming process.
C. Exact valuation of goods may not be take place at t he time of exchange of goods.
D. It is difficult to get the product on the spot and at the right time.
i hope that's the answer to the question
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