NCERT Class 9 Social Science MCQ Chapter 14 Managing Your Personal Finances

NCERT Class 9 Social Science MCQ Chapter 14 Managing Your Personal Finances Solutions English Medium As Per New Syllabus. NCERT Class 9 Social Science MCQ Chapter 14 Managing Your Personal Finances Notes to each chapter is provided in the list so that you can easily browse throughout different chapter NCERT Class 9 Social Science MCQ Question Answer Download PDF and select needs one. CBSE Class 9 Social Science Multiple Choice Solutions.

NCERT Class 9 Social Science MCQ Chapter 14 Managing Your Personal Finances

Also, you can read the CBSE book online in these sections Solutions by Expert Teachers as per (CBSE) Book guidelines. NCERT Class 9 Social Science Objective Type Solutions. These solutions are part of NCERT All Subject Solutions. Here we have given NCERT Class 9 Social Science MCQs in English Medium Solutions for All Subject, You can practice these here.

Managing Your Personal Finances

Chapter – 14

Part – II: Understanding Society India and Beyond

MCQ

1. What is personal finance?

(i) The management of government revenues and public debt. 

(ii) The planning and management of an individual’s money to meet their needs and wants. 

(iii) The total sum of currency printed by a central bank in a year. 

(iv) The profit earned exclusively by corporate manufacturing companies.

Ans: (ii) The planning and management of an individual’s money to meet their needs and wants.

2. What is considered the starting point of personal finance?

(i) Budgeting. 

(ii) Income. 

(iii) Insurance. 

(iv) Investing in stocks. 

Ans: (ii) Income.

3. What form of earnings does a shareholder receive from holding securities in a company?

(i) Monthly salary and wages. 

(ii) Property rent. 

(iii) Business profit. 

(iv) Dividends and interest. 

Ans: (iv) Dividends and interest.

4. What is a budget?

(i) A compulsory payment made directly to the government. 

(ii) A written plan that aims to balance income and expenses. 

(iii) A legal contract signed with an insurance company. 

(iv) A loan taken from a bank to buy household items. 

Ans: (ii) A written plan that aims to balance income and expenses.

5. What is the first step in the budgeting process?

(i) Set a savings goal. 

(ii) Track your spending. 

(iii) Identify your expenses. 

(iv) Review and adjust your budget. 

Ans: (iii) Identify your expenses.

6. Which formula do financial experts recommend to ensure that future needs and emergencies are met?

(i) Expenses = Income – Savings. 

(ii) Savings = Expenses – Income. 

(iii) Income = Expenses + Taxes. 

(iv) Expenses = Savings – Income. 

Ans: (i) Expenses = Income – Savings.

7. According to the textbook example, how much money must be saved each month to buy a ₹3,000 bicycle in six months?

(i) ₹300 per month. 

(ii) ₹500 per month. 

(iii) ₹600 per month. 

(iv) ₹1,000 per month. 

Ans: (ii) ₹500 per month.

8. What represents a financial surplus accumulated over time by keeping aside a part of one’s income?

(i) Debt. 

(ii) Inflation. 

(iii) Savings. 

(iv) Tax slab. 

Ans: (iii) Savings.

9. What is defined as how quickly and easily an asset can be converted into cash without affecting its value?

(i) Purchasing power. 

(ii) Compounding. 

(iii) Liquidity. 

(iv) Maturity period. 

Ans: (iii) Liquidity.

10. What represents the real-world value of money, measured by the quantity of goods and services a single unit of currency can buy?

(i) Purchasing power. 

(ii) Income tax. 

(iii) Risk horizon. 

(iv) Standard deduction. 

Ans: (i) Purchasing power.

11. What is inflation?

(i) The rate at which bank fixed deposits pay guaranteed interest. 

(ii) The increase in the prices of goods and services over time, which reduces the purchasing power of money. 

(iii) The total percentage of income deducted by the government as tax.

(iv) The process of pooling funds from multiple investors to buy shares. 

Ans: (ii) The increase in the prices of goods and services over time, which reduces the purchasing power of money.

12. If a school bag costs ₹1,000 today and inflation is 6% per year, how much will the same bag cost next year?

(i) ₹1,000. 

(ii) ₹1,030. 

(iii) ₹1,060. 

(iv) ₹1,120. 

Ans: (iii) ₹1,060.

13. What is compounding?

(i) The process of dividing annual income into tax slabs. 

(ii) The process where an investment’s earnings (interest or dividends) are reinvested to generate their own additional earnings over time. 

(iii) The act of taking a bank loan to purchase consumer durables. 

(iv) The strategy of spreading investments across different asset classes. 

Ans: (ii) The process where an investment’s earnings are reinvested to generate their own additional earnings over time.

14. In the textbook comparison of Bhavisha and Dhruv, why does Dhruv accumulate only about 40% as much money as Bhavisha by age 65?

(i) Dhruv saved less money each year than Bhavisha. 

(ii) Dhruv earned a lower interest rate than Bhavisha. 

(iii) Dhruv started saving 10 years later at age 35 instead of age 25. 

(iv) Dhruv paid higher income tax on his savings. 

Ans: (iii) Dhruv started saving 10 years later at age 35 instead of age 25.

15. Which of the following is a government-backed small savings scheme targeted for girl children?

(i) Public Provident Fund. 

(ii) Sukanya Samriddhi Yojana. 

(iii) National Savings Certificate. 

(iv) Ayushman Bharat Yojana. 

Ans: (ii) Sukanya Samriddhi Yojana.