SEBA Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy

SEBA Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy As Per New Syllabus. Class 9 Social Science Multiple Choice Question Answer to each chapter is provided in the list of SEBA Social Science Class 9 Objective Types Question Answer so that you can easily browse through different chapters and select needs one. Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy can be of great value to excel in the examination.

SEBA Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy

SCERT Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy Notes covers all the exercise questions in SCERT Science Textbooks. NCERT Class 9 Social Science MCQ Chapter 13 Introduction to Financial Literacy provided here ensures a smooth and easy understanding of all the concepts. Understand the concepts behind every chapter and score well in the board exams.

Basic Economic Problems

Chapter – 13

ECONOMICS

1. What is the basis and central point of modern economic life?

(a) Only banks.

(b) Piece of paper.

(c) Money.

(d) Internet.

Ans: (c) Money.

2. What was the main problem people faced in the Barter System?

(a) Lack of goods.

(b) Lack of mutual coincidence of wants.

(c) Shortage of paper.

(d) Lack of banks.

Ans: (b) Lack of mutual coincidence of wants.

3. What was the next stage after the barter system in the evolution of money?

(a) Metallic Standard.

(b) Paper Money.

(c) Animal Standard.

(d) Digital Money.

Ans: (c) Animal Standard.

4. Credit cards and debit cards are excellent examples of which of the following types of money?

(a) Paper money.

(b) Plastic Money.

(c) Metallic money.

(d) Animal money.

Ans: (b) Plastic Money.

5. What is the full form of ‘UPI’ used in digital transactions?

(a) Universal Payment Integration.

(b) United Payment Interface.

(c) Unique Payment Identification.

(d) Unified Payment Interface.

Ans: (d) Unified Payment Interface.

6. PhonePe, Google-Pay, and Paytm, etc., fall under what?

(a) Barter system.

(b) Cheque transaction.

(c) UPI or Digital money system.

(d) Metallic money system.

Ans: (c) UPI or Digital money system.

7. What is the money called that has legal backing or an obligation to be accepted as a medium of exchange?

(a) Non-legal tender.

(b) Legal Tender Money.

(c) Optional money.

(d) Black money.

Ans: (b) Legal Tender Money.

8. A cheque is an example of which type of money?

(a) Legal tender.

(b) Non-legal Tender Money.

(c) Token money.

(d) Fiat money.

Ans: (b) Non-legal Tender Money.

9. What is the money called whose written or marked value (face value) is greater than its actual metallic or paper value (intrinsic value)?

(a) Black money.

(b) High power money.

(c) Token Money.

(d) Standard money.

Ans: (c) Token Money.

10. On the basis of whose order or power is ‘Fiat Money’ circulated?

(a) General public.

(b) By the authority/power of the state or government.

(c) Only foreign banks.

(d) Businessmen.

Ans: (b) By the authority/power of the state or government.

11. What is the money earned through tax evasion or economic crimes called in economic terms?

(a) White money.

(b) Fiat money.

(c) Black Money.

(d) Standard money.

Ans: (c) Black Money.

12. According to Professor Crowther, what is the most acceptable definition of money?

(a) “Money is that which is only kept in a bank.”

(b) “Money is that which is only useful to the government.”

(c) “Money is a universally acceptable medium of exchange.”

(d) “Money only refers to gold coins.”

Ans: (c) “Money is a universally acceptable medium of exchange.”

13. According to the 2019 data of the ‘National Centre for Financial Education’, what percentage of people in India were financially literate?

(a) 75%

(b) 50%

(c) 10%

(d) 27%

Ans: (d) 27%

14. What is the money left over after deducting all expenses from a person’s total income called?

(a) Investment.

(b) Savings.

(c) Profit.

(d) Liability.

Ans: (b) Savings.

15. Expenses that must be paid regularly at specific intervals of time (like house rent or electricity bills) are placed in which category?

(a) Non-recurring expenses.

(b) Unnecessary expenses.

(c) Recurring expenses.

(d) Emergency expenses.

Ans: (c) Recurring expenses.