Practice the AP 8th Class Social Bits with Answers Chapter 7 Money and Banking on a regular basis so that you can attempt exams with utmost confidence.

AP State Syllabus 8th Class Social Bits 7th Lesson Money and Banking with Answers

Choose the correct answer.

Question 1.
In ……………… district children exchange toys made from bamboo in exchange for rice.
A) Karimnagar
B) Warangal
C) Hyderabad
D) Srikakulam
Answer:
D) Srikakulam

Question 2.
If we use ……………., there will be no problem in exchanging commodities.
A) materials
B) money
C) metals
D) grains
Answer:
B) money

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 3.
‘Pana’ was the standard currency in the …………… period.
A) Mauryan
B) Sindhu
C) Mughal
D) Aryan
Answer:
A) Mauryan

Question 4.
Hundis means ………….
A) coins
B) punched coins
C) paper money
D) gold coins
Answer:
C) paper money

Question 5.
Jagatseths of ………….. were one of the early bankers in India.
A) Gujarath
B) Bihar
C) Uttar Pradesh
D) Bengal
Answer:
D) Bengal

Question 6.
Bank means
A) Capital organisation
B) Commercial organisation
C) Savings organisation
D) Loan organisation
Answer:
B) Commercial organisation

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 7.
Money is ………………….. in bank.
A) dangerous
B) safe
C) expensive
D) useless
Answer:
B) safe

Question 8.
Nowadays are widely used for making payments and receiving money.
A) hundis
B) drafts
C) cheques
D) bonds
Answer:
C) cheques

Question 9.
Current account is mostly used by
A) businessmen
B) employees
C) teachers
D) farmers
Answer:
A) businessmen

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 10.
A fixed deposit is also called
A) credit card
B) term deposit
C) small savings
D) debit card
Answer:
B) term deposit

Question 11.
Exchanging of one good with another good.
A) Barter system
B) Good instead
C) Good purchase
D) None
Answer:
A) Barter system

Question 12.
The deposit has more rate of interest
A) Current deposit
B) Fixed deposit
C) Both A & B
D) None
Answer:
B) Fixed deposit

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 13.
………….. works as a consuming medium.
A) Good
B) Cash
C) Bank
D) None
Answer:
B) Cash

Question 14.
…………….. is treated as wealth in very olden days.
A) Grains
B) Animals
C) Both A & B
D) Water
Answer:
C) Both A & B

Question 15.
The golden coin in the Roman period
A) Besant
B) Tanka
C) Dham
D) Punch
Answer:
A) Besant

Question 16.
The silver coin in the Mauryan period
A) Besant
B) Pana
C) karsha
D) Satamana
Answer:
B) Pana

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 17.
These were developed due to the branches of goldsmiths.
A) Paper money
B) Hundis
C) Both A & B
D) None
Answer:
C) Both A & B

Question 18.
One cannot withdraw amount in a given period.
A) Current deposit
B) Fixed deposit
C) Commercial deposit
D) All the above
Answer:
B) Fixed deposit

Question 19.
Online banking services can be gotten through these
A) Debit Card
B) Credit Card
C) Net Banking, Phone banking
D) All the above
Answer:
D) All the above

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 20.
In 1606 in Amsterdam, there were …………. types of silver and gold coins recognised by the government that could accepted for exchange.
A) 840
B) 846
C) 850
D) 900
Answer:
B) 846

Question 21.
……………. maintained commercial dealing
A) Banking
B) Commerce
C) Loan
D) Saving
Answer:
A) Banking

Question 22.
How many times we can withdraw cash from ATM maximum in a month?
A) 2
B) 4
C) 3
D) 5
Answer:
C) 3

Question 23.
The norms for getting loans from banks to SHGs
A) no need of guarantee
B) assets should be shown as guarantee
C) the wealthy persons should act as guarantors
D) None
Answer:
A) no need of guarantee

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 24.
These are extensively used to withdraw and pay money at present
A) Drafts
B) Cheques
C) Debentures
D) Hundis
Answer:
B) Cheques

Question 25.
The age limit to open a savings account is ……………… years.
A) 7
B) 10
C) 15
D) 18
Answer:
B) 10

Question 26.
The account for daily transactions
A) Savings account
B) Current account
C) Both A & B
D) None
Answer:
B) Current account

Question 27.
The special feature of current account
A) countless withdrawals
B) Countless deposits
C) Bank pays no interest
D) All the above
Answer:
D) All the above

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 28.
ATM means
A) Automatic Teller Machine
B) Automated Teller Machine
C) Automatic Telling Machines
D) Automated Tellers Matchings
Answer:
B) Automated Teller Machine

Question 29.
Money changed its form metal to paper—
Pick the right comment.
A) Metal money has more value.
B) Paper money has more value.
C) Plastic money has more value.
D) Material has no value, only money has value.
Answer:
D) Material has no value, only money has value.

Question 30.
A Fixed Deposit or a Term Deposit cannot be withdrawn from the bank for a fixed period of time. It could be one year, two, five or seven years. The rate of interest is higher on a fixed deposit.
Pick the right comment.
A) As the deposit has a guarantee fi; time, the rate of interest is high.
B) Seven years deposit has less interest.
C) Term deposit is totally different from fixed deposit.
D) No interest will be credited if it is drawn early.
Answer:
A) As the deposit has a guarantee fi; time, the rate of interest is high.

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 31.
The system of exchanging goods directly against each other without the use of money is called the Barter system.
Which one of the following comes under Barter system of exchange?
A) A salt vendor sells his salt for grains.
B) A washerman washes clothes for grains.
C) Ramu and Ravi exchanged their clothes.
D) All the above
Answer:
D) All the above

Question 32.
A savings/fixed/recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian.
Minor means
A) A child aged 10 years
B) A child aged 15 years
C) A child aged 17 years
D) All the above
Answer:
D) All the above

Question 33.
These groups help the women in present society
A) DWCRA
B) Rythu Clubs
C) SMC
D) None
Answer:
A) DWCRA

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 34.
Amsterdam was a major trading centre in
A) Europe
B) Eurasia
C) Russia
D) the U.S.A.
Answer:
A) Europe

Question 35.
The problems in the Barter System
A) non sinking wishes
B) differences in the values of goods
C) diving some goods is not possible
D) all the above
Answer:
D) all the above

Question 36.
The early bankers in India
A) Bengal – Jagatseths
B) Patna – Shahs
C) Surat – Arunji Nathji, Madras – Chettiars
D) All the above
Answer:
D) All the above

AP 8th Class Social Bits Chapter 7 Money and Banking with Answers

Question 37.
……………… city was main trade centre in Europe in 1606.
A) Paris
B) Moscow
C) Amsterdam
D) Madrid
Answer:
C) Amsterdam

Question 38.
Banks give loans to these
A) Merchants
B) Industrialists
C) Students, farmers, crafts men
D) All the above
Answer:
D) All the above

Question 39.
SHG means
A) Self Help Group
B) Self Heritage Group
C) Self Historical Groupism
D) All the above
Answer:
A) Self Help Group