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Chapters
1: Factors of Production
Theory of Demand and Supply
2: Elementary Theory of Demand
3: Elasticity of Demand
4: Theory of Supply
Market
5: Meaning and Types of Markets
Banking in India
▶ 6: Meaning and Functions of Money
7: Commercial Banks
8: Central Bank
9: Introduction to Public Finance
10: Public Revenue
11: Public Expenditure
12: Public Debt
Inflation
13: Inflation
Consumer Awareness
14: Consumer Awareness
![Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE chapter 6 - Meaning and Functions of Money - Shaalaa.com](/images/economics-english-class-10-icse_6:ca738c8e53b2465d96b5253bb7b17d70.jpg "Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE chapter 6 - Meaning and Functions of Money")
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Solutions for Chapter 6: Meaning and Functions of Money
Below listed, you can find solutions for Chapter 6 of CISCE Goyal Brothers Prakashan for Economics [English] Class 10 ICSE.
Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE 6 Meaning and Functions of Money Exercise [Pages 130 - 133]
MULTIPLE CHOICE QUESTIONS
Read the following dialogue between two people:
| Sita: | I want 1 kg of potatoes. |
| Rani: | What will you give in exchange? |
| Sita: | I can give you 2 litres of milk in return for the potatoes. |
| Rani: | I don't need milk, I want a pair of shoe. |
Which of the following problem is being faced by Sita and Rani in their exchange process?
Lack of double coincidence of wants
Absence of common unit of value
Lack of store of value
Lack of standard of deferred payment
Which of the following is not a problem of barter system of exchange?
Store of value
Double Coincidence of Wants
Unit of Account
Unemployment
Currency and ______ are two modern forms of money.
demand deposits
time deposits
coins
government securities
Who regulates money supply in India?
Government of India
Reserve Bank of India
Commercial Banks
NITI Aayog
______ implies demand deposits with banks.
Paper money
Bank money
Near money
None of these
Which of the following agency is responsible for issuing ₹ 1 currency note in India?
Reserve Bank of India
Ministry of Commerce
Ministry of Finance
NITI Aayog
Name the system in which the double coincidence of wants is an essential feature.
Barter system
Money economy
Global economy
None of these
Which of the following institutions is authorised to issue currency in India?
Reserve Bank of India
Bank of India
Parliament of India
State Bank of India
Which one of the following is not a modern form of money?
Demand deposits
Paper currency
Coins
Precious metals
Bank money is ______.
Non legal tender
Legal tender
Neither (a) nor (b)
Both (a) and (b)
By currency we mean ______.
Currency notes only
Currency notes + Coins + Demand deposits
Currency notes + Coins
Both (a) and (b)
______ is the main source of money supply in an economy.
Central Bank
Commercial Banks
Both Central Bank and Commercial Banks
Government
One rupee note in India bears the signature of ______.
Secretary, Ministry of Finance
CEO, NITI Aayog
Governor, RBI
President, Govt. of India
Which of the following is a contingent function of money?
Measure of value
Store of value
Medium of exchange
Distribution of National Income
In ancient India ______ was accepted as form of money.
Gold
Go-Ohan (cow-wealth)
Coins
Commodity money
Identify which of the following statement is true?
Money is accepted by all as a medium of exchange
Money is a means and not an end
Standard of deferred payment is a secondary function of money
All the above
Bank money implies ______.
currency
coins
demand deposits with bank
Vault cash in banks
Which of the following is not included in money?
ATC card
Paper money
Coins
Demand deposits
Which of the following is included in money?
Paper notes
Coins
Demand deposits
All the above
______ possess general acceptability.
Cheque
Money
Bank draft
Bond
There are five stages of the evolution of money. Which of the following order is correct?
Bank, paper, metallic, commodity, animal
Paper, metallic, bank, commodity, animal
Animal, commodity, metallic, paper, bank
Animal, commodity, metallic, bank, paper
Simultaneous fulfilment of mutual wants by buyers and sellers are ______.
Common measure of value
Double coincidence of wants
Divisibility of goods
Standard of deferred payments
______ payments are referred to those payment; which are to be done in future.
Deferred payments
Stable payments
Derived payments
Indirect payment
Under ______ system, it is difficult to store value.
Money exchange
Price exchange
Store exchange
Barter exchange
Lack of divisibility is a problem of ______ system of exchange.
Trade
Barter
Money
Capital
A shirt costing ₹ 300 is ______ function of money.
Measure of value
Store of value
Transfer of value
Cognisable value
Barter system is also called as a ______.
D-D. economy
D-C. economy
C-C. economy
C-D. economy
The evolution of money started with ______ stage.
Commodity money
Metallic money
Bank money
Animal money
Which of the following is considered as legal tender money?
Currency notes and coins
Draft and cheques
Credit cards
Debit cards
Credit transaction requiring future payments cannot place take smoothly under:
Lack of standard of deferred payment
Deferred payments
Bank trading
Money market
The system of direct exchange between different commodity and service is known as ______.
Barter system
Monetary system
Banking system
Market system
Which function of money facilitates future payments?
Standard of deferred payment
Transfer of value
Measure of value
Unit of value
Short Answer Type Questions.
Explain the meaning of barter exchange by giving an example.
State any two demerits of the Barter system of exchange?
What is meant by the double coincidence of wants? How does money overcome this problem?
How does money act as a standard of deferred payment?
Give two characteristics of money.
State the two primary functions of money.
Explain the contingent functions of money.
State the two primary functions of money.
Explain the secondary functions of money.
How does money help in maximising utility?
What do you understand by the term 'near money'?
Long answer Type Questions.
Enumerate any two difficulties faced under the barter system of exchange.
Enumerate any two difficulties faced under the barter system of exchange.
Define Money.
What are the main features of money?
Define Money.
State the two primary functions of money.
State the two primary functions of money.
Explain the secondary functions of money.
Explain the secondary functions of money.
Explain the following statement:
Money provides a link between the present and the future.
Explain the following statement:
Money is the basis of credit system.
Is the following statement true or false? Give reasons to support your answer.
Barter is an easier method of exchange of goods.
True
False
Is the following statement true or false? Give reasons to support your answer.
Cheques are legal tender money.
True
False
Is the following statement true or false? Give reasons to support your answer.
One rupee note is unlimited legal tender money in India.
True
False
Is the following statement true or false? Give reasons to support your answer.
Money acts as a unit of account.
True
False
Is the following statement true or false? Give reasons to support your answer.
We can do nothing without money.
True
False
Define Money.
Describe how money has removed the defects of the barter system.
Explain various stages in the evolution of money.
Distinguish between limited legal tender and unlimited legal tender.
Distinguish between standard money and bank money.
Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE 6 Meaning and Functions of Money QUESTION BANK [Pages 133 - 135]
Explain the meaning of barter exchange by giving an example.
State any two demerits of the Barter system of exchange?
What is meant by double coincidence of wants?
Define Money.
What is High Powered Money?
Explain the secondary functions of money.
Explain the contingent functions of money.
Distinguish between limited legal tender and unlimited legal tender.
What is fiat money?
Give two characteristics of money.
Describe how money has removed the defects of the barter system.
State the two primary functions of money.
Describe how money has removed the defects of the barter system.
Explain the secondary functions of money.
Explain the contingent functions of money.
Define Money.
Explain various stages in the evolution of money.
State the two primary functions of money.
Explain the secondary functions of money.
How does money help in maximising utility?
Enumerate any two difficulties faced under the barter system of exchange.
Distinguish between standard money and bank money.
Solutions for 6: Meaning and Functions of Money
Goyal Brothers Prakashan solutions for Economics [English] Class 10 ICSE chapter 6 - Meaning and Functions of Money
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Concepts covered in Economics [English] Class 10 ICSE chapter 6 Meaning and Functions of Money are Concept for Barter System, Evolution of Money, Meaning and Functions of Money, Secondary Functions, Forms of Money, Features of Money, Functions of Money, Primary Function, Secondary Functions, Contingent Function.
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