Banks and the Magic of Finance — Important Questions
CBSE · Class 7 · Social Science
77 important questions from Banks and the Magic of Finance for CBSE Class 7 Social Science, with answers. Part of the CBSE Class 7 Social Science syllabus.
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Important Questions from Banks and the Magic of Finance
Which activity is a function performed by banks?
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Hold deposits, Offer loans or credit
Banks accept deposits and give loans. Printing currency and building roads are not bank functions.
What is interest in banking?
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The amount charged for borrowing money or the amount gained by lending money, usually expressed as a percentage
Interest is the extra money paid for borrowing or earned for lending.
What happens to money saved in a bank over time when interest is added?
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It can grow over time
Interest helps the saved money increase gradually.
What is compounding?
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Earning interest on previous interest
Compounding means interest is earned not only on the original amount but also on earlier interest.
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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