Money and Credit
Karnataka Board · Class 9 · Social Science
Flashcards for Money and Credit — Karnataka Board Class 9 Social Science. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is money and what are its basic characteristics?
Answer
Money is anything that is widely accepted as a means of payment for goods and services. According to Robertson, 'Money is anything which is widely accepted in payment for goods or in discharge of othe…
Barter System
Answer
A primitive economic system where goods are exchanged directly for other goods without using money. For example, if person 'A' has a cow and wants sheep, they must find someone who has sheep and also …
Trace the evolution of money from barter system to modern banking.
Answer
Evolution stages: 1) Barter System - direct exchange of goods, 2) Commodity Money - standard commodities like cattle, sheep, teeth used as money, 3) Metallic Money - gold, silver, bronze coins with pr…
What are the three main functions of money? Explain each briefly.
Answer
1) PRIMARY FUNCTIONS: a) Medium of exchange - used to buy goods/services, b) Measure of value - all values expressed in money terms. 2) SECONDARY FUNCTIONS: a) Standard of deferred payments - helps fu…
Legal Tender
Answer
Legal tender is money that must be accepted by law for payment of debts and transactions in a country. No individual can refuse legal tender in transactions. Examples: Rupee in India, Dollar in USA, P…
Compare credit cards and debit cards.
Answer
CREDIT CARD: Enables buying goods/services on credit at specified suppliers. Payment made from credit account, money borrowed from bank and repaid later with interest. DEBIT CARD: Works similarly but …
What is credit and what are its two main types in India?
Answer
Credit is an agreement where lender supplies borrower with money, goods, or services in return for promise of future payment. Two types in India: 1) INFORMAL CREDIT SECTOR - Indigenous bankers called …
A farmer needs ₹50,000 for buying seeds and fertilizers. Should he approach a moneylender or a bank? Why?
Answer
The farmer should approach a BANK (formal credit sector) because: 1) Banks charge reasonable interest rates while moneylenders charge exorbitant rates, 2) Banks are regulated by RBI ensuring fair prac…
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Sources & Official References
- Karnataka SSLC — kseeb.kar.nic.in
- Dept of Pre-University Education, Karnataka
- National Education Policy 2020 — education.gov.in
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