Banks and the Magic of Finance Class 7 True or False
Banks and the Magic of Finance Class 7 True or False
Banks and the Magic of Finance Class 7 True or False
Question 1.
The Reserve Bank of India (RBI) was established in 1949.
Answer:
False
Question 2.
A savings account typically earns more interest than a fixed deposit account.
Answer:
False
Question 3.
The Unified Payments Interface (UPI) is a modern payment system that allows for quick money transfers.
Answer:
True
Question 4.
Banks only provide services to individuals and do not cater to businesses.
Answer:
False
Question 5.
The National Bank for Agriculture and Rural Development (NABARD) supports rural development by funding banks that give loans for farming.
Answer:
True
Banks and the Magic of Finance Class 7 Match the Following
Question 1.
Match the following types of accounts with their descriptions.
| Column A | Column B |
| A. Savings Account | 1. For businesses and traders with no interest |
| B. Current Account | 2. For individuals who save regularly |
| C. Fixed Deposit | 3. Used for withdrawing cash from ATMs |
| D. Debit Card | 4. One-time deposit for a fixed period |
Options:
(a) A-2, B-1, C-4, D-3
(b) A-1, B-2, C-3, D-4
(c) A-3, B-4, C-1, D-2
(d) A-3, B-4, C-2, D-1
Answer:
| Column A | Column B |
| A. Savings Account | 2. For individuals who save regularly |
| B. Current Account | 1. For businesses and traders with no interest |
| C. Fixed Deposit | 4. One-time deposit for a fixed period |
| D. Debit Card | 3. Used for withdrawing cash from ATMs |
Question 2.
Match the following financial institutions with their functions.
| Column A | Column B |
| A. NABARD | 1. Funds businesses in power and textiles |
| B. Industrial Finance Corporation | 2. Supports rural development |
| C. Reserve Bank of India (RBI) | 3. Offers savings schemes like NSC and PPF |
| D. Post Office | 4. Banker to banks |
Options :
(a) A-2, B-1, C-4, D-3
(b) A-1, B-2, C-3, D-4
(c) A-3, B-4, C-1, D-2
(d) A-3, B-4, C-2, D-1
Answer:
| Column A | Column B |
| 1. NABARD | 2. Supports rural development |
| 2. Industrial Finance Corporation | 1. Funds businesses in power and textiles |
| 3. Reserve Bank of India (RBI) | 4. Banker to banks |
| 4. Post Office | 3. Offers savings schemes like NSC and PPF |