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ICSE Class X Mid-term 2025 : Economics : 2nd Internal Assessment

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Taronish Mullan
Villa Theresa High School (VTS), Mumbai
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VILLA TH R .SA Hl6H SCHOOL GradeXB Second Internal Assessment-November 2024 07/11/2024 Sub ect: ECONOMICS Ql: Choose the correct answers to the questions from the given options: Time: 40 Mins Marks: 20 (6 Marks) 1. Lack of divisibility is a problem of _____ system of exchange. (a) Trade (b) Barter (c) Money (d) Capital 2. Overdraft facility is available only in - - - account. (a) Saving (b) Current (c) Fixed (d) Recurring 3. _ _ _ _ _ _ _ _ is not a function of commercial bank. (a) Credit Creation (b) Accepting deposit (c) Issue of currency (d) Advancing of loans 4. World's production of Gold & Silver was not sufficient to match the requirements of trade and industries, so _ _ _ _ _ _.m oney was introduced: (a) Animal money (b) Commodity money (c) Metallic money (d) Paper money 5. A _ _ _ _ _ deposit is created whenever the loan is granted by the bank to the borrower. (a) Primary (b) Initial (c) Derivative (d) Credit 6. 'Money helps to express the monetary value of goods and services in the market' On the basis of the given statement, Identify the function performed by money. (a) Medium of exchange (b) Store of value (c) Measure of value (d) Transfer of value Q2. Answer the following: (2 marks each) (4 Marks] 1. Define Money. State the various stages in the evolution of Money. 2. Differentiate between Cash Credit and Outright Loans provided by Commercial Banks. [10 Marks) Q3. Answer the following: (5 marks each) 1. Explain Overdraft facility & Discounting of Bills of Exchange facility provided by the Commercial Banks. 2. Identify and explain the difficulties involved in the barter system of exchange for the given scenarios: a) ,There are two farmers, Farmer A grows mango and Farmer B grows wheat. Both agree to exchange their crop with each other. Crop of mango is ready but crop of wheat will take 3 months to be ready so Farmer B is unable to complete the exchange right now and will be able to do it at a later date. b) Mr. Jha has 100 mangoes, he wants to buy a horse. The horse owner is willing to sell the horse for 200 mangoes, but Mr. Jha cannot buy half the horse with the 100 mangoes so exchange does not take place.

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