SAMPLE QUESTIONS

CLASS 7-8

1) All our wants can be satisfied someday in the future

(a) True (b) False

2) Which of the following is NOT a want?

(a) Entertainment (b) overseas holidays © luxury cars (d) good education

3) Which of the following provides a public service?

(a) The Army (b) a movie multiplex © A golf club (d) a bowling alley

4) Which of the following provides a private good?

(a) The Army (b) A supermarket © A stockbroker (d) A courier

5) A. Employees are given pocket money to show up for work every day
B. Business people work for a salary
(a) only statement A is True
(b) only statement B is True
(c) Both statements are True
(d) Neither statement is True

6) Which of the following do not get a monthly salary?

(a) A shopkeeper (b) IAS officer © Prime Minister (d) A school teacher

7) What is the benefit of getting a good night’s sleep every day?

(a) You become lazy
(b) You can wake up feeling energetic every day
(c) You miss binge-watching TV shows
(d) You can’t play video games at night

8) What is the cost associated with regular cricket practice?

(a) You get to represent your school in cricket
(b) You have to commit a good amount of time every week to cricket practice
(c) You get a chance to play for India
(d) You can make a lot of money playing cricket

9) The best way to save is to spend first and save whatever is left over at the end of the month
(a) True (b) False

10) The book “The Richest man in Babylon” recommends saving atleast _____ percent of your
income.
(a) 10 (b) 25 © 5 (d) 50
11) We can face opportunity costs even when we have unlimited money
(a) True (b) False

12) you Opportunity cost is the value of all the options that you forego when you choose
(a) True (b) False

13) A. Positive incentives are called carrots

B. Negative incentives are called punishments

(a) only statement A is True

(b) only statement B is True
(c) Both statements are True
(d) Neither statement is True

14) Which of the following is an example of a positive incentive?

(a) Jail time

(b) Punishment in school
(c) A penalty
(d) Performance bonus in a job

15) Which of the following cannot be withdrawn whenever you want?

(a) Fixed deposit (b) savings deposit © car loan EMI (d) housing loan EMI

16) A. You can deposit money whenever you want in to a savings bank account
B. You can withdraw money whenever you want from a savings bank account

(a) Only statement A is correct

(b) Only statement B is correct
(c) Both the statements are correct
(d) Neither statement is correct

17) The deposit guarantee scheme protects deposits in co-operative societies

(a) True (b) False

18) A. The deposit guarantee limit is per branch per bank

B. The deposit guarantee limit is per family per branch per bank

(a) Only statement A is correct

(b) Only statement B is correct
(c) Both the statements are correct
(d) Neither statement is correct
19) Modern coins are good store of value
(a) True (b) False

20) Which of the following is an attribute of money?

(a) portability (b) fungibility © investability (d) easy availability