Chapter 16: Bank Transactions — Online MCQ Test
SOCIAL SCIENCE · CLASS 10th · Karnataka State Board
Practice Chapter 16: Bank Transactions with a free chapter-wise online MCQ test.
This chapter covers: Focusing on practical banking this chapter covers bank definitions functions account types opening procedures digital banking safety services and financial literacy..
AI-generated questions from basic to board-exam level, with instant results and explanations.
Chapter 16: Bank Transactions — Important Questions & Answers
What is the main function of a bank?
- A. To store goods for customers
- B. To accept deposits and provide loans
- C. To sell only government bonds
- D. To print currency notes
Answer: B. To accept deposits and provide loans
A bank mainly accepts deposits from the public and lends money to those who need it. It also offers several other financial services.
A bank mainly accepts deposits from the public and lends money to those who need it. It also offers several other financial services.
Which type of bank account is suitable for regular savings by an individual?
- A. Current account
- B. Fixed deposit account
- C. Savings account
- D. Loan account
Answer: C. Savings account
A savings account is meant for individuals to save money safely and earn interest. It is the most common account for personal use.
A savings account is meant for individuals to save money safely and earn interest. It is the most common account for personal use.
A customer wants to withdraw money from a bank using a paper instrument. Which one should be used?
- A. Cheque
- B. Passbook
- C. ATM card
- D. Receipt book
Answer: A. Cheque
A cheque is a written order directing the bank to pay a specified amount. It is commonly used for withdrawal or payment.
A cheque is a written order directing the bank to pay a specified amount. It is commonly used for withdrawal or payment.
A customer wants to earn interest and also keep money available for emergency use. Which account choice is best?
- A. Savings account
- B. Current account
- C. Safe deposit locker
- D. Overdraft account
Answer: A. Savings account
A savings account helps a person keep money safely and earn interest while maintaining access for emergencies. It balances saving and liquidity.
A savings account helps a person keep money safely and earn interest while maintaining access for emergencies. It balances saving and liquidity.
Which statement about bank safety and financial literacy is correct?
- A. One should share OTP only with bank staff on phone
- B. Financial literacy helps people make informed decisions about saving and borrowing
- C. Passwords are not needed for digital banking
- D. Bank passbooks should never be checked
Answer: B. Financial literacy helps people make informed decisions about saving and borrowing
Financial literacy means understanding money matters such as saving, borrowing, and using banking services wisely. It helps people avoid mistakes and fraud.
Financial literacy means understanding money matters such as saving, borrowing, and using banking services wisely. It helps people avoid mistakes and fraud.