Looking for an exam-oriented collection of Multiple Choice Questions (MCQs) for SEBA Class 9 Social Science Economics Chapter 2 (An Introduction to Financial Literacy / বিত্তীয় সাক্ষৰতাৰ এক পাতনি) for the 2026–27 academic session? Access chapter-wise objective questions with verified answers, matching lists, and assertion-reason items. Master key financial concepts covering the definition and core components of financial literacy; personal financial planning and budgeting rules; distinction between needs and wants; types of bank accounts (Savings, Current, Recurring Deposit, Fixed Deposit); key banking terms (KYC, Passbook, Cheque, Overdraft facility); formal credit sources vs. informal moneylenders; loans, interest rates, and collateral; modern digital payment systems and fintech abbreviations (ATM, PIN, OTP, UPI, CVV, QR code, AEPS, NEFT, RTGS); distinguishing features between Debit Cards and Credit Cards; crucial cyber security habits and fraud prevention rules (never sharing OTP, CVV, or passwords); and objective evaluation patterns tailored strictly according to the Assam Board (SEBA) Class 9 examination curriculum.
Q.1. What was the direct exchange of goods for goods without the use of money called?
(a) Credit system
(b) Barter system
(c) Monetary system
(d) Digital system
Answer: (b) Barter system
Q.2. Which of the following is considered a primary function of money?
(a) Store of value
(b) Basis of credit
(c) Medium of exchange
(d) Standard of deferred payment
Answer: (c) Medium of exchange
Q.3. Who stated the definition: “Money is what money does”?
(a) Crowther
(b) Walker
(c) Adam Smith
(d) Marshall
Answer: (b) Walker
Q.4. Which bank has the sole authority to issue currency notes in India?
(a) State Bank of India
(b) Punjab National Bank
(c) Reserve Bank of India
(d) Central Bank of India
Answer: (c) Reserve Bank of India
Q.5. What is the standard currency of India?
(a) Dollar
(b) Rupee
(c) Pound
(d) Dinar
Answer: (b) Rupee
Q.6. Money that an individual is legally bound to accept as payment is known as:
(a) Non-legal tender money
(b) Optional money
(c) Legal tender money
(d) Credit money
Answer: (c) Legal tender money
Q.7. Which of the following is an example of non-legal tender money?
(a) Ten rupee coin
(b) Five hundred rupee note
(c) Bank cheque
(d) One hundred rupee note
Answer: (c) Bank cheque
Q.8. The essential condition for the barter system to function successfully is:
(a) Double coincidence of wants
(b) Presence of banks
(c) Availability of paper currency
(d) Government regulation
Answer: (a) Double coincidence of wants
Q.9. Plastic money refers to:
(a) Currency made of plastic polymer
(b) Credit and debit cards
(c) Cheques and drafts
(d) Counterfeit currency
Answer: (b) Credit and debit cards
Q.10. Money whose face value is greater than the intrinsic value of the metal it contains is called:
(a) Standard money
(b) Full-bodied money
(c) Token money
(d) Black money
Answer: (c) Token money
SEBA Class 9 Economics Chapter 2 MCQ
Q.11. In the SMART goal-setting framework, what does the letter ‘M’ stand for?
(a) Managed
(b) Money
(c) Measurable
(d) Meaningful
Answer: (c) Measurable
Q.12. In the SMART goal-setting framework, what does the letter ‘T’ stand for?
(a) Today
(b) Time-bound
(c) Trustworthy
(d) Target
Answer: (b) Time-bound
Q.13. What is the formula to calculate savings?
(a) Income + Expenditure
(b) Income − Expenditure
(c) Expenditure − Income
(d) Income × Investment
Answer: (b) Income − Expenditure
Q.14. Which of the following is an example of a recurring expense?
(a) Buying a computer
(b) Monthly house rent
(c) Purchasing a piece of land
(d) Medical emergency bill
Answer: (b) Monthly house rent
Q.15. What are financial goals that a person aims to achieve within one year called?
(a) Long-term goals
(b) Medium-term goals
(c) Short-term goals
(d) Permanent goals
Answer: (c) Short-term goals
Q.16. What is the full form of ATM?
(a) Automated Teller Machine
(b) Any Time Money
(c) Automatic Transaction Mechanism
(d) All Time Machine
Answer: (a) Automated Teller Machine
Q.17. What is the full form of UPI?
(a) Unique Payment Identification
(b) Unified Payments Interface
(c) Universal Payment Internet
(d) Union Provider Interface
Answer: (b) Unified Payments Interface
Q.18. Which authority regulates the securities and stock market in India?
(a) RBI
(b) SEBI
(c) SBI
(d) IRDAI
Answer: (b) SEBI
Q.19. The ability to convert an asset quickly into cash without loss of value is called:
(a) Durability
(b) Divisibility
(c) Portability
(d) Liquidity
Answer: (d) Liquidity
Q.20. Money earned through illegal activities or on which tax has not been paid is called:
(a) White money
(b) Hot money
(c) Black money
(d) Flat money
Answer: (c) Black money
An Introduction to Financial Literacy Multiple Choice Questions SEBA 2026-27
Q.21. In which stage of the evolution of money were cattle and grains used as exchange media?
(a) Metallic money stage
(b) Commodity money stage
(c) Paper money stage
(d) Credit money stage
Answer: (b) Commodity money stage
Q.22. Currency notes and coins issued under the order of the government are called:
(a) Fiat money
(b) Near money
(c) Fiduciary money
(d) Commodity money
Answer: (a) Fiat money
Q.23. Which of the following is an example of a “Need” rather than a “Want”?
(a) Designer sunglasses
(b) Basic food grains
(c) Video game console
(d) High-end sports car
Answer: (b) Basic food grains
Q.24. A written financial estimate of future income and expenses over a given period is known as:
(a) Ledger
(b) Budget
(c) Balance sheet
(d) Invoice
Answer: (b) Budget
Q.25. Which of the following is considered an investment rather than standard expenditure?
(a) Buying cinema tickets
(b) Paying restaurant bills
(c) Purchasing government bonds
(d) Buying monthly groceries
Answer: (c) Purchasing government bonds
Q.26. Limited legal tender money means:
(a) Money that cannot be accepted anywhere
(b) Money that must be accepted up to a legally specified limit
(c) Money used only in foreign countries
(d) Money issued only during wars
Answer: (b) Money that must be accepted up to a legally specified limit
Q.27. In the SMART goal formula, what does ‘A’ stand for?
(a) Accurate
(b) Achievable
(c) Accountable
(d) Asset
Answer: (b) Achievable
Q.28. Which characteristic of good money ensures that it does not spoil easily over time?
(a) Divisibility
(b) Cognizability
(c) Durability
(d) Portability
Answer: (c) Durability
Q.29. The characteristic that allows money to be carried easily from one place to another is:
(a) Portability
(b) Stability
(c) Homogeneity
(d) Acceptability
Answer: (a) Portability
Q.30. Which of the following carries the lowest risk for a common saver?
(a) Stock market shares
(b) Fixed deposit in a scheduled bank
(c) Speculative cryptocurrency
(d) Unregulated private chit funds
Answer: (b) Fixed deposit in a scheduled bank
Class 9 Social Science Economics Chapter 2 MCQ Solutions
Q.31. Money that is accepted on the basis of trust between the payer and the payee is called:
(a) Fiat money
(b) Fiduciary money
(c) Metallic money
(d) Full-bodied money
Answer: (b) Fiduciary money
Q.32. When the intrinsic value of money equals its face value, it is called:
(a) Token money
(b) Full-bodied money
(c) Paper money
(d) Digital money
Answer: (b) Full-bodied money
Q.33. Financial literacy primarily helps an individual to:
(a) Avoid paying all taxes
(b) Take loans without repaying them
(c) Make informed and wise money decisions
(d) Print currency notes
Answer: (c) Make informed and wise money decisions
Q.34. What is the full form of PIN in bank ATM transactions?
(a) Personal Identification Number
(b) Private Investment Number
(c) Permanent Indian Number
(d) Public Identity Node
Answer: (a) Personal Identification Number
Q.35. A financial goal targeted to be completed after five or more years is called a:
(a) Short-term goal
(b) Intermediate goal
(c) Long-term goal
(d) Instant goal
Answer: (c) Long-term goal
Q.36. What is the safest place for common citizens to keep their liquid savings?
(a) In a locked box at home
(b) With local moneylenders
(c) In commercial bank accounts or post offices
(d) In unregistered lucky draw schemes
Answer: (c) In commercial bank accounts or post offices
Q.37. The difficulty of dividing a living animal in the barter system highlights which drawback?
(a) Lack of durability
(b) Indivisibility of commodities
(c) Lack of portability
(d) Lack of general acceptability
Answer: (b) Indivisibility of commodities
Q.38. Money held in bank deposits that can be withdrawn on demand by writing a cheque is called:
(a) Time deposits
(b) Demand deposits
(c) Fixed deposits
(d) Term deposits
Answer: (b) Demand deposits
Q.39. In the SMART goal formula, what does ‘R’ stand for?
(a) Reliable
(b) Regular
(c) Realistic
(d) Resourceful
Answer: (c) Realistic
Assam Board Class 9 Economics Chapter 2 Solved MCQ PDF
Q.40. Which modern payment method allows cashless electronic fund transfers using a smartphone?
(a) Bullion coins
(b) Commodity exchange
(c) Digital payment apps
(d) Promissory stamps
Answer: (c) Digital payment apps
💳 Class 9 Social Science MCQ Practice Notice: This page features an exhaustive set of SEBA Class 9 Social Science (Economics Section) Chapter 2: An Introduction to Financial Literacy Multiple Choice Questions (MCQs) with Verified Answers updated for the 2026–27 academic session. Structured according to the latest Assam Board objective examination pattern, these questions test practical definitions, banking terminologies, and digital literacy basics—covering budgeting concepts, the features of Savings, Current, and Fixed Deposit accounts, formal vs. informal credit, digital payment instruments (UPI, cards, net banking), and cyber safety protocols—to help you secure full marks in Section A of your school unit evaluations, half-yearly exams, and final annual examinations.
💡 Ace Your Class 9 Economics Objective Assessments:
- Confused about the full form of KYC (Know Your Customer) or UPI (Unified Payments Interface), the difference between a Debit Card and a Credit Card, which bank account provides an overdraft facility (Current Account), or what steps to take if you receive an unverified link or suspicious call asking for your OTP or CVV? Leave your query in the comments section below!
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