Students can Download Business Studies Chapter 1 Bank Transactions Questions and Answers, Notes Pdf, KSEEB Solutions for Class 10 Social Science helps you to revise the complete Karnataka State Board Syllabus and to clear all their doubts, score well in final exams.
Karnataka State Syllabus Class 10 Social Science Business Studies Chapter 1 Bank Transactions
Class 10 Social Science Bank Transactions Textbook Exercise Questions and Answers
I. Fill In The Blanks With Suitable Answers
Question 1.
The word ‘Bank’ has been derived from the French word ___________.
Answer:
‘Banque’
Question 2.
The Banker’s Bank is ___________.
Answer:
Reserve Bank of India
Question 3.
An example for Nationalised bank is ___________.
Answer:
State Bank of India
Question 4.
The National saving certificates are issued by ___________.
Answer:
Postal Banks
Question 5.
The type of account where any number of transactions can be made in a day with bank is ___________.
Answer:
Current-Accounts
Question 6.
The deposits for a fixed term can be deposited in ___________ account.
Answer:
Term Deposit.
II. Answer The Following Questions After Discussion With Your Friends
Question 1.
What is a bank?
Answer:
A company which transacts business with finance is called a bank.
Question 2.
List out the characteristics relating to bank transactions.
Answer:
- Dealing with money
- Individual / Firm / Company
- Acceptance of Deposits
- Lending Loans
- Payment and withdrawal
- Agency and utility services
- Profit and service orientation
- Ever-increasing functions
- Connecting link
- Banking Business
- Name Identity
Question 3.
What are the functions of a bank?
Answer:
- Functions of Banks
- Accepting deposits from public and others.
- Lending money to public and other institutions
- Transforming money from one place
- Collecting money on cheques, drafts and bills.
- Discounting of bills
- Hiring safe deposit lockers
- Conducting foreign exchange transactions.
- Keeping valuables in safe custody.
- Issuing letters of credit and guarantee.
- Conducting government transactions.
Question 4.
Explain the relationship between the banker and its customers.
Answer:
The relation between a banker and customers falls under two broad categories, namely.
- General relationship
- Special relationship
1) General relationship
a) Primary relationship (Debtor and Creditor relationship)
b) subsidiary relationship (Trustee and beneficiary relationship)
c) Agent and principal relationship
2) Special relationship
a) Obligation to honour cheques
b) Obligation to maintain secrecy of accounts.
Question 5.
“The number of Saving bank account holders is increasing”. Give reasons.
Answer:
- This type of account is generally opened in banks by salaried persons or by the persons who have a fixed regular income.
- This facility is also given to the students, senior citizens, pensioners etc
- Savings accounts are opened to encourage people to save money and pool their savings.
- There is a restriction on the number and amount of deposits.
- The money can be withdrawn either by cheque or through a withdrawal slip available in the respective bank.
Question 6.
What are the advantages of opening a bank account?
Answer:
- Bank account facilitates safe custody of the money.
- Bank account helps in making payments
- Bank account helps in collection of money
- Bank account holders get advances and loans
- Bank account helps in smooth financial transactions
- Bank account holders can get a safe deposit locker facility.
Class 10 Social Science Bank Transactions Additional Questions and Answers
Multiple Choice Questions
Question 1.
The term bank is derived from the Italian word
a) Banco
b) Bench
c) Banque
d) Banks
Answer:
a) Banco
Question 2.
The services of banks are called
a) Transaction
b) Banking
c) Exchange
d) Bank Accounts
Answer:
b) Banking
Question 3.
The special relationship between bankers and customers is
a) Primary relationship
b) Subsidiary relationship
c) Agent and principal relationship
d) Obligation to honour cheques.
Answer:
d) Obligation to honour cheques.
Question 4.
Bank transactions in India are controlled by
a) Foreign Banks
b) State Bank of India
c) Reserve Bank of India
d) Indian Finance Corporation.
Answer:
c) Reserve Bank of India
Question 5.
Reserve Bank of India is called a Bankers bank because
a) RBI formulates the monetary policies
b) Development is Banking policies
c) Issue the currency notes
d) All the above points
Answer:
a) RBI formulates the monetary policies
Question 6.
The Indian postal department is planning to start a bank to be tentatively called
a) Rural banks
b) Postal bank of India
c) Regional Banks
d) Private Banks
Answer:
b) Postal bank of India
Question 7.
The main work of the postal bank of India is
a) Pension payments
b) Money transfer
c) Postal life insurance
d) All the above functions.
Answer:
d) All the above functions.
Question 8.
There is no restriction on the number and amount of deposits in accounts.
a) Savings bank account
b) Current account
c) Recurring deposit account
d) Term deposit account
Answer:
a) Savings bank account
Question 9.
In this account, the amount can be deposited or withdrawn any number of times in a days
a) Term deposit account
b) Recurring deposit account
c) Current account
d) Savings bank account
Answer:
c) Current account
Question 10.
The main aim of the recurring deposit account is
a) to be saved for a future date
b) For future requirements
c) to buy costly items
d) All the above points
Answer:
d) All the above points