Question : Currency notes and coins are called ______.
Option 1: near money
Option 2: commodity money
Option 3: fiduciary money
Option 4: fiat money
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Correct Answer: fiat money
Solution : The correct option is fiat money.
Fiat money can exist in the form of currency notes and coins, and it is declared legal tender by the government. Fiat money refers to a type of currency that has no intrinsic value and is not backed by a physical commodity like gold or silver. Instead, its value is derived from the trust and confidence that people have in the government or authority that issues it.
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Question : In a bag, there are coins of INR 2, INR 5 and INR 10 denominations. The total number of coins in the bag is 300. If the number of coins of INR 2, INR 5 and INR 10 denominations are in the ratio of 1 : 2 : 3, then what is the total amount of money in the bag?
Option 1: INR 2,100
Option 2: INR 2,500
Option 3: INR 3,000
Option 4: INR 2,400
Question : Choose the sentence with no spelling errors.
Option 1: Near-death expereinces are still near death.
Option 2: Near-death expriences are still near death.
Option 3: Near-death experiences are still near deaath.
Option 4: Near-death experiences are still near death.
Question : There are 480 coins in half rupees, quarter rupees, and 10 paise coins and their values are proportional to 5 : 3 : 1. The number of coins in each case is:
Option 1: 100, 200, and 180
Option 2: 50, 30, and 400
Option 3: 150, 180, and 150
Option 4: 300, 90, and 90
Question : In a wallet, there are coins of Re. 1, Rs. 2 and Rs. 5 in the ratio of 2 : 5 : 3 respectively. If there is Rs. 54 in all, then how many Rs. 5 coins are there?
Option 1: 20
Option 2: 10
Option 3: 4
Option 4: 6
Question : What is the total stock of money in circulation among the public at a particular point in time called?
Option 1: Money order
Option 2: Money supply
Option 3: Short money
Option 4: Money laundering
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