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Class 6 Exam  >  Class 6 Tests  >  Financial Literacy for Class 6  >  Test: Financial Literacy- 3 - Class 6 MCQ

Test: Financial Literacy- 3 - Class 6 MCQ


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10 Questions MCQ Test Financial Literacy for Class 6 - Test: Financial Literacy- 3

Test: Financial Literacy- 3 for Class 6 2024 is part of Financial Literacy for Class 6 preparation. The Test: Financial Literacy- 3 questions and answers have been prepared according to the Class 6 exam syllabus.The Test: Financial Literacy- 3 MCQs are made for Class 6 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Financial Literacy- 3 below.
Solutions of Test: Financial Literacy- 3 questions in English are available as part of our Financial Literacy for Class 6 for Class 6 & Test: Financial Literacy- 3 solutions in Hindi for Financial Literacy for Class 6 course. Download more important topics, notes, lectures and mock test series for Class 6 Exam by signing up for free. Attempt Test: Financial Literacy- 3 | 10 questions in 20 minutes | Mock test for Class 6 preparation | Free important questions MCQ to study Financial Literacy for Class 6 for Class 6 Exam | Download free PDF with solutions
Test: Financial Literacy- 3 - Question 1
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Which of the following is a critical skill for effective teamwork?

Detailed Solution for Test: Financial Literacy- 3 - Question 1
Communication skills are essential for effective teamwork as they ensure clear understanding and collaboration among team members.
Test: Financial Literacy- 3 - Question 2
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What was the main limitation of the barter system?

Detailed Solution for Test: Financial Literacy- 3 - Question 2
The barter system required a double coincidence of wants, meaning both parties had to need what the other was offering.
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Test: Financial Literacy- 3 - Question 3
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Which institution serves as the central bank in India?

Detailed Solution for Test: Financial Literacy- 3 - Question 3
The Reserve Bank of India (RBI) is the central bank of India, responsible for monetary policies and issuing currency.
Test: Financial Literacy- 3 - Question 4
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Which type of bank account does not earn interest but allows unlimited withdrawals?
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A current account is designed for frequent transactions and does not provide interest.
Test: Financial Literacy- 3 - Question 5
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What is a significant advantage of digital payments?
Detailed Solution for Test: Financial Literacy- 3 - Question 5
Digital payments allow faster and more secure transactions without the need for physical cash or time constraints.
Test: Financial Literacy- 3 - Question 6
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What does a cheque need to be valid for withdrawal?
Detailed Solution for Test: Financial Literacy- 3 - Question 6
A cheque must have the account holder's signature for authentication and validity.
Test: Financial Literacy- 3 - Question 7
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What is the primary purpose of a Fixed Deposit account?
Detailed Solution for Test: Financial Literacy- 3 - Question 7
Fixed Deposit accounts are ideal for locking funds for a longer duration and earning higher interest rates.
Test: Financial Literacy- 3 - Question 8
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What is a mobile wallet used for?
Detailed Solution for Test: Financial Literacy- 3 - Question 8
A mobile wallet is a virtual payment tool that stores money digitally and enables payments using apps like PayTM or Google Pay.
Test: Financial Literacy- 3 - Question 9
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Which payment system is biometric-enabled and uses Aadhaar authentication?
Detailed Solution for Test: Financial Literacy- 3 - Question 9
The Aadhaar Enabled Payment System (AePS) uses Aadhaar-based biometric authentication for secure digital transactions.
Test: Financial Literacy- 3 - Question 10
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Which of the following is a benefit of using ATMs?
Detailed Solution for Test: Financial Literacy- 3 - Question 10
ATMs provide convenience by allowing cash withdrawals and other services 24x7 without requiring a bank visit.
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