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Page 1 Money and Credit Flowchart and Word Meanings Page 2 Money and Credit Flowchart and Word Meanings Money and Credit Page 3 Money and Credit Flowchart and Word Meanings Money and Credit Money as a Medium of Exchange Page 4 Money and Credit Flowchart and Word Meanings Money and Credit Money as a Medium of Exchange Modern forms of Money Page 5 Money and Credit Flowchart and Word Meanings Money and Credit Money as a Medium of Exchange Modern forms of Money Two Different Credit Situations Loan Activities of BanksRead More
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FAQs on Flowcharts & Important Terms: Money and Credit - Social Studies (SST) Class 10
| 1. What are the key components of money in an economy? |  |
| 2. How does credit work and what are its types? | |
Ans. Credit is a financial arrangement where a borrower receives something of value (usually money) with the promise to repay the lender at a later date. The main types of credit include:
1. <b>Revolving Credit</b>: Allows borrowers to access a certain amount of credit repeatedly as needed, such as credit cards.
2. <b>Installment Credit</b>: Borrowers receive a fixed amount of credit and repay it in regular installments, like car loans or mortgages.
3. <b>Open Credit</b>: Borrowers can use credit as needed but must pay the balance in full each month, often seen in utility services.
| 3. What are the risks associated with using credit? | |
Ans. The risks associated with using credit include:
1. <b>Debt Accumulation</b>: Over-reliance on credit can lead to excessive debt, making it difficult to manage finances.
2. <b>High-Interest Rates</b>: Failure to pay credit balances in full can result in accruing high-interest charges.
3. <b>Impact on Credit Score</b>: Late payments or high credit utilization can negatively affect a borrower’s credit score, impacting future borrowing capabilities.
4. <b>Potential for Bankruptcy</b>: In extreme cases, excessive credit use can lead to financial distress and bankruptcy.
| 4. What role does a central bank play in the money supply? | |
Ans. A central bank plays a crucial role in managing the money supply through:
1. <b>Monetary Policy</b>: Adjusting interest rates to control inflation and stabilize the economy.
2. <b>Open Market Operations</b>: Buying and selling government securities to influence the amount of money circulating in the economy.
3. <b>Reserve Requirements</b>: Setting the minimum reserves each bank must hold, thereby controlling how much money banks can lend.
4. <b>Lender of Last Resort</b>: Providing liquidity to financial institutions in distress to maintain stability in the financial system.
| 5. What are the differences between a debit card and a credit card? | |
Ans. The differences between a debit card and a credit card include:
1. <b>Source of Funds</b>: A debit card withdraws money directly from the user's bank account, while a credit card allows borrowing against a credit limit.
2. <b>Payment Process</b>: Debit transactions are processed immediately, reducing the account balance, whereas credit transactions accumulate a balance to be paid later.
3. <b>Fees and Interest</b>: Debit cards usually have lower fees, while credit cards may incur interest charges if the balance is not paid in full by the due date.
4. <b>Credit Building</b>: Using a credit card responsibly can help build a credit history and improve credit scores, which is not applicable with debit cards.
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