By reviewing Kerala Syllabus SCERT Class 6 Social Science Solutions Chapter 11 Let’s Save for the Future Important Questions, students can improve their conceptual understanding.
Let’s Save for the Future Extra Questions and Answers Class 6 Social Science Chapter 11 Kerala Syllabus
Let’s Save for the Future Class 6 Important Questions
Question 1.
“Banks provide a safe place for people to keep their money.”
(a) Find out the correct statement related to banks and write them.
A. Banks only accept deposits from the government.
B. Banks lend money from the deposits they receive.
C. Interest is only charged on deposits.
D. A banker is a person or institution that carries out banking business.
Answer:
B and D
(b) Add necessary details to present in a debate on the topic – ‘How banks help in economic development’.
Answer:
- Banks help in the growth of the economy by providing loans to farmers, businesses, and small entrepreneurs.
- Banks encourage savings among people and pay interest on deposits.
- Banks provide financial services that make trade and business easier, promoting overall economic development.
Question 2.
“Banks are financial institutions that accept money from the public as deposits and provide loans to those in need following certain criteria.”
(a) Who were the first people to lend money before banks were formed?
Answer:
Individuals and local money lenders.
(b) Why did money lenders start accepting deposits?
Answer:
Because the number of people needing loans increased, and they needed more money to lend.
(c) On what basis do banks give loans?
Answer:
Banks lend money based on the borrower’s ability to repay and reliability.
Question 3.
“The Reserve Bank of India, established in 1935 is the Central bank of India”,
(a) Complete the Following table by writing the functions of RBI.
Answer:
a. Issue all currency notes except the one rupee note
b. Controls loans
c. Known as the ‘banker’s bank’
d. Functions as banker to the government
(b) Which of the following is correct about the RBI?
A. RBI prints currency notes and controls money supply.
B. RBI only accepts deposits from the public.
C. RBI lends money directly to people for buying goods.
D. RBI does not regulate other banks.
Answer:
A. RBI prints currency notes and controls money supply.
Question 4.
Fill in the blanks.
a. Banks accept deposits from _______, _______, and _______.
b. The borrowers repay the loan to the bank with _______.
c. A _______ is a person or establishment that carries out the banking business.
Answer:
a. Individuals, institutions, government
b. Interest
c. Banker
Question 5.
Match the following.
| A | B |
| First bank in India | Nedungadi Bank |
| First bank in Kerala | Reserve Bank of India |
| Central Bank of India | Bank of Hindustan |
| Founder of Nedungadi Bank | Appu Nedungadi |
Answer:
| A | B |
| First bank in India | Bank of Hindustan |
| First bank in Kerala | Nedungadi Bank |
| Central Bank of India | Reserve Bank of India |
| Founder of Nedungadi Bank | Appu Nedungadi |
Question 6.
“Banks act as intermediaries between the depositors and the borrowers”,
(a) Fill A, B, C and D.
Answer:
A. Accept deposits
B. Give loans
C. Return deposits with interest
D. Repay loans with interest
(b) Which of the following is correct about banks?
A. Banks accept deposits and lend money to borrowers.
B. Banks do not pay interest on deposits.
C. A banker is a person who only gives loans without accepting deposits.
D. Banks only lend money to the government.
Answer:
A. Banks accept deposits and lend money to borrowers.
Question 7.
“Based on ownership, bank accounts can be mainly classified into three ty pes”.
(a) Do you agree with the above statement. If yes, w hich are they?
Answer:
Yes, I do agree with this statement. The three main accounts are the Individual account, the Joint account and the institutional account.
(b) Which of the following is correct about an institutional account?
A. It is opened for individuals only.
B. Only students can open this type of account.
C. It is opened in the name of an institution and operated by an authorised person.
D. Anvone can withdraw monev from this account.
Answer:
C. It is opened in the name of an institution and operated by an authorised person.
Question 8.
“Deposits can also be classified according to their characteristics.”
(a) Among the given statements, which one is NOT correct?
A. Savings deposits pay low interest and have withdrawal restrictions.
B. Fixed deposits can be deposited many times a day.
C. Current deposits allow many transactions in a day.
D. Recurring deposits require regular fixed deposits for a period.
Answer:
B. Fixed deposits can be deposited many times a day.
(b) Examine the features and arrange them correctly in the table.
Features:
- Money deposited once and withdrawn after a period
- Used mainly by traders and industrialists
- Regular fixed deposits for a period
- Low interest and some withdrawal restrictions
| Deposit | Features |
Answer:
| Deposit | Features |
| Savings Deposit | Low interest and some withdrawal restrictions |
| Current Deposit | Used mainly by traders and industrialists |
| Fixed Deposit | Money is deposited once and withdrawn after a period. |
| Recurring Deposit | ReguIar fixed deposits for a period |
Question 9.
“Commercial banks are the oldest banks with a large number of branches in the banking sector.”
(a) Which of the following is TRUE about Commercial Banks?
A. Commercial banks provide only loans to customers.
B. Commercial banks are of two types: public sector and private sector.
C. Co-operative banks are the largest commercial banks in India.
D. Commercial banks work only in rural areas.
Answer:
B. Commercial banks are of two tvpes: public sector and private sector
(b) Complete the table including the two features of the Commercial banks and Co-operative banks.
| Commercial Banks | Co-operative banks |
Answer:
| Commercial Banks | Co-operative banks |
| Provide services like deposits, loans, debit/credit cards | Provide low-interest loans to farmers and small industries |
| Include public and private sector banks like SBI | Promote self-help, saving habits, and protect from moneylenders |
Question 10.
“Digital banking allows people to withdraw, deposit, and transfer money using ATMs, mobile apps, and UPI without going to the bank.”
(a) What machine helps us withdraw money at any time?
Answer:
ATM (Automated Teller Machine)
(b) What is used to deposit money without visiting the bank?
Answer:
CDM (Cash Deposit Machine)
(c) Which of the following is correct about UPI?
a. UPI can be used only in banks.
b. UPI helps us transfer money anytime using a mobile phone.
c. UPI does not support QR codes.
d. UPI requires carrying cash.
Answer:
B. UPI helps us transfer money anytime using a mobile phone.
(d) Explain UPI?
Answer:
UPI is a digital system that allows multiple bank accounts to be used through a single mobile application. This system allows us to make money transactions without going to the bank or ATM. We can transfer money at any time with the help of digital devices. Transactions can be done using QR code (Quick Response code), mobile number, and account number.
Question 11.
(a) Complete the flowchart by identifying A, B and C
Answer:
A: Current deposit
B: Recurring deposit
C: Fixed deposit
(b) Which of the following is correct about a current account?
A. It allows only one transaction per day.
B. It provides high interest to account holders.
C. It allows unlimited transactions without restrictions.
D. It is meant only for children.
Answer:
C. It allows unlimited transactions without restrictions.
Question 11.
“Credit cards and debit cards are cards issued by banks to their customers to make financial transactions.”
(a) Examine the features given below and arrange them correctly in the table.
Features:
- Can be used only if there is money in the account
- Bank lends money for a short period
- Interest is charged if not repaid on time
- Amount is directly deducted from the bank account
- Can be used even without money in the account
- Helps avoid carrying cash
| Debit Card | Credit Card |
Answer:
| Debit Card | Credit Card |
| Can be used only if there is money in the account | Can be used even without money in the account |
| Amount is directly deducted from the bank account | Bank lends money for a short period |
| Helps avoid carrying cash | Interest is charged if not repaid on time |
b. Which of the following is correct about a debit card?
A. It can be used even without money in the account.
B. It requires paying interest every month.
C. It can be used only if there is money in the bank account.
D. It is used only for international transactions.
Answer:
C. It can be used only if there is money in the bank account.
Question 12.
Fill in the blanks.
a. Kerala Bank is a _______ bank formed by the Government of Kerala.
b. Kerala State Co-operative Bank Limited is known as _______.
c. The headquarters of Kerala Bank is in _______.
Answer:
a. Co-operative
b. Kerala Bank
c. Thiruvananthapuram
Question 13.
What is the main purpose of a CDM (Cash Deposit Machine)?
(a) To withdraw money
(b) To deposit money anytime
(c) To open a bank account
(d) To check loan details
Answer:
(b) To deposit money anytime
Question 14.
Which type of bank supports the grow th of industries and agriculture by giving long-term loans?
(a) Savings bank
(b) Development bank
(c) Commercial bank
(d) Co-operative bank
Answer:
(b) Development bank