Final Assessment — All-Book Quiz

Now that you have finished all eight chapters, let us see how much you have learnt. Try it without looking back. Take your time — the goal is not a perfect score, but a happy understanding. Total: 32 marks.

Section A — Fill in the Blanks (1 mark each)

1. The Indian Rupee is issued by the Bank of India.
2. Anything we cannot live without is called a .
3. Putting money into a bank account is called a .
4. The maximum legal price for a packaged product is called the .
5. In the 50-30-20 plan, percent of pocket money should be saved.

Section B — True or False (1 mark each)

1. Barter is when goods are exchanged without using money. ( )
2. A shopkeeper may charge more than the MRP if a product is in high demand. ( )
3. Saving money in a bank lets it grow through interest. ( )
4. Wants must always be bought before needs. ( )
5. The Reserve Bank of India prints all the coins in India. ( )

Section C — Short Answers (2 marks each)

1. Why is money better than the barter system? Give two reasons.
2. Explain the difference between a need and a want, with one example of each.
3. What is interest? Why does the bank pay it to you?
4. List three habits of a smart shopper.
5. Name two ways you can share your money or time with others.

Section D — Word Problems (3 marks each)

1. Aanya gets ₹600 a month and uses the 50-30-20 plan. How much does she save, spend and share each month? How much will she have saved in 1 year?
2. A shopkeeper has ₹5,000 in his till. He buys vegetables for ₹1,800 and sells them for ₹2,700. What is his profit? What is his total money at the end of the day?
3. Vihaan deposits ₹3,000 in a bank at 4% simple interest per year. How much interest will he earn in 2 years, and what will his balance be?
4. A 1-kg packet of dal costs ₹120. A 250-g packet of the same dal costs ₹35. Which size gives better value per gram?