Banking is the easiest and one of the most scoring chapters in the ICSE Class -10 Maths syllabus. In this post you will be provided multiple-choice based questions on the chapter Banking. This Banking Maths ICSE Class 10 MCQ Online Quiz has 10 MCQs with 4 options.
Before attempting this online Maths quiz on chapter Banking, you must know the concept of Banking and also the formulas which will be used to solve the sums of this chapter.
What is a Bank?
A Bank is an institution that mainly accepts deposits of money from the public and also lends money.
Functions of a Bank
- It accepts deposits from the public.
- Bank uses the deposits for lending to others and undertaking investment in securities.
- Banks have the power to create and destroy money through their lending activities.
- It facilitates payment through cheques
- Banks help in the remittance or transfer of funds.
- Banks provide various types of agency functions for their customers.
- Banks provide general utility services such as the provision of locker facilities for the safe custody of jewelry.
Different Types Of Bank Accounts
- Savings Bank Account ( Not in Syllabus )
- Current Bank Account ( Not in Syllabus )
- Fixed Deposit Account ( Not in Syllabus )
- Recurring ( or cumulative ) Deposit Account (in Syllabus )
In this chapter Banking – Maths ICSE Class 10, we will only be discussing the concept of Recurring ( or cumulative ) Deposit Account.
Recurring ( or cumulative ) Deposit Account is a time deposit scheme in banks to boost the savings among the people of small and medium-income groups. Under this system an investor deposits a certain fixed amount ( in multiples of Rs. 5 ) every month for a specified period calculated in months. A fixed-rate of interest is provided by the bank on the interest earned.
On the maturity of the stipulated time, the investor gets all his deposited money along with a certain amount of interest added to the original money. This interest is calculated with a formula given below.
Formulas To be used in Recurring ( or cumulative ) Deposit Account
- Interest ( I ) = [P * n (n+1) * r] / [2 * 12 * 100]
- Maturity Value ( M.V. ) = Pn + I
It is important to note that all the calculations are based on simple interest.
After understanding the concept of banking and Recurring deposit account, it will be easier to understand the types of sums and also the solution based on the chapter Banking Maths ICSE Class X. This understanding of the concept will also help in answering this online maths quiz which has many Multiple choice questions based on the chapter Banking.
If you want to go through the chapter again or want to understand the concept of Banking and how to solve the sums on Banking maths, you can follow the link given below for video tutorial of Banking ICSE class 10 maths.
Banking Maths ICSE Class 10 MCQ Online Quiz
Now as you are ready to attempt these multiple-choice questions from this online quiz, please go through the rules first.
Rules For The Quiz:
- This quiz has 10 multiple-choice questions.
- Each sum has 2 marks.
- So the maximum marks are 20.
- There is no time limit.
- You should be ready with a pen and copy in your hand to solve the sums.
- keep your Maths book away from you. This is the test of your memory. So do not take the help of the Maths book.
- The correct answer and explanation are provided at the end of this quiz.
Do not forget to write your score in the comments section below. If you want to attempt the quiz again, you are free to do so.
Happy learning. Always say yes to Maths.