SSC MCQ Question Ans. Money and Banking System

SSC MCQ Question Ans. Money and Banking System. Nabil’s father is a service holder. His monthly salary is 20000 taka. He keeps some cash for household expenses and deposits some money to the bank. After some days,  he decides to set up a poultry farm. For this, he takes some loan from the bank. The bank sanctions this loan to him on condition of repaying this within 36 months at 10% interest. Our income-expenditure, savings, and loans, all are generated by money. Money and loan business is operated by the bank and financial institutions. Bank receives the surplus money of the public as deposit and sanctions this to the debtor as loans.   Different banks play a significant role in our agricultural development,  industrialization, self-employment and trade and commerce.

SSC MCQ Question Ans. Money and Banking System

For a long time, farmers used to collect their crops from weavers in exchange of clothes and fishermen used to collect utensils from potters in exchange for fishes. This system of fulfilling the necessities of certain goods in exchange for other goods is called the Barter System. This system is still practiced in some rural areas of our country. But this system created some problems sometimes (e.g.- problems in a division of the goods and the dissimilarities in needs,  etc).  To overcome these problems money was invented.  In the modern economy, money is unanimously approved and accepted as the medium of exchange. Money is used as a medium of trade, measure the value of goods and services and mode of savings.

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