Basic 4 Social Studies Test - Week 8

What does saving mean?

• Spending money immediately

• Setting aside money for future use

• Borrowing money from a bank

Which financial institution is used for saving and borrowing money?

• Restaurant

• Hospital

• Bank

• School

What is a traditional way of saving money?

• Fixing in a fixed deposit account

• Buying shares

• Saving in banks

• Digging a hole and putting savings in it

Why do people save money?

• To lose it

• To spend it all at once

• To prevent it from being stolen

• To give it away

Which type of bank deals with large scale importation and exportation?

• Commercial bank

• Micro finance bank

• Merchant bank

• Mortgage bank

What is the regulatory body that controls the activities of all banks in Nigeria?

• Central bank of Nigeria

• European Central Bank

• Bank of America

• World Bank

What do micro finance banks help with?

• Medium businesses

• Government institutions

• Small and micro businesses

• Large businesses

What is the main purpose of mortgage banks?

• Investing in stocks

• Providing insurance

• Importing goods

• Acquisition, ownership and sales of houses

Which type of bank primarily deals with commercial activities for customers?

• Merchant bank

• Commercial bank

• Mortgage bank

• Micro finance bank

What is the modern way of saving money?

• Saving in pots

• Buying shares

• Saving under the bed