McqMate
| 1. |
Which refers to uncertainty and deception in Islamic Economics? |
| A. | Zakat |
| B. | Gharar |
| C. | Sadaqa |
| D. | Salath |
| Answer» B. Gharar | |
| 2. |
In …………..the profit ratio is fixed according to capital contribution, while loss ratio. |
| A. | Musharaka |
| B. | Ijrah |
| C. | Mudarabah |
| D. | Bai Muhajjal |
| Answer» A. Musharaka | |
| 3. |
What refers to a delay in the settlement of one or both counter-values? |
| A. | Riba-al-Fadl |
| B. | Interest |
| C. | Riba |
| D. | Profit |
| Answer» A. Riba-al-Fadl | |
| 4. |
Buying a house for example Rs. 450,000 (to be paid in instalments over 5 years) is a permissible arrangement. |
| A. | Yes |
| B. | No |
| C. | Maybe |
| D. | None of these above |
| Answer» A. Yes | |
| 5. |
According to……………., anything that has economic value is considered wealth. |
| A. | Shariah |
| B. | Qiyas |
| C. | Ijma |
| D. | Ijthihad |
| Answer» A. Shariah | |
| 6. |
Offer and acceptance are non-essential attributes of the contract and if they are missing then the contract cannot be described as. |
| A. | Riba |
| B. | Shariah |
| C. | Void (batil). |
| D. | Sunnah |
| Answer» C. Void (batil). | |
| 7. |
It is permissible to sell a commodity before it comes under our control or we take (actual or constructive) possession of it. |
| A. | Excluding Salam and Istisna arrangements |
| B. | Only Salam |
| C. | All things |
| D. | none of these above |
| Answer» A. Excluding Salam and Istisna arrangements | |
| 8. |
One of the core aims or objectives (maqasid) of the Shariah is the preservation of. |
| A. | Wealth (Maal). |
| B. | Sunnah |
| C. | Imaan |
| D. | Value |
| Answer» A. Wealth (Maal). | |
| 9. |
Buying shares (stock) on a short term price fluctuations is considered speculation (rather than investment) and thus is a ……………trading practice. |
| A. | Prohibited |
| B. | None of these above |
| C. | Allowed |
| D. | Not a matter |
| Answer» A. Prohibited | |
| 10. |
The result of a sale transaction is instant and a result in an absolute transfer of the (asset) is. |
| A. | Ownership |
| B. | Private |
| C. | Partnership |
| D. | Public |
| Answer» A. Ownership | |
| 11. |
In………., partner who invest eg. Rs.50,000 (or 10 % of total investment capital) has right to specify from the beginning that his share of profit will be Rs. 5,000 per year (which equals to10 % of his initial contribution). |
| A. | Musharaka |
| B. | Riba |
| C. | Mudarabah |
| D. | Zakat |
| Answer» A. Musharaka | |
| 12. |
Man is the Khalifah of God or Vicegerent on earth and the resources at his disposal are. |
| A. | A trust (Amanath) |
| B. | Property |
| C. | A profit |
| D. | A commodity |
| Answer» A. A trust (Amanath) | |
| 13. |
Who must utilize them according to the will of the Creator and he will be held accountable for any misuse of these resources. |
| A. | Man |
| B. | Prophet |
| C. | God |
| D. | Angels |
| Answer» A. Man | |
| 14. |
All the follows that the resources are means to attain. |
| A. | Falah |
| B. | Fait |
| C. | Sujud |
| D. | Tragedy |
| Answer» A. Falah | |
| 15. |
Which is the creation of God for man? |
| A. | Nature |
| B. | Planets |
| C. | Animals |
| D. | Vegetables |
| Answer» A. Nature | |
| 16. |
All resources in nature are means for man to attain his falah (happiness) in this world and in the. |
| A. | Hereafter |
| B. | Friends |
| C. | Death |
| D. | Family |
| Answer» A. Hereafter | |
| 17. |
……… is the social science that studies the allocation of scarce resources to satisfy unlimited wants. |
| A. | Economics |
| B. | Botany |
| C. | History |
| D. | Commerce |
| Answer» A. Economics | |
| 18. |
Islamic Economics is a social science which studies the economic problems of people imbued with the values of. |
| A. | Islam |
| B. | Pragmatic |
| C. | Iman |
| D. | Rational |
| Answer» A. Islam | |
| 19. |
It is the study of social science which enables people to perform their obligation to Allah (God) and to their society. |
| A. | Islamic Economics |
| B. | Micro Economics |
| C. | Macro Economics |
| D. | E-commerce |
| Answer» A. Islamic Economics | |
| 20. |
In which place for accountability, and for getting the outcome of all deeds including economic activities, in an eternal life. |
| A. | Akhirah |
| B. | Dunyah |
| C. | Heaven |
| D. | Hell |
| Answer» A. Akhirah | |
| 21. |
……………….well-being for leading a good life and discharging socio-Islamic obligations in this world and for achieving the home of hereafter. |
| A. | Economic |
| B. | Trade |
| C. | Financial |
| D. | Commerce |
| Answer» A. Economic | |
| 22. |
Who created resources in abundant as per the Islamic ideology? |
| A. | Allah (God) |
| B. | Prophet |
| C. | Khalifa |
| D. | Government |
| Answer» A. Allah (God) | |
| 23. |
Why recourses in the eyes of man are scarce or limited? |
| A. | Due to lack of means to reach this resources |
| B. | Lack of knowledge |
| C. | Lack of belief |
| D. | None of these above |
| Answer» A. Due to lack of means to reach this resources | |
| 24. |
To understand the Islamic worldview let us first define the followings. |
| A. | Islam, Iman, Amal, & Ihsan. |
| B. | History |
| C. | Economics |
| D. | Politics |
| Answer» A. Islam, Iman, Amal, & Ihsan. | |
| 25. |
An Islamic world view or…………., is the vision of reality and truth that appears before our mind’s eye revelling what existence is all about. |
| A. | Ru’yat al-Islam li al Wujuod |
| B. | Nubuvath |
| C. | Risala |
| D. | Rassol |
| Answer» A. Ru’yat al-Islam li al Wujuod | |
| 26. |
It is defined as “a set of implicit and explicit assumptions about the origin of the universe as well as the nature and purpose of man not only in this world but in the hereafter too”. |
| A. | Islamic Economics |
| B. | Macro Economics |
| C. | Ancient Economics |
| D. | Micro Economics |
| Answer» A. Islamic Economics | |
| 27. |
To seek,…………….is a holy duty; it is obligatory on every Muslim, male and female. |
| A. | Knowledge |
| B. | Health |
| C. | Wealth |
| D. | Beauty |
| Answer» A. Knowledge | |
| 28. |
The first revealed word in the Qur’an was ………….. |
| A. | Iqrah or Read |
| B. | Convert |
| C. | Acquire |
| D. | Belief |
| Answer» A. Iqrah or Read | |
| 29. |
The idea of Socialism emerged as a repercussion against the evils of. |
| A. | Feudalism |
| B. | Communalism |
| C. | Capitalism |
| D. | Materialism |
| Answer» C. Capitalism | |
| 30. |
In Islamic order the priority of production is determined by. |
| A. | Availability of source |
| B. | Possibility of economic development |
| C. | Requirement of the individual |
| D. | Requirement of the society |
| Answer» D. Requirement of the society | |
| 31. |
Usurer was synonym used for. |
| A. | Arabs |
| B. | Lombard |
| C. | Jews |
| D. | goldsmith |
| Answer» C. Jews | |
| 32. |
The earliest economics practice prevailed in the world was. |
| A. | Batter system |
| B. | Barber system |
| C. | Commerce |
| D. | Share market |
| Answer» A. Batter system | |
| 33. |
The headquarters of Islamic Development Bank is. |
| A. | Paris |
| B. | London |
| C. | Jeddah |
| D. | Geneva |
| Answer» C. Jeddah | |
| 34. |
In Islamic philosophy Zakat is the …………….. of poor. |
| A. | Right |
| B. | Mercy |
| C. | Duty |
| D. | Principle |
| Answer» A. Right | |
| 35. |
The profit loss sharing in the Islamic Banking is known as. |
| A. | Mudarabh |
| B. | Murabaha |
| C. | Musharakah |
| D. | Bai Muajjal |
| Answer» A. Mudarabh | |
| 36. |
Economic and ……………….well-being for leading a good life. |
| A. | Non-Economic |
| B. | Trade |
| C. | Financial |
| D. | Commerce |
| Answer» A. Non-Economic | |
| 37. |
Who is creator of the universe according to Islamic belief? |
| A. | Allah (God) |
| B. | Prophet |
| C. | Khalifa |
| D. | Government |
| Answer» A. Allah (God) | |
| 38. |
Which is the social science that studies the allocation of scarce resources to satisfy the unlimited wants? |
| A. | Economics |
| B. | Botany |
| C. | History |
| D. | Commerce |
| Answer» A. Economics | |
| 39. |
It is the study of social science which enables people to perform their obligation to Allah and of their society. |
| A. | Islamic Economics |
| B. | Micro Economics |
| C. | Macro Economics |
| D. | E-commerce |
| Answer» A. Islamic Economics | |
| 40. |
Which refers to uncertainty and deception (amongst other things)? |
| A. | Zakat |
| B. | Gharar |
| C. | Sadaqa |
| D. | Salath |
| Answer» A. Zakat | |
| 41. |
What refers to a delay in the settlement of one or both counter-values? |
| A. | Riba al-Fadl |
| B. | Interest |
| C. | Riba |
| D. | Profit |
| Answer» A. Riba al-Fadl | |
| 42. |
Buying a house for eg. Rs. 450,000 (to be paid in instalments over 5 years) is a permissible arrangement. |
| A. | Yes |
| B. | No |
| C. | Maybe |
| D. | None of these above |
| Answer» A. Yes | |
| 43. |
According to……………., anything that has economic value is considered wealth. |
| A. | Sharia |
| B. | Right |
| C. | Constitution |
| D. | Power |
| Answer» A. Sharia | |
| 44. |
Offer and acceptance are non-essential attributes of the contract and if they are missing then the contract cannot be described as. ……………………….. |
| A. | Void (Batil) |
| B. | Sunnah |
| C. | Halal |
| D. | None of the above |
| Answer» A. Void (Batil) | |
| 45. |
……………………is permissible to sell a commodity before it comes under our control or we take (actual or constructive) possession of it. |
| A. | Excluding Salaam and Istinsa agreements |
| B. | Only B is correct |
| C. | Including Salaam and Istinsa |
| D. | All the above |
| Answer» A. Excluding Salaam and Istinsa agreements | |
| 46. |
One of the core aims or objectives (Maqasid) of the Shariah is the preservation of. |
| A. | Wealth (Maal) |
| B. | Health |
| C. | Power |
| D. | Ambition |
| Answer» A. Wealth (Maal) | |
| 47. |
Buying shares (stock) on a short term price fluctuations is considered speculation (rather than investment) and thus is a ……………trading practice. |
| A. | Prohibited |
| B. | Restricted |
| C. | Permitted |
| D. | None of the above |
| Answer» A. Prohibited | |
| 48. |
The result of a sale transaction is instant and a result in an absolute transfer of the (asset) is. |
| A. | Ownership |
| B. | Rent |
| C. | Entrepreneurship |
| D. | Lease |
| Answer» A. Ownership | |
| 49. |
Usurer was synonym used by. |
| A. | Arabs |
| B. | Lombard |
| C. | Jews |
| D. | Goldsmith |
| Answer» A. Arabs | |
| 50. |
Which one of the following is not essentially a part of Islamic Jurisprudence? |
| A. | Quran |
| B. | Sunnah |
| C. | Qiyas |
| D. | Tasawuff |
| Answer» D. Tasawuff | |
| 51. |
I D B was established in the year …………………………………. |
| A. | 1948 |
| B. | 1984 |
| C. | 1958 |
| D. | 1999 |
| Answer» A. 1948 | |
| 52. |
…………………………………… is the Islamic term of interest. |
| A. | Riba |
| B. | Rizala |
| C. | Rabb |
| D. | Raihan |
| Answer» A. Riba | |
| 53. |
In Islamic banking system the term for insurance is: |
| A. | Takaful |
| B. | Gharar |
| C. | Sukuk |
| D. | Salath |
| Answer» A. Takaful | |
| 54. |
“Kitab-al-Kharaj” is written by: |
| A. | Abu Hanifa |
| B. | Abu Yusuf |
| C. | Imam Malik |
| D. | Imam Shafi |
| Answer» B. Abu Yusuf | |
| 55. |
The “The Theory of Value” is propounded by: |
| A. | Karal Max |
| B. | Alfred Marhshal |
| C. | Hegal |
| D. | Ibn Kahldun |
| Answer» D. Ibn Kahldun | |
| 56. |
The number of heirs of Zakat is……………………………………… |
| A. | 8 |
| B. | 6 |
| C. | 9 |
| D. | 7 |
| Answer» A. 8 | |
| 57. |
Which is the third source of Islamic Jurisprudence? |
| A. | Quran |
| B. | Ijma |
| C. | Hadith |
| D. | Qiyas |
| Answer» B. Ijma | |
| 58. |
The abbreviation of IDB. |
| A. | Islamic Development Bank |
| B. | Iran Development Board |
| C. | Indian Development Bank |
| D. | Islamic Development Board |
| Answer» A. Islamic Development Bank | |
| 59. |
Islamic banking activity that is consistent with the principles of ………………… |
| A. | Sharia |
| B. | Constitution |
| C. | Jurisprudence |
| D. | Opinions |
| Answer» A. Sharia | |
| 60. |
What is fiqh. |
| A. | Jurisprudence |
| B. | Shirk |
| C. | Tawheed |
| D. | Tasawuff |
| Answer» A. Jurisprudence | |
| 61. |
Which one is the compulsory economic duty of the wealthy Muslims? |
| A. | Zakat |
| B. | Prayer |
| C. | Sadqa |
| D. | Hajj |
| Answer» A. Zakat | |
| 62. |
Abu Yusuf was the author of. |
| A. | Kithab-al-Kharaj |
| B. | Kithab-al-Hind |
| C. | Kithab-al-Khaz |
| D. | Kithab-al-Radd |
| Answer» A. Kithab-al-Kharaj | |
| 63. |
Traditions of Prophet Muhammad are known in Arabic by term. |
| A. | Quran |
| B. | Fiqh |
| C. | Sunnah |
| D. | Khalima |
| Answer» C. Sunnah | |
| 64. |
Zakat share on gold and silver is. |
| A. | 1 |
| B. | 2.5 |
| C. | 1.5 |
| D. | 2 |
| Answer» B. 2.5 | |
| 65. |
Riba is translated into English as. |
| A. | Profit |
| B. | Debt |
| C. | Interest |
| D. | Loan |
| Answer» C. Interest | |
| 66. |
Hujathul Baligha was written by. |
| A. | Imam Shafi |
| B. | Abu Yusuf |
| C. | Shaik Sirhindi |
| D. | Shah Waliullah |
| Answer» D. Shah Waliullah | |
| 67. |
Profit-loss sharing financing is known in Islamic concept by the term. |
| A. | Riba |
| B. | Mudharabah |
| C. | Zakat |
| D. | Saddaka |
| Answer» B. Mudharabah | |
| 68. |
Fakkir and Miskin are entitled to get a share of -------- tax. |
| A. | Jaziya |
| B. | Saddaka |
| C. | Zakat |
| D. | Kharaj |
| Answer» C. Zakat | |
| 69. |
The third pillar of Islam is. |
| A. | Hajj |
| B. | Prayer |
| C. | Zakat |
| D. | fasting |
| Answer» C. Zakat | |
| 70. |
Al-Barakka and Interest Free a Financial Enterprise was initiated for the first time India in the state of-----. |
| A. | Jammu & Kashmir |
| B. | U P |
| C. | Bihar |
| D. | Kerala |
| Answer» D. Kerala | |
| 71. |
People known as the bankers of the world. |
| A. | Bankers |
| B. | Lombards |
| C. | Clergy |
| D. | Brokers |
| Answer» D. Brokers | |
| 72. |
Author of ‘Economic Development in the Islamic Framework’. |
| A. | Asghar Ali Engineer |
| B. | Ahammed Khurshid |
| C. | Dr. Thomas Isaac |
| D. | Althaf Hussain |
| Answer» A. Asghar Ali Engineer | |
| 73. |
Author of ‘Economic problems of man and its Islamic solution’. |
| A. | Rashid Riddhah |
| B. | Moududi |
| C. | Abdul Khadir Jilaani |
| D. | Hassan al Banna |
| Answer» B. Moududi | |
| 74. |
Author of ‘Economics and Islam’. |
| A. | Mahmudullah Shirassi |
| B. | Abdul Kalam Azad |
| C. | Muslehuddin Muhammad |
| D. | A.P. Ibrahim Kunju |
| Answer» C. Muslehuddin Muhammad | |
| 75. |
Author of ‘Muhamman Theories of Finance’. |
| A. | Montgomery Watt |
| B. | Karen Armstrong |
| C. | Nicholas P Agrudes |
| D. | Sayyid Ahmad Khan |
| Answer» B. Karen Armstrong | |
| 76. |
Author of ‘Islamic Finance: Principles and Practice’. |
| A. | Amina Wudood |
| B. | Haris Muhammad |
| C. | Hans Visser |
| D. | Montgomery Watt |
| Answer» B. Haris Muhammad | |
| 77. |
Kharaj is a tax on ---. |
| A. | Water |
| B. | Gold |
| C. | Land |
| D. | Industries |
| Answer» C. Land | |
| 78. |
The tax collected instead of military service from the people of the book is. |
| A. | Zakat |
| B. | Ganimath |
| C. | Saddaka |
| D. | Jazya |
| Answer» D. Jazya | |
| 79. |
The first Arab coin was minted by which Caliph. |
| A. | Muawiya |
| B. | Umar II |
| C. | Haroon Al Rashid |
| D. | Abdul Malik |
| Answer» D. Abdul Malik | |
| 80. |
The Public share of Ganimath is. |
| A. | 1/2 % |
| B. | 1/4 % |
| C. | 1/5 % |
| D. | 1 % |
| Answer» B. 1/4 % | |
| 81. |
Which is the primary source of Islam? |
| A. | Hadith |
| B. | Quran |
| C. | Shariath |
| D. | Ijamah |
| Answer» B. Quran | |
| 82. |
The voluntary alms in Islam are called. |
| A. | Zakat |
| B. | Jazya |
| C. | Saddaka |
| D. | Ganimath |
| Answer» C. Saddaka | |
| 83. |
The compulsory alms in Islam is called. |
| A. | Kharaj |
| B. | Jazya |
| C. | Saddaka |
| D. | Zakat |
| Answer» D. Zakat | |
| 84. |
The legal system in Islam is called. |
| A. | Monarchy |
| B. | Shariath |
| C. | Constitutional |
| D. | Hierarchy |
| Answer» B. Shariath | |
| 85. |
Faraidh is the laws related to. |
| A. | Islamic Inheritance |
| B. | Islamic literature |
| C. | Neighbour relation |
| D. | Relation between husband & wife |
| Answer» A. Islamic Inheritance | |
| 86. |
Ghanimah is the wealth called in. |
| A. | Land |
| B. | War |
| C. | Water |
| D. | Agriculture |
| Answer» B. War | |
| 87. |
The PLS financing in Islam is called. |
| A. | Murhabah |
| B. | Mudarabah |
| C. | Ushr |
| D. | Riba |
| Answer» A. Murhabah | |
| 88. |
What is the word meaning of Fiqh. |
| A. | Islamic Jurisprudence |
| B. | Penal code |
| C. | Uniform Civil code |
| D. | The God |
| Answer» A. Islamic Jurisprudence | |
| 89. |
‘Islamic Economics and Finance’ is a book written by. |
| A. | Muhammad Akram Khan |
| B. | Sayed Ahmad Khan |
| C. | Abul Kalam Azad |
| D. | Azgar Ali Engineer |
| Answer» A. Muhammad Akram Khan | |
| 90. |
Public treasury in Islam is known as. |
| A. | Diwan i Bandagan |
| B. | Mudarabah |
| C. | Baith ul Mal |
| D. | Amanath |
| Answer» C. Baith ul Mal | |
| 91. |
Arab coinage was started by. |
| A. | Prophet Muhammad |
| B. | Caliph Abdul Malik |
| C. | Umar II |
| D. | Walid I |
| Answer» C. Umar II | |
| 92. |
The percentage of Zakat on money is. |
| A. | 2 ` |
| B. | 2.5 |
| C. | 3 |
| D. | 1.5 |
| Answer» B. 2.5 | |
| 93. |
What is word meaning of ‘Falah’ |
| A. | Prosperity or victory |
| B. | Development |
| C. | Economics |
| D. | Finance |
| Answer» A. Prosperity or victory | |
| 94. |
Ordinary share of inheritance for female in Islam is------ share of a male. |
| A. | 1/3 |
| B. | 1/2 |
| C. | 1/4 |
| D. | 1/5 |
| Answer» A. 1/3 | |
| 95. |
The name given by the system of exchange of goods for goods. |
| A. | Barter |
| B. | Speculation |
| C. | Share marketing |
| D. | VAT |
| Answer» A. Barter | |
| 96. |
The basis of conventional banking system. |
| A. | Deposit |
| B. | Profit |
| C. | Interest |
| D. | Loan |
| Answer» C. Interest | |
| 97. |
The Arab term used to denote the’ Sustainer’ of the entire universe. |
| A. | Rasak |
| B. | Rasiq |
| C. | Rafeedah |
| D. | Rashid |
| Answer» A. Rasak | |
| 98. |
The owner of the earth according to Quran. |
| A. | God |
| B. | Muhammad |
| C. | Caliph |
| D. | Malak |
| Answer» A. God | |
| 99. |
To whom the ownership of the Kharaj land belongs under Islamic Government. |
| A. | Muhammad |
| B. | Malak |
| C. | God |
| D. | Caliph |
| Answer» C. God | |
| 100. |
The condition of the lack of the basic needs of life. |
| A. | Faqir |
| B. | Inamath |
| C. | Amanath |
| D. | Ganimath |
| Answer» A. Faqir | |
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