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Question
Aunt Archana buys Nitin and his cousins five candies each. Nitin proposes that they play a game in which they write their names on paper, shuffle, and pick a name. The chosen winner gets all the candies.
Which of the following systems of banking does the proposed game represent?
Aunt Archana buys Nitin and his cousins five candies each. Nitin proposes that they play a game in which they write their names on paper, shuffle, and pick a name. The chosen winner gets all the candies.
Which of the following systems of banking does the proposed game represent?
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Solution
The correct option is C Chit fund
Chit funds function among a domestic group of people in which people write their names on a chit or piece of paper, shuffle, and choose one. The person whose name flicks in the chit gets the money. Then, the people continue pooling in money and wait for their turn to be picked.
Chit funds function among a domestic group of people in which people write their names on a chit or piece of paper, shuffle, and choose one. The person whose name flicks in the chit gets the money. Then, the people continue pooling in money and wait for their turn to be picked.
Suggest Corrections
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in front of those games that are played indoors. Against the outdoor games, make a 
i. Don’t forget to write the number of players needed for the game. If some other things are also needed to play the game, then write their names as well.