Economic System MCQs with Answers

Past Paper MCQ

Muslim thinkers categorize economy as what type of economy?

• A.Mixed economy
• B.Capitalist economy
• C.Socialist economy
• D.Islamic economy

What is the primary role of Bait-ul-Mal in the Islamic economic system?

• A.To serve as a treasury for social welfare and public assistance
• B.To regulate trade and commerce in the Islamic state
• C.To collect and distribute Zakat only
• D.To manage the personal wealth of the Caliph

Why did the Prophet (PBUH) express disapproval toward a high dome constructed by a companion?

• A.The structure was built on disputed land
• B.The dome obstructed the mosque's ventilation
• C.Islam discourages waste of wealth
• D.It violated the architectural style of Madina

After performing the obligatory prayers, what is the status of seeking lawful (halal) earning in Islam?

• A.Wajib (Necessary)
• B.Mustahab (Commendable)
• C.Mubah (Permissible)
• D.Farz (Obligatory)

What type of tax is imposed on wealth extracted from mines in Islamic law?

• A.Ushr
• B.Kharaj
• C.Jizya
• D.Khumus

What are Usher and Khums in the context of Islamic teachings?

• A.Two kinds of Tax in Islam
• B.Two types of Islamic punishments
• C.Two categories of Salat
• D.Two famous Islamic scholars

Which major financial practice was prohibited in the same year Hajj was made obligatory?

• A.Interest (usury/riba)
• B.Monopoly (ihtikar)
• C.Hoarding of wealth
• D.Bribery (rishwat)

Which type of tax is traditionally levied on agricultural lands in Islamic history?

• A.Jizya
• B.Kharaj
• C.Ushr
• D.Zakat

What does the term 'Ghermeen' refer to in Islamic financial terminology?

• A.Creditors
• B.Debtors
• C.Investors
• D.Trustees

Who is the author of the Islamic book 'Kitab al Amwal' which focuses on Islamic revenue and finance?

• A.Abu Ubaid al Qasim Ibn Sallam
• B.Imam Abu Yusuf
• C.Ibn Qudamah
• D.Al-Mawardi