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Basic History of Money
"History questions about the monetary system. This is for people who like money!"
15 Points Per Correct Answer - No time limit
Before money was invented, did people needed to exchange of goods and services. What is this system of trading called?
Bart 'n' Mart
Quid pro quo
About 1200-1100 BC metal objects of value were introduced as money. By 700 BC there were coins with specific values at Aegina, and by 650 B.C. at Ephesus, Lydia. What was the reason for using metal coins?
The metals used for coins were of significant intrinsic value
Coins could be issued in multiples and fractions of a standard unit
Coins made comparing values easy
All of these
Up to the 19th century the silver standard was used for most currencies. What does the word 'Sterling' refer to in 'Pound Sterling'?
The weight of a one pound coin
Pound coins minted in Stirling Castle
Notes issued by the Bank of Scotland
An earlier silver standard of the British currency
The first paper currencies were used in China from the 9th to 15th century. Legal tender or in common form, paper currency, is used for meeting a financial obligation. In what year was the U.S. Legal Tender Act passed?
Currencies often use symbols to identify them. The origin of the US dollar sign of an 'S' and two line marks placed vertically on it is unknown.
When was the motto 'In God We Trust' first used on United States Coins?
Britain adopted the gold standard in 1816. In the United States, what act was enacted in the year 1900, that established the gold standard for the US Dollar?
Currency Standard Act
International Currency Exchange Act
Silver Standard Act
Gold Standard Act
Today monetary transfers are carried out efficiently by computer. What is cash that is exchanged in the way called?
Some people wonder if our money is safe when making monetary exchanges on the computer. What is the advantage of electronic digital cash over traditional real cash?
It tempts hackers
It has many errors
It is used for compulsive shopping
It is precise, simple, and convenient for money management.
The US money uses pictures on its paper bills (notes). The United States issued a new 100 dollar bill in 2011. What person is pictured on the bill?
James Earl Carter Jr.
George W. Bush
William Jefferson Clinton
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Compiled Jun 18 13