1. What can be used as currency?

Dollar bills and coins
Cattle
Leaves
All of the above

2. What is the purpose of money?

To end world hunger
To make it easier to exchange goods and services
To be used as a raw material for construction and food production
To prevent crime and terrorism

3. What was the earliest system of trade?

Barter system
Money system
Railroad system
Prehistoric trading system

4. How does trade work in a barter system?

Goods and services are traded for other goods and services
Goods and services are provided to everyone for free on a need-basis
Goods and services are traded for a standardized form of currency
Goods and services are not traded; everyone provides for themselves

5. Approximately how many currencies are there in the world?

5
27
190
3,250

6. What is the official currency of the European Union?

Dollar
Yen
Euro
Pound

7. When was the euro first released to the public?

January, 2002
February, 2003
January, 1998
August, 1985

8. Which member state of the European Union has not yet adopted the euro as its national currency?

France
Great Britain
Italy
China

9. The world is slowly moving from several strong economic markets to a single centralized entity. This process is called .

Worldization
Globalization
Centralization
Civilization

10. What is the greatest benefit of having a single global currency?

Greater stability
Lower cost to manufacture and maintain
Reduces countries' economic independence
It would take up less space in your wallet

11. The establishment of which multinational currency has been a major step toward the development of a global currency?

Dollar
Pound
Yen
Euro

12. In the future, we may eliminate the need for physical money. Instead, we would exchange for goods and services.

Teeth
Seashells
Love
Digital cash

13. What is required of money?

Money must store value and be easily transferrable
Money must be colorful
Money must have pictures of old white men on them
Money must be valuable

14. What is the specific definition of currency?

Money
Paper or coins representing money
American dollars and coins
Anything you trade for goods and services

15. The United States used to back its currency up with .

gold
sterling silver
diamonds
oil

16. What was the value of the British pound originally based on?

Gold
Copper
Silver
Brass

17. What type of money is not backed by any valuable substance/reserve other than the confidence that the money will be accepted later on?

Representative money
Commodity money
Fiat money
Dollars

18. Which of these is not an example of commodity money?

Gold
Silver
Cigarettes
Dollar bills

19. What denomination is the largest American dollar bill ever created?

$100
$1,000
$10,000
$100,000

20. What was it used for?

Reconstruction in Europe
Internal Federal Reserve transactions
For the very wealthy
For collectors

21. Which of these facts about the Euro is untrue?

Euro coins look the same in all EU countries
Almost all EU countries use just the Euro
The Euro is currently stronger than the dollar(December 8, 2004)
The Euro was introduced in January 1, 2002

22. Where is the EU's central bank, the base of the Euro?

Paris, France
Brussels, Belgium
Frankfurt, Germany
Maastricht, the Netherlands

23. What is the name of the EU's central bank?

The Federal Reserve Bank
The European Reserve Bank
The Central European Union Bank
European Central Bank

24. What is the name of the United States' central bank?

The Fed
The American Bank
The Liberty Bank
The Patriot's Bank

Quiz