Quiz Alert: How much do you know about money and economics?
Carolyn Brooks Fleming
The euro, the official currency of the eurozone, was launched on January 1, 1999, but when was actual euro cash introduced?
For the first three years after it was launched, the euro was only used in electronic payments. Banknotes were introduced on January 1, 2002, replacing local currencies at fixed rates of exchange.
Who first came up with the phrase "trickle down," as it relates to economics?
Comedian Will Rogers commented about the theory that money would "trickle down" to the needy, after the Hoover administration gave money to the wealthy during the Great Depression, hoping it would ultimately benefit the poor.
What popular song features the lyrics, "I wanna be on the cover of "Forbes" magazine / Smiling next to Oprah and the Queen."
The song is "Billionaire," by Travie McCoy, featuring Bruno Mars. Later, the lyric continues,"I swear the world better prepare / For when I'm a billionaire."
What is a mutual fund?
A mutual fund is an investment strategy in which many people pool money together to purchase a variety of stocks, bonds, or other investments. A group has greater purchasing power than a bunch of individuals.
What is the disposition effect?
The disposition effect is the tendency of investors to hold on to bad investments for too long and to sell winning investments too soon. This is the opposite of the best advice, which is to buy low and sell high.
What is the official currency of Albania?
The lek is the official currency of Albania. One lek is equal to 100 quindarka, but the quindarka is no longer produced.
What is a promissory note?
A promissory note is a document that contains a written promise to pay a specific amount on a specified date or on demand. Sometimes it includes a repayment schedule with interest included.
What was the first universal credit card, usable at a number of establishments?
The first universal credit card was the Diners Club Card, introduced in 1950. Before that, some department stores issued proprietary cards, usable only at one store or chain.
What is money laundering?
Money laundering is hiding the source of money illegally obtained, making it seem clean and legal. Often funds are funneled into and out of foreign accounts and legitimate businesses, to conceal the original source.
What is Say's law?
Most economists disagree with Say's law, that supply creates its own demand. Jean-Baptiste Say lived from 1767 to 1832.
What are liquid assets?
Liquid assets are readily available for use. Money is the most liquid of all assets. Items that can be sold quickly, such as stocks and bonds, are fairly liquid. Real estate is non-liquid, because it can be hard to sell and it can take a long time for funds to transfer after a sale.
What is unusual about the rhythm track on Pink Floyd's 1973 song, "Money"?
"Money" is unusual because the rhythm track includes sound effects of a cash register and jingling coins. For music geeks: the song is also unusual because parts of it are played in a 7/8 time signature.
In what year did the US Department of the Treasury announce that currency in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued?
The announcement came on July 14, 1969. Although these larger bills were distributed until 1969, they hadn't been printed since 1945. They are still legal tender, however.
In Marxist theory, what is the transitional phase between the overthrow of capitalism and the realization of communism?
In Marxist theory, socialism comes between the overthrow of capitalism and the realization of communism. Socialism is the collective ownership of the means of production.
What is speculation?
Speculation is buying or selling assets to make a quick profit. It is the opposite of long-term investment.
What is the term for the color-changing properties of the ink used to print money in the US?
Birefringent ink changes color when viewed at different angles. This is just one strategy implemented to thwart counterfeiters.
Why is it legal in the US to price gasoline to 1/10th of a penny?
The mill, valued at 1/10th of a cent, was made part of US currency in 1792, allowing for pricing to the 1/10th of a cent. Not only gasoline, but also property taxes, stock prices, and utility bills are sometimes priced to that decimal place. The total is then rounded up or down to the nearest cent.
What was the largest denomination ever printed by the US Bureau of Engraving and Printing?
The $100,000 Gold Certificate, Series 1934, was printed from December 18, 1934, through January 9, 1935, secured by actual gold bullion in the Treasury. These notes were only used to transfer funds between Federal Reserve Banks.
In investment terms, what is diversification?
Diversification, or mixing a variety of investments in a portfolio, protects an investor against a catastrophic loss in case one industry or investment type has a severe downturn.
In the standard US version of the game Monopoly, what color is the $5 bill?
In a 2008 redesign, some Monopoly bills changed color, but the $5 bill remains its traditional pink. $10 bills changed from yellow to blue and $50 bills changed from blue to purple.
What does "EMV" stand for, regarding credit cards equipped with computer chips?
EMV stands for Europay, MasterCard, and Visa. Cards with computer chips are meant to protect consumers and reduce fraud.
What is unusual about Japanese 50-yen and 5-yen coins?
The 50-yen and 5-yen coins have a central hole for three reasons: it saves on material costs; it hinders counterfeiters; and it helps people tell coins apart just by touch. The gears around the hole in the 5-yen coin symbolize Japanese agriculture, fisheries, and industry.
Who is the only living US president whose image was struck on a US coin?
There is a law in the US which states that no living person can be featured on a coin, so the US will not be like a monarchy. However, President Calvin Coolidge's image appeared on a commemorative coin, in celebration of the Sesquicentennial of American Independence. The coin was minted in 1926.
When the Bank of Canada issued new polymer $5 and $20 bills in 2013, what controversy ensued?
Officials denied that the new Canadian polymer bills were infused with the smell of maple syrup. What they cannot deny, however, is the money's tendency to get sticky or even melt when it is heated.
What is "seed money"?
"Seed money" is the money used to start a business. Family, friends, banks, and Kickstarter are all potential sources of seed money.
Who was the first African-American to appear on US currency in circulation?
Booker T. Washington was the first African-American to appear on US currency in circulation. The coin was a memorial half-dollar. Washington was born a slave, but he became a celebrated educator and activist.
For what practical reason would a person bury pennies in their garden?
Bury pennies in your garden to repel slugs. They get electric shocks from both the copper and the zinc.
What is Bitcoin?
Bitcoin is a currency with no central authority and no bank, available to everyone. And there's an app for that - Bitcoins can be exchanged between phones. Acquire bitcoins by accepting them as payment or by purchasing them from an exchange.
Which culture was the first to stamp the image of a living person on a coin?
The Romans were the first culture to stamp the image of a living person on a coin. Julius Caesar was featured on a coin in 44 B.C.
What percentage of US paper currency printed is $1 bills?
45% of all US bills printed are $1 bills. For what it's worth, 454 bills weigh one pound.
What is a zero-based budget?
With a zero-sum budget, every dollar is assigned to a specific use, even before it is received. Electric bill paid? Yes. Caramel latte purchased on a whim? Probably not.
What color ink is used to print the back side of all US bills?
All US bills, regardless of denomination, are printed in green on the back side. The faces are printed with black ink and color-changing ink.
Where could you spend a Rai stone - a limestone disc that is the world's heaviest currency?
The Island of Yap is in the western Pacific Ocean, between Palau and Guam. Explorers from the island brought back large chunks of limestone that they carved into discs, and these came to be used as currency. Islanders don't have to move the discs; everyone knows who owns which Rai stones.
What is the name of the actual eagle, adopted by workers at the US Mint, who modeled for the US silver dollar?
The eagle who modeled for the US silver dollar was named Peter. Sadly, he later died when his wing got caught in a coining press. Peter was stuffed and is still on display in the lobby of the US Mint in Philadelphia.
Where did the expression, "Money is the root of all evil," originate?
The expression, "Money is the root of all evil," comes from the Bible. Specifically, the quote is, "The love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows" (I Timothy 6:10).
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