Evolution of Money Quiz

What did ancient accountants in Sumer use to keep track of farmers' crops and livestock?

• Leather pouches

• Metal coins

• Wooden sticks

• Baked clay tokens

What was the first universal currency used by humans?

• Silver

• Gold

• Bronze

• Cowrie shells

Where were the first coins created around 2,700 years ago?

• China

• India

• Egypt

• Lydia

What type of money were ancient coins considered to be?

• Fiat money

• Virtual money

• Commodity money

• Credit money

What led to the development of large-scale trade networks in ancient times?

• Creation of metal coins

• Invention of paper currency

• Discovery of new trade routes

• Introduction of credit cards

What did investors in London coffeehouses underwrite in the 1600s?

• Religious pilgrimages

• Artists and musicians

• Traders and colonists heading to the New World

• Scientific research expeditions

What was the earliest form of paper currency used as?

• Bank notes

• Receipts for gold or silver coins

• Stock certificates

• Government bonds

What event led to the concept of fiat money?

• Realization that notes are not redeemable for gold

• Realization that gold is not valuable

• Realization that notes are more valuable than gold

• Realization that notes are easily counterfeited

What emerged as an alternative to cash in the 20th century?

• Credit cards

• Cowrie shells

• Bitcoin

• Gold coins

What is Bitcoin?

• Official government currency

• Virtual Internet currency

• Credit card company

• Commodity money