Money Matters Introduction Quiz

Which U.S. bill is considered unlucky and often avoided?

• $1

• $2

• $5

• $10

Answer explanation

The $2 bill was first printed in 1862. Interestingly, $2 notes were considered unlucky and unpopular throughout most of history.

The back of the bill depicts the famous John Trumbull painting “Declaration of Independence” — sans five of the 47 people who appear in the original. So, although plenty of conspiracy theories about money have fixated on the $2 bill, perhaps the real controversy here is who was left out on the final design.

If you’re itching for more money facts, find out the cost behind America’s most recognizable landmarks.

A majority of U.S. bills have traces of drugs on them.

• True

• False

Answer explanation

A 2009 study by chemist Yuegang Zuo of the University of Massachusetts Dartmouth found that 85 percent to 95 percent of paper money in circulation contains traces of cocaine. In Detroit, Los Angeles, Miami, Boston and a few other major cities, bills showed traces of cocaine 100 percent of the time. Compare that to China and Japan, where the percentage was much lower at only 20 percent and 12 percent, respectively.

A bill’s life expectancy is no longer than how many years?

• 15

• 25

• 50

• 35

Answer explanation

After being used on a regular basis, bills wear out and are taken out of circulation. The $1 bill gets the most use and typically only lasts about 5.8 years.

However, it’s not the shortest life expectancy for a bill — that title belongs to the $10 bill, which surprising only lasts about 4.5 years. The $5 bill also has a shorter lifespan than the $1 bill, coming in at 5.5 years, whereas the $20 and $50 bills start to trend upward at 7.9 years and 8.5 years, respectively. The longest lifespan belongs to the $100 bill, which lasts an average of 15 years.

Where does the word "money" come from?

• Greek word "monos"

• Latin word "moneta"

• Egyptian word "mona"

• Hewbrew word "manah"

Answer explanation

Moneta was the title given to Juno, the Roman goddess of marriage, and the queen of the gods. Temples dedicated to her were often used as mints where coins were produced. Establishing the association between the goddess and the currency.

Which civilization first used paper money?

• Egypt

• Rome

• China

• India

Answer explanation

China was the first country to start using paper money. During the Song Dynasty merchants used promissory notes as they were easier to carry and exchange than metal coins. This innovation revolutionised the concept of money helped simplify trading.

What were the first banknotes like?

• Written by hand

• Printed with ink

• Made of metal

• Made of leather

Answer explanation

The very first banknotes were written by hand on small sheets of paper. In addition, stamps were often used on the paper as a mark of authenticity.

When did the concept of money begin?

• 500 BCE

• 1000 BCE

• 3000 BCE

• 1500 BCE

Answer explanation

The origin of money dates back to around 3.000 BCE when people first started trading goods with each other as payment. This started with shells, salt, livestock, and stones, and later developed into the coins and banknotes we use today.

Who first put important people on coins?

• Greeks

• Egyptians

• Romans

• Persians

Answer explanation

The Roman Empire started the practice of depicting rulers on coins. They did so to establish authority and legitimacy. Today, not only rulers are shown on money, but also other important historical figures such as philosophers or writers.

Who produces most of the world’s money?

• Banks

• Governments

• Stock exchanges

• Mints and printing presses

Answer explanation

Most currencies are made by mints or printing presses. These facilities are responsible for producing coins and banknotes according to the economic demand of their country or region.

Where was the first ATM installed?

• New York

• Enfield, London

• Tokyo

• Berlin

Answer explanation

John Shepherd-Barron was credited with the invention of the Automated Teller Machine (ATM), of which the first model was installed in 1967 in Enfield, London. Three years later the British engineer James Goodfellow created the concept of the personal identification number (PIN).