The Money Quiz
How much do you know about money?
Try the Money Quiz!
1. Who creates most (97%) of the money in Britain?
- The Bank of England
- The World Bank
- The European Central Bank
- The 'High St' banks
2. What is the definition of legal tender?
- Money used to pay a solicitor.
- Money that shops must accept.
- Money that cannot be refused by a creditor.
- Gold or silver coins.
3. What is the highest rate of interest (APR) that the law allows on lending?
- 33.3 %
- 55 %
- 110 %
- There is no upper limit.
4. What is seigniorage?
- The signature on a bank-note.
- The profit on the creation of money.
- An elderly Italian banker.
- The gold reserves of the Bank of England.
5. When did the pound sterling cease to be backed by gold?
- 1931
- 1946
- 1971
- It still is backed by gold.
6. How much of Britain's money consists of notes and coins?
- 3%
- 30%
- 65%
- 100%
7. How much total personal debt is there in Britain today?
- £1 billion
- £10 billion
- £100 billion
- £1000 billion
8. What direct control does the government have over the money supply?
- Through the Bank of England note issue.
- None at all.
- Through the Chancellor's annual Budget.
- Through the Bank Act (1988).
9. What is the maximum amount of its deposits that a bank can lend out?
- 85%
- 100%
- 250%
- More than 1000%
10. What is the approximate value of the National Debt for each British adult?
- £100
- £1000
- £10,000
- £100,000
The Money Quiz is offered as a means raising the matter of money creation in an entertaining and light-hearted fashion. Lots of people like to test their knowledge with quizzes. This one might make them think about things they have never considered before.
