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The Money Reform Party

The Money Quiz

How much do you know about money?

Try the Money Quiz!

1. Who creates most (97%) of the money in Britain?

  1. The Bank of England
  2. The World Bank
  3. The European Central Bank
  4. The 'High St' banks

2. What is the definition of legal tender?

  1. Money used to pay a solicitor.
  2. Money that shops must accept.
  3. Money that cannot be refused by a creditor.
  4. Gold or silver coins.

3. What is the highest rate of interest (APR) that the law allows on lending?

  1. 33.3 %
  2. 55 %
  3. 110 %
  4. There is no upper limit.

4. What is seigniorage?

  1. The signature on a bank-note.
  2. The profit on the creation of money.
  3. An elderly Italian banker.
  4. The gold reserves of the Bank of England.

5. When did the pound sterling cease to be backed by gold?

  1. 1931
  2. 1946
  3. 1971
  4. It still is backed by gold.

6. How much of Britain's money consists of notes and coins?

  1. 3%
  2. 30%
  3. 65%
  4. 100%

7. How much total personal debt is there in Britain today?

  1. £1 billion
  2. £10 billion
  3. £100 billion
  4. £1000 billion

8. What direct control does the government have over the money supply?

  1. Through the Bank of England note issue.
  2. None at all.
  3. Through the Chancellor's annual Budget.
  4. Through the Bank Act (1988).

9. What is the maximum amount of its deposits that a bank can lend out?

  1. 85%
  2. 100%
  3. 250%
  4. More than 1000%

10. What is the approximate value of the National Debt for each British adult?

  1. £100
  2. £1000
  3. £10,000
  4. £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.

Answers 1 d, 2 c, 3 d, 4 b, 5 a, 6 a, 7 d, 8 b, 9 d, 10 c.

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Money Quiz

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