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Currency Trivia Questions

posted Sep 17, 2012, 1:09 AM by Simon Nguyen   [ updated Sep 25, 2012, 12:01 AM ]

This currency trivia quiz has 12 multiple-choice questions. Answers to the currency trivia questions can be found at the end of the quiz. Knowledge is really the key to success.

1. Which of these following is NOT considered a major currency widely used for international business and payments?
a) U.S. dollar b) Chinese yuan c) Japanese yen d) The euro

2. The default currency in Britain is ________.
a) Gold b) The euro c) Pound sterling d) The peso

3. The pesos are used predominantly in which area of the world.
a) Latin America b) The Middle East c) Southeast Asia d) Oceania

4. In most countries, central banks control the national currencies and money supply. Theoretically, they should be __________.
a) Independent of their governments
b) Closely following orders from their governments
c) A combination of both A & B

5. What is the unique name given to the U.S. central bank?
a) The Treasury b) The IRS c) Uncle Sam d) The Federal Reserve

6. True or false. A weaker currency tends to help importers and hurt exporters.

7. The euro officially became the currency of the eurozone on January 1 of what year.
a) 1992 b) 1994 c) 1999 d) 2002

8. Foreign exchange rate can defined as the exchange rate between ________.
a) A commodity & a currency b) Two currencies c) Two commodities d) All of these

9. Which of the following is NOT a currently circulating currency?
a) The won b) The dong/VND c) The Deutschmark d) The rupee

10. Currencies were previously backed by gold. This system, known as the Gold Standard, was abruptly cancelled due to bold measures taken by which U.S. president.
a) John F. Kennedy b) Richard Nixon c) Jimmy Carter d) Ronald Reagan

11. When a currency is devalued, it means the value of such currency (in respect to other currencies) is artificially __________.
a) Augmented b) Reduced c) No answer

12. True or false. Panama uses the U.S. dollar as its official currency or legal tender.

Answer key:
1)b 2)c 3)a 4)a 5)d 6)false 7)c 8)b 9)c 10)b 11)b 12)True

Classifications: # of correct answers
10-12 Master, 7-9 Expert, 4-6 Intermediate, 0-3 Novice