We all know that money doesn’t grow on trees. But it’s actually made of paper, which is made of trees ;) Indeed, there are quite a number of interesting facts about money which are likely to surprise you!

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Think about it

Answer the question below.

• Which currency is the cleanest in the world? How was it tested?
• What items did people use as money in the past?
• Where does modern money originate from?
• What is the supposed origin of the word “quid”?
• Who was Francis Greenway?
• Which countries in the world had the biggest inflation issues?
• What is so special about cheese in Italy?
• Is money actually ever destroyed on purpose? Why?
• Why was the Euro 500 banknote taken out of circulation?

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Practice makes perfect

Fill in the blank spaces with the correct forms of the words in CAPITAL LETTERS.

Money is any item or ________ VERIFY record that is generally accepted as ________ PAY for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of ________ CHANGE; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that ________ FILL these functions can be considered as money.

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Fill in the blank spaces with the missing words. Use ONE word per blank space.

Money ________ historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based ________ fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives ________ value by being declared by a government to be legal tender; that is, it must be accepted ________ a form of payment within the boundaries of the country, for “all debts, public and private”. Such laws ________ practice cause fiat money to acquire the value of any of the goods and services that it may be traded for within the nation that issues ________.

The money supply of a country consists ________ currency (banknotes and coins) and, depending ________ the particular definition used, one or more types ________ bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms ________ far the largest part of broad money in developed countries.

From Wikipedia | Click here for answers

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