Friday Fun Money Quiz

The explanation for the correct answer "True" is that it has been confirmed by the Bank of England that the new English £5 note does contain traces of animal fat. The specific type of animal fat used is called tallow, which is derived from beef or mutton. This revelation caused controversy and led to petitions and protests from vegan and vegetarian communities who objected to the use of animal products in currency. The Bank of England has since announced that they are working on finding a solution to this issue for future banknotes.

The correct answer is 8. This means that only 8% of the world's currency exists in the form of physical cash. The majority of currency is in digital form, such as bank account balances and electronic transactions. This shift towards digital currency is driven by advancements in technology and the convenience it offers. Additionally, digital currency reduces the risk of theft and counterfeiting associated with physical cash.

The explanation for the given answer, True, is that the motto on the first US coin was indeed "Mind Your Business." This motto was inscribed on the first US copper cent, also known as the Chain cent, which was minted in 1793. The phrase "Mind Your Business" was intended to remind individuals to focus on their own affairs and not meddle in the affairs of others.

This statement is false. Banknotes are not made from trees that are cut down. The majority of banknotes are made from cotton fiber, while some countries also use a combination of cotton and linen. The use of cotton or linen fibers in banknote production ensures durability and prevents counterfeiting. Therefore, trees are not directly involved in the production of banknotes.

Alaska borders two Canadian Provinces, and has a maritime border with Russia.

The Threepenny bit, a coin used in the United Kingdom, ceased to be legal tender in the 1970s. This means that it was no longer recognized as an official form of payment by the government during that decade.

HRH Prince Philip left Greece by hiding in a fruit box. This was a clever and unconventional way to escape the country during the political turmoil caused by the overthrow of his uncle, Constantine I, in 1922. By concealing himself in a fruit box, Prince Philip was able to avoid detection and safely leave Greece. This method of escape showcases the resourcefulness and adaptability of Prince Philip in navigating challenging circumstances.

The CIS allows for all three of the above deduction rates. If the supplier isn't registered for CIS then the deduction is 30%. If they are registered without gross payment status then the deduction is 20%, and if they have gross payment status then it's 0%. Their status must be checked with HMRC - we can't just take a supplier's word for it!

Pound Sterling is the world's oldest currency still in use. It has a long history dating back to the Anglo-Saxon period and has been in continuous circulation since the 8th century. The pound has survived various economic and political changes throughout the centuries, making it the oldest currency still in use today.