Origins of Modern Banking and Goldsmiths in England Quiz

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Questions and Answers

What group is credited with originating modern banking practices?

  • Watchmen employed by goldsmiths
  • City merchants
  • Goldsmiths of England (correct)
  • Large balance holders

What were the receipts issued by goldsmiths called?

  • Depositor's Promissory Notes
  • Safe Custody Certificates
  • Goldsmiths Notes (correct)
  • Gold Reserve Bonds

What did people leave with the goldsmiths for safe custody?

  • Land deeds
  • Jewelry and valuables
  • Stock certificates
  • Large sums of money (correct)

What was the origin of the word 'bankrupt'?

<p>The breaking of a Goldsmith's bench when failing to return depositors' money (B)</p> Signup and view all the answers

What is the etymological origin of the word 'bank'?

<p>Latin word 'bancus' or 'banque' meaning a bench (D)</p> Signup and view all the answers

What did the London Goldsmiths use to transact their business?

<p>Traditional benches in the market places (D)</p> Signup and view all the answers

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