Money myths abound. How many do you believe? See if you can separate cash facts from fiction with this quick seven-question quiz from the Federal Reserve’s Cash Product Office.
The rumor mill started predicting cash’s demise in the 1950s when the consumer credit card market took hold. It’s still turning out stories about a near-future cashless society every time payment innovations become popular, such as Venmo, Square Cash, Google Wallet, Apple Pay, Android Pay, and LevelUp.
With so many payment options competing in a busy arena, it’s no wonder so many misconceptions about cash exist.
Do you believe demand for cash is growing or on the decline? Are people still using it for everyday purchases?
Take the quiz to see if you’re right.
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The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.