# 103.1 Lesson - WhatIsFiat

**Screen:** WhatIsFiat

**Headline:** Fiat Currency: What is that?

**Reward:** 2

**Text:** All national currencies in circulation today are called “fiat” money. This includes US Dollars, Japanese Yen, Swiss Francs, and so forth.

The word “fiat” is latin for “by decree” -- which means “by official order”.

This means that all fiat money -- including the US Dollar -- is simply created by the order of the national government.

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## QUIZ

**Question:** Who creates fiat currencies, such as US Dollars or Swiss Francs?

**Answer:** They are created by order of the National government in a given country.

**Feedback:** Correct. The central bank of a government creates fiat currencies.

**Correct:** true

**Answer:** By the manager of the local branch bank.

**Feedback:** Not quite. While local banks can give out loans based on credit and create money by doing so, they cannot create fiat currencies. Try again.

**Correct:** false

**Answer:** The Monopoly Money Man.

**Feedback:** Nope. Try again!

**Correct:** false

<figure><img src="/files/NWyCQEEyZOZJNXJMh5AG" alt=""><figcaption></figcaption></figure>


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