We love finance and we love trivia. You can test your finance trivia knowledge with the following questions.

This is Part 5 in our ongoing financial trivia series. Scroll down below to find the answers.

 

Q1. The first modern bank (as we know the concept) appeared in:

a. Netherlands    b. Greece   c.  Italy    d.  UK

 

Q2. What proportion of Italian GDP can be attributed to the black economy?

a. 5%      b. 15%      c.25%      d. 35%

 

Q3. Italy’s largest company is:

a. Eni       b. Assicurazioni Generali     c. Mafia Inc     d. Enel

 

Quiz answers are below. 

 

 

Answers

Q1. The first modern bank (as we know the concept) appeared in:

Answer c. Italy

The Banco di San Giorgio was established in 1407 by wealthy Genoan merchants to rescue the then bankrupt Italian state (plus ça change, plus c’est la même chose). It shut its doors 400 years later in 1805.  People trusted this bank for good reason. An aspiring  bank CEO had to lodge 16,000 lire (€275,000 in today’s money) with the bank and to offer sponsors who would guarantee a further 90,000 lire. In those days CEOs had to pay the bank in order to run it, rather than the other way around.

 

Q2. What proportion of Italian GDP can be attributed to the black economy?

Answer c. 25%

‘il lavoro nero’, the labour black market, makes up between a fifth and a quarter of Italy’s economy.  Small privately owned companies in Italy find it relatively easy to engage in tax evasion.

 

Q3. Italy’s largest company is:

Answer c. Mafia Inc

Eni (oil & gas) is the world’s 25th biggest company; Assicurazioni Generali (insurance) is the world’s 35th biggest; Enel (electricity generation) is the world’s 61st biggest. They are all dwarfed by the Mafia with its multi billion euro annual income diversified across extortion, drugs, prostitution and even widespread legal activities.

 

 

We hope you enjoyed doing our finance quiz as much as we did writing it.  Let us know what you think or let us know if you have some great finance trivia questions!

As always, make smart financial decisions.