Print/Mint/
Engrave
Engrave
Which bureau within the Treasury Department is responsible for printing paper money?
The Bureau of Engraving and Printing
In what year was the Internal Revenue Service (IRS) established as part of the Treasury Department?
1862 (originally called the Bureau of Internal Revenue)
What are the longest-term Treasury securities called, and what is their maximum maturity?
Treasury Bonds (T-Bonds), with maturities of 20 or 30 years
What year did the United States completely abandon the gold standard for its currency?
1971
What is the name of the Treasury bureau responsible for protecting the President and investigating financial crimes?
The United States Secret Service
What is the name of the Treasury bureau that produces coins?
The United States Mint
What percentage of total federal government revenue comes from individual income taxes?
Approximately 50% (varies by year, but consistently the largest source)
What is the shortest maturity period for US Treasury securities?
4 weeks (Treasury Bills or T-Bills)
What does "fiat money" mean?
Currency that has value because the government declares it legal tender, not because it's backed by physical commodities like gold
Which Treasury office is specifically tasked with combating money laundering and terrorist financing?
The Financial Crimes Enforcement Network (FinCEN)
How long does a typical $20 bill stay in circulation before being replaced?
Approximately 7.8 years
By what date must most individual tax returns be filed each year?
April 15th
What does it mean when Treasury bonds are sold "at auction"?
The government accepts competitive bids to determine interest rates and allocate bonds
What phrase appears on all US currency that establishes it as legal tender?
"This note is legal tender for all debts, public and private"
What law requires banks to report cash transactions over what dollar amount to help prevent money laundering?
$10,000 (Bank Secrecy Act)
What security feature was first added to US currency in 1996 to prevent counterfeiting?
Watermarks (along with security threads and color-changing ink)
What is the name of the tax code that governs federal taxation in the United States?
The Internal Revenue Code (IRC)
What is the name of the electronic system used to buy Treasury securities directly from the government?
TreasuryDirect
Before fiat currency, US dollars were backed by which precious metal until 1971?
Gold
What does "KYC" stand for in banking regulations enforced by Treasury agencies?
"Know Your Customer" (requirements for banks to verify client identities)
In what city are most US paper bills printed?
Washington, D.C. (with additional facilities in Fort Worth, Texas)
If you made $20,000 of taxable income last year and you are in a 15% tax bracket, how much tax would you owe the IRS?
$3,000
During which major historical period did the US government first issue large amounts of bonds to finance military expenses?
The Civil War (1860s)
What gives fiat money its value if it's not backed by gold or silver?
Government decree, public trust, and acceptance as a medium of exchange
The Treasury's Office of Foreign Assets Control (OFAC) is responsible for enforcing what type of financial restrictions?
Economic sanctions against foreign countries, entities, and individuals