What's the meaning of "monetize"?

[Zishuli]

Here is a question in test # TOEIC/ W324:

3. v. to turn into profit; to generate revenue

(a) fleet
(b) articulate
(c) tie
(d) monetize

The given answer is (d) monetize.
According to the dictionary I have looked up, the only definition of the word ' monetize ' is ' give legal value to or establish as the legal tender of a country'. I wonder does it really fit the definition provided ' to turn into profit; to generate revenue' ?

[Esl_Expert]

Hello Zishuli,

There are a couple of different definitions for "monetize". I assume that the intended meaning was probably "to utilize (something of value) as a source of profit; to convert into money". In my opinion, the definitions given in the test are not quite right for "monetize".

Definitions for "monetize":
http://dictionary.reference.com/search?q=monetize&r=66
http://www.bartleby.com/61/40/M0384000.html
http://www.merriam-webster.com/dictionary/monetize

[HamburgEnglish]

Correct and not correct

The term monetize means basically to turn something into a readily useable currency.

That currency however need not be cash! It may be sheep, if in the situation sheep could be used as currency.

Some people however use the word monetize to mean profit. Revenue is correct as an indirect answer.

Therefore in the question it may have been better to include: to turn into currency.

Whether the term "to turn into profit" should be removed or not is a matter of perception of the person questioning!

[Aliraf62]

To monetize is to to change government bonds (certificates of debt) and debts into money and therefore convert into the form of currency.
. It could as well mean to give legal value to or establish as the legal tender of a country; "They monetized the euro".
Hope it has helped