Dictionary.com defines Yo Yo as:
1. a spoollike toy consisting of two thick wooden, plastic, or metal disks connected by a dowel pin in the center to which a string is attached, one end being looped around the player's finger so that the toy can be spun out and reeled in by wrist motion.
2. something that fluctuates or moves up and down, esp. suddenly or repeatedly.
3. Slang. a stupid, foolish, or incompetent person.
4. Informal. moving up and down or back and forth; fluctuating; vacillating: yo-yo prices; a yo-yo foreign policy.
–verb (used without object)
5. Informal. to move up and down or back and forth; fluctuate or vacillate: Mortgage rates are still yo-yoing.
–verb (used with object)
6. Informal. to cause to yo-yo.
earlier, a U.S. trademark for such a toy (1932); recorded in 1915 as the name of a Philippine toy; of undetermined orig.
A yo yo in sewing and quilting, is defined in Your Guide to Quilting as:
"Three-dimensional gathered fabric circles that may be sewn into quilt tops or used for decorative embellishments."
Want to learn how to make yo yos? Click here for a how-to by Heather Bailey.