The Magic8 Ball was actually originally made by Tyco, not Tonka as is often thought (Tonka specializes in toy trucks). The point of the magic 8 ball was to ask it a yes or no quesiton, shake it up, and then look through a small viewing glass to read the answer.

The answers were printed on a icosahedron which floated in a thick blue liquid. The font used was small caps sans serif. 50% of the answers were positive, 25% were negative, and 25% were vauge.

Here is a full list of the Magic 8 Ball's 20 answers

The Magic 8 Ball is one of the most succesful toys ever. Some variation of it can almost always be found in family households.