I have a question, guys

what does "My Baloney Has a First Name" mean?

and also I heard in the movie someone said..

"Cause you so broke,
your baloney has no first name."

I did look baloney in the dictionary but I can't figure this out.

Thanks in advance.

It's a reference to a classic Oscar Meyer commercial. Oscar Meyer is a manufacturer of bologna, among other things. The song goes like this:

My bologna has a first name
It's O-S-C-A-R
My bologna has a second name
It's M-A-Y-E-R
I love to eat it every day
And if you ask me why, I'll say
"'Cause Oscar Meyer has a way
with B-O-L-O-G-N-A!"

You can see an example commercial here: http://www.youtube.com/watch?v=ctNAs1K7nbo

Another famous and catchy Oscar Meyer song is the Oscar Meyer Wiener song:

I wish I were an Oscar Meyer wiener
That is what I'd truly like to be
'Cause if I were an Oscar Meyer wiener
Everyone would be in love with me!

- Kef