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Federal Reserve Board Flashcards | StudBud

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Federal Reserve Board

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Basics of the Federal Reserve and Federal Reserve Board

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Questions 10

Answers

1
What resides over Open Market transactions?
Private Businesses
The Federal Reserve Board of Governors
FOMC
Government Bureaucracies acting as corporations
2
How many members of the Federal Reserve Board participate in the Federal Open Market Committee?
5
7
3
4
3
Which is NOT a responsibility of the Federal Reserve Board?
Formulating monetary policy
Making decisions affecting cost and access of money
Decisions involving private banks maintaining good quality
Supervise administration of Reserve Bank operations
4
When was the Federal Reserve created?
1945
1913
1889
1804
5
What was the Federal Reserve created to resolve?
Bank failures, instability in the economy and lack of credit
Recessions in the economy
All of these
"Easy Credit" and Inflation
6
If a lone private bank has difficulty retaining funding to provide services for customers, it:
It communicates with regional Reserve Banks to avoid losses
Speaks directly with the chairman of the board
It immediately borrows money from other local banks
Closes and waits to get bailed out
7
How many members are on the Federal Reserve Board?
7
10
9
8
8
How does a board member obtain his postion?
He is elected by previous members of the Board
He is nominated by an electoral college among private banks
He is elected by the FOMC
He is nominated by the president
9
Who makes the final decision about who is additionally added into the coucil of governors?
United States Citizens
Senate
House of Representatives
President
10
As the Federal Reserve is to the Stock Market, private banks are to:
Businesses and Firms
Advisers
Shareholders
Speculators