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Federal Reserve
Federal Reserve
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Federal Reserve review
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Which Federal Reserve Bank always has voting rights on the FOMC
New York
Kansas City
Chicago
Dallas
2
The organization that is responsible for distributing new currency to the economy is:
The Federal Reserve
The Board of Governors
Congress
The Bureau of Engraving and Printing
3
How long does a District Bank president serve on the Federal Open Market Committee?
4
3
1
7
4
The Chairman of the Federal Reserve serves a term of how many years?
4
10
7
14
5
Which of the following is NOT considered an acceptable method of payment by the Fed?
An IOU
Cash
Check
An electronic transfer of funds
6
The First Bank of the United States was chartered in:
1791
1863
1855
1897
7
Members of the FOMC include 7 members of the _____ and presidents of the Federal Reserve Banks.
Senate
Financial Institution League
Board of Governors
President's Council
8
A run on a bank occurs because:
Depositors fear that their bank will close.
A bank has too much cash in its vault.
A bank has not been allowed to open a branch.
Bankers have secretly stolen funds from the bank.
9
In what year was the Federal Reserve Act signed into law?
1929
1863
1909
1913
10
The mission of the Federal Reserve is to maximize employment and___________
Stabilize stock prices
Stabilize the value of money
Maximize corporate profit
Maximize bank reserves
11
FOMC stands for __________________
Final Organized Money Company
Financial Options Management Corporation
Fiscal Operating Money Committee
Federal Open Market Committee
12
The current leader of the Federal Reserve is:
Ben Bernanke
Alan Greenspan
Janet Yellen
Elizabeth Warren
13
The Federal Reserve controls:
Income Levels
Taxes
Fiscal Policy
Monetary Policy
14
If the Federal Reserve raises the reserve requirement:
All of the above
Consumer spending will decrease
Banks will have less money to lend
Banks will have to keep more money on deposit with the Fed
15
Which president refused to renew the charter of the National Bank
Thomas Jefferson
Woodrow Wilson
Andrew Jackson
Alexander Hamilton
16
Who personally guaranteed the banks during the panic of 1907?
J.P. Morgan
Robert Morris
Henry Ford
John Rockefeller
17
What led to the creation of the Federal Reserve?
The Panic of 1907
The Great Recession
The Great Depression
The Civil War
18
Every financial institution is required to keep a certain % of deposits on hand called:
Reserve Requirement
Account percentage hold
Security
Deposit hold
19
The Atlanta Federal Reserve Bank is in what District?
4th
6th
1st
3rd
20
The federal funds rate is set by the FOMC and refers to ___________________
The interest rate banks are charged to borrow from the Fed.
The rate that affects what fees banks charge consumers.
The rate in which the Treasury measures the defecit.
The interest rate that banks use to lend to each other.
21
When the Federal Reserve buys U.S. bonds:
Money is taken out of the economy.
Interest rates go down.
Interest rates go up.
Money is put into the economy.
22
Which of these is NOT a monetary policy tool of the Federal Reserve?
Balance Accounts
Discount Rate
Open Market Operations
Reserve Requirements
23
If GDP rises above 5%, the Federal Reserve will:
Monitor Exports
Lower interest rates
Loosen Fiscal Policy
Raise interest rates
24
Federal Reserve Board of Governors members are appointed by the _____ and confirmed by the ____
Federal Reserve Presidents; Treasury
Treasury; Congress
Public; House of Representatives
President; Senate
25
How many Federal Reserve Banks were Established by the Federal Reserve Act?
12
16
50
14
