Federal Reserve Vocab Quiz

When was the Federal Reserve established?

• 1913

• 1920

• 1935

• 1945

Why was the Federal Reserve created?

• To regulate the banking system

• To control inflation

• To provide loans to businesses

• To manage the national debt

What are the main components of the Federal Reserve System?

• Board of Governors, Federal Open Market Committee, and 12 regional Federal Reserve Banks

• President, Congress, and Supreme Court

• House of Representatives, Senate, and Executive Branch

• Department of Treasury, Internal Revenue Service, and Federal Deposit Insurance Corporation

How many members are there in the Board of Governors?

• 10

• 7

• 15

• 20

Why is regulation important for the financial system?

• To ensure stability and protect consumers

• To increase profits for financial institutions

• To reduce competition in the market

• To limit access to financial services

"The Fed" refers to the....

• Federal Bureau of Investigation

• Federal Government

• Federal Reserve System/Bank

• Federal Income Tax

One primary function of the Federal Reserve system is to

• regulate stock market trading

• preserve fair competition

• keep deflation low and steady

• act as a central bank of the United States

What is the Federal Reserve System?

• the central banking system of the United States.

• a government office for regulating the budget of the United States of America.

• the banking system of the southeast

• the office that controls tax rates and government spending

Which President signed the Federal Reserve Act into law?

• Thomas Jefferson

• Woodrow Wilson

• Abraham Lincoln

• George Washington

The process of goods and services being produced and consumed is called

• Inflation

• Economy

• Consumer

• Opportunity