CHAPTER 24 QUIZ

The central bank of the United States.

• the Federal Reserve System
• advisory councils
• monetary policy
• discount rate

The interest rate the Fed charges on its loans.

• the Federal Reserve System
• open market operations
• monetary policy
• discount rate

Who is the major policy-making group within the Fed?

• the advisory council
• Board of Governors
• Federal Open Market Committee
• senators

A common financial service used by many consumers.  They can help to manage money and make paying bills more convenient.

• Reconciling
• Check
• Checking Account
• PIN

Which of the following are functions of money?

• Store of value

• Medium of exchange

• Measuring stick

• Honoring dead Presidents

• Monetary Policy

If the government wished to slow down the economy (lower the supply of money in circulation), which of the following actions would help achieve that goal?

• Lowering the discount rate

• Buying back treasury bonds

• Increasing the interest rate

• Lowering the reserve requiremet

What are the types of money? (Click all that apply)

• Coins

• Currency

What entity insures bank accounts for up to $250,000?

• Federal Deposit Insurance Corporation

• Federal Department of Insurance Committees

• Jake... from State Farm

• GEICO

If someone wished to save money for a large purchase later, which banking service should that person employ?

• Checking Account

• Savings Account

• Certificate of Deposit

• Stock Market

Which of the following switched the responsibility of printing new U.S. currency from the states to the federal government?

• National Banking Act

• U.S. Printing Act

• Federal Reserve Orders

• Stamp Act