The Federal Reserve

The Federal Reserve

7th Grade

10 Qs

quiz-placeholder

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The Federal Reserve

The Federal Reserve

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

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Used 7+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Federal Reserve?

The United State's National Bank.

Virginia's National Bank.

A credit union.

The United State's national assembly line.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which political figure established the Federal Reserve system?

Congress

Woodrow Wilson

George Washington

Alexander Hamilton

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many major categories are the Federal Reserve separated into?

20

12

5

4

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main job of the Federal Reserve system?

Making laws.

Ensuring life, liberty, and the pursuit of happiness.

Ensuring the nation's economic stability.

Maintaining the nation's monetary stability.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the FOMC?

A Federal Reserve agency that controls all banks and prevents consumer choice.

A Federal Reserve agency that specializes in monetary policy making.

A Federal Reserve agency specializing in ensuring the nation's economic stability.

Making legislation, declaring war, and interacting in foreign trade.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are interest rates?

The percentage of money added to an account balance the longer that money is in the bank. If lowered, people may want to spend loans on home improvements.

The amount of money deposited into the bank. If lowered, people are unlikely to loan money for self spending.

The amount of money government collects for taxes.

The money saved for later in life, causing an increase in economic stability later on.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many members of the FOMC are from the Board of Governors?

10

7

0

5

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