Money and the Federal Reserve Quiz

Money that has value by government decree is known as

Money that has an alternative use as an economic good is called

The Fed is led by a seven-member __________ approved by the Senate.

The privately owned, publicly controlled, central bank of the United States is called

A commercial bank that owns stock in the Fed is called a(n) bank.

Anika, Harper, and Aria are playing a game in their economics class. They need to find a synonym for the word 'barter' in the term 'barter economy'. Can you help them?

• Fiat

• Trade

• Specie

• Monetary

During a class discussion, Jackson, Aiden, and Isla were discussing the terms proportional, progressive, and regressive. These terms refer to:

• Principles of taxation

• Medicare marginal tax rate

• Federal Reserve System (Fed)

• Durability

The discount rate and the federal funds rate are both types of

• Interest rates

• Quantitative easing

• Monetarism

• Passive fiscal policy

Taxes levied on the wages, salaries, and other income of individuals is known as

• Individual income tax

• Sales tax

• Proportional tax

• Flat tax

Mia, Kai, and Grace are playing a game of 'Banking Monopoly'. They come across a card that mentions the Federal Deposit Insurance Corporation (FDIC). They are curious to know, what was the FDIC created for?

• To insure customer's money against inflation

• To allow customers to make deposits at federal banks

• To insure customer deposits if a bank fails

• To insure banks if a customer doesn't make enough deposits