Quiz on The Federal Reserve System

What is the agency responsible for regulating the system of fiat money in the U.S. economy?

• World Bank

• Bank of America

• Federal Reserve

• International Monetary Fund

How many members are appointed by the president to the Board of Governors of the Federal Reserve?

• 12

• 10

• 7

• 5

Who is the most important member among the Board of Governors of the Federal Reserve?

• Secretary of Treasury

• Chair

• Vice Chair

• Treasurer

What is the primary tool used by the Federal Reserve to change the money supply?

• Taxation

• Interest Rates

• Government Spending

• Open-Market Operations

Which committee is responsible for making monetary policy at the Federal Reserve?

• Securities and Exchange Commission

• Federal Open Market Committee

• Congressional Budget Office

• Internal Revenue Service

What is the metaphor used to explain how the Federal Reserve changes the money supply?

• Helicopter and Vacuum Cleaner

• Car and Boat

• Train and Plane

• Bicycle and Motorcycle

How often does the Federal Open Market Committee (FOMC) meet to discuss the economy?

• Monthly

• Every Six Weeks

• Quarterly

• Bi-Annually

Which regional bank president always gets a vote in the FOMC meetings?

• San Francisco Fed

• New York Fed

• Dallas Fed

• Chicago Fed

What is the traditional financial center of the U.S. economy?

• New York

• Los Angeles

• Miami

• Chicago

Who has been called the second most powerful person in the United States?

• Fed Chair

• Speaker of the House

• Senate Majority Leader

• Chief Justice of the Supreme Court