Federal Reserve System Quiz (Chapter 1)

What is the Federal Reserve System?

• The central banking system of the United States

• A federal law enforcement agency

• A national healthcare program

• A government department for education

Where and when was the basic plan for the Federal Reserve System drafted?

• In Washington, D.C. in 1913

• In New York City in 1910

• In Philadelphia in 1912

• At Jekyll Island in 1910

Who attended the secret meeting at J.P. Morgan's resort on Jekyll Island?

• Nelson Aldrich

• Henry Davison

• Paul Warburg

• All of the above

What were the five objectives of the Federal Reserve System as stated in the summary?

• To conduct the nation's monetary policy

• To supervise and regulate banking institutions

• To maintain the stability of the financial system

• To provide financial services to depository institutions

• All of the above

Secrecy was important for the meeting held at Jekyll Island because:

• It was a private social gathering.

• It involved planning the Federal Reserve System.

• It was a meeting of literary figures.

• It was a secret military operation.

Who were the seven men who attended the secret meeting on Jekyll Island?

• Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip, Paul Warburg, Benjamin Strong

• John Rockefeller, J.P. Morgan, Andrew Carnegie, Henry Ford, Thomas Edison, Alexander Graham Bell, Nikola Tesla

• George Washington, Thomas Jefferson, John Adams, Benjamin Franklin, Alexander Hamilton, John Jay, James Madison

• Winston Churchill, Franklin D. Roosevelt, Joseph Stalin, Harry Truman, Dwight D. Eisenhower, Charles de Gaulle, Douglas MacArthur

"The Fed" refers to the....

• Federal Bureau of Investigation

• Federal Government

• Federal Reserve System/Bank

• Federal Income Tax

Why should the Federal Reserve System be abolished?

• The Federal Reserve System is a benefit to the U.S. and should not be abolished

• Central Banks are proven to be the best way to stabilize an economy

• It is a cartel operating against the public interest

• Fiat currency is the best form of money

Jekyll island is a fictitious place that doesn't really exist.

• True

• False

The IRS is an abbreviation that stands for what?

• Internal Relations Service

• Internal Retrieval Service

• Internal Reaction Service

• Internal Revenue Service