Federal Reserve System Quiz

What is the main purpose of the Federal Reserve System?

• To control the U.S. government

• To manage the stock market

• To promote the effective operation of the U.S. economy

• To provide free banking services to the public

Who is the current Chair of the Federal Reserve Board?

• Lisa D. Cook

• Philip N. Jefferson

• Michael S. Barr

• Jerome H. Powell

Which of the following is NOT a function of the Federal Reserve?

• Fostering payment and settlement system safety

• Managing the U.S. military

• Conducting the nation’s monetary policy

• Promoting consumer protection

How many Federal Reserve Districts are there?

• 10

• 12

• 15

• 20

Which Federal Reserve Bank serves the Commonwealth of Puerto Rico?

• Boston Bank

• Dallas Bank

• San Francisco Bank

• New York Bank

What is the Federal Open Market Committee (FOMC) responsible for?

• Setting tax rates

• Managing national parks

• Conducting monetary policy

• Regulating foreign trade

Which of the following is a key policy tool of the Federal Reserve?

• Environmental policy

• Trade policy

• Monetary policy

• Fiscal policy

What does the Federal Reserve use to promote maximum employment?

• Monetary policy

• Trade agreements

• Military force

• Tax incentives

Which of the following is a report published by the Federal Reserve?

• The Beige Book

• The Blue Book

• The Red Book

• The Green Book

What is the role of the Federal Reserve in consumer protection?

• To ignore consumer issues

• To promote consumer protection through supervision and examination

• To manage consumer businesses

• To set consumer prices