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WorksheetsFederal Reserve Vocab Quiz
Total questions: 22
Worksheet time: 33mins
When was the Federal Reserve established?
1913
1920
1935
1945
Why was the Federal Reserve created?
To regulate the banking system
To control inflation
To provide loans to businesses
To manage the national debt
What are the main components of the Federal Reserve System?
Board of Governors, Federal Open Market Committee, and 12 regional Federal Reserve Banks
President, Congress, and Supreme Court
House of Representatives, Senate, and Executive Branch
Department of Treasury, Internal Revenue Service, and Federal Deposit Insurance Corporation
How many members are there in the Board of Governors?
10
7
15
20
Why is regulation important for the financial system?
To ensure stability and protect consumers
To increase profits for financial institutions
To reduce competition in the market
To limit access to financial services
"The Fed" refers to the....
Federal Bureau of Investigation
Federal Government
Federal Reserve System/Bank
Federal Income Tax
One primary function of the Federal Reserve system is to
regulate stock market trading
preserve fair competition
keep deflation low and steady
act as a central bank of the United States
What is the Federal Reserve System?
the central banking system of the United States.
a government office for regulating the budget of the United States of America.
the banking system of the southeast
the office that controls tax rates and government spending
Which President signed the Federal Reserve Act into law?
Thomas Jefferson
Woodrow Wilson
Abraham Lincoln
George Washington
The process of goods and services being produced and consumed is called
Inflation
Economy
Consumer
Opportunity
Money that you borrow from a bank:
loan
principal
interest
payment
Putting money into your bank account is a:
deposit
withdrawal
debit
tax
Who runs the FED
The President
Congress
A group of private executives
A board of governors
A goal of the Federal Reserve System is to-
Provide tax money to the government
Set the tax rate
Keep the economy stable
Maintain high interest rates
The attached pictures are all examples of...
Coins
Federal Reserve Notes
Legal contracts
Government issued checks
Who appoints the members of the Board of Governors?
The President of the United States
The Senate
The Federal Reserve Banks
The Board of Directors
Which of the following best describes the relationship between the Federal Reserve and the U.S. government?
The Federal Reserve is a part of the U.S. government and its decisions must be approved by Congress.
The Federal Reserve acts as the government's bank, but operates independently of direct government control.
The Federal Reserve is under the direct control of the President of the United States.
The Federal Reserve and the U.S. government are completely separate entities with no direct influence over each other.
What is the purpose of the Federal Reserve System?
to make loans to banks, issue currency, and regulate the money supply
to store the gold and silver reserves that back U.S. currency
to provide federal insurance to safeguard the deposits in banks
to deregulate banks and savings and loans institutions
The Fed influences the money supply and interest rates in the economy to keep this low and stable-
Supply
Price
Interest
Inflation
What does FOMC stand for?
Federal Official Money Committee
Federal Open Market Committee
Federal Organization for Monetary Control
Federal Operations and Management Committee
What is the purpose of the Federal Reserve System?
to make loans to banks, issue currency, and regulate the money supply
to store the gold and silver reserves that back U.S. currency
to provide federal insurance to safeguard the deposits in banks
to deregulate banks and savings and loans institutions
