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Federal Reserve (Grade 8)

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Federal Reserve

The Federal Reserve was created in 1789 as part of the Treasury Act.
  1. True
  2. False
The Federal Reserve was created to deal with counterfeiting.
  1. True
  2. False
What were the three original goals of the Federal Reserve?

Who appoints the board of governors for the Federal Reserve?
  1. the president
  2. the speaker of the house
  3. the secretary of the treasury
  4. the director of the Office of Management and Budget
There are how many regional Federal Reserve banks?
  1. 4
  2. 8
  3. 12
  4. 16
Federal Reserve Banks regulate commercial banks.
  1. True
  2. False
The monetary policies decided by the Federal Reserve need to be approved by the president.
  1. True
  2. False
The purpose in the creation of the Federal Reserve was to create a body that could prevent panics and financial crises.
  1. True
  2. False
As the central bank of the United States, the Federal Reserve has the power to print new money.
  1. True
  2. False
What are Federal Reserve deposits?
  1. funds commercial banks keep in Federal Reserve banks
  2. funds Federal Reserve banks keep in commercial banks
  3. funds the Federal Reserve can use to keep other banks from failing
  4. large deposits to banks that are insured by the Federal Reserve.
Which agency has the power to audit the Federal Reserve?
  1. Secret Service
  2. Bureau of the Mint
  3. Government Accountability Office
  4. Consumer Financial Protection Bureau
The Federal Funds Rate is the interest rate set for borrowing between banks.
  1. True
  2. False

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