Federal Reserve (Grade 8)
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Federal Reserve
1.
The Federal Reserve was created in 1789 as part of the Treasury Act.
- True
- False
2.
The Federal Reserve was created to deal with counterfeiting.
- True
- False
3.
What were the three original goals of the Federal Reserve?
4.
Who appoints the board of governors for the Federal Reserve?
- the president
- the speaker of the house
- the secretary of the treasury
- the director of the Office of Management and Budget
5.
There are how many regional Federal Reserve banks?
- 4
- 8
- 12
- 16
6.
Federal Reserve Banks regulate commercial banks.
- True
- False
7.
The monetary policies decided by the Federal Reserve need to be approved by the president.
- True
- False
8.
The purpose in the creation of the Federal Reserve was to create a body that could prevent panics and financial crises.
- True
- False
9.
As the central bank of the United States, the Federal Reserve has the power to print new money.
- True
- False
10.
What are Federal Reserve deposits?
- funds commercial banks keep in Federal Reserve banks
- funds Federal Reserve banks keep in commercial banks
- funds the Federal Reserve can use to keep other banks from failing
- large deposits to banks that are insured by the Federal Reserve.
11.
Which agency has the power to audit the Federal Reserve?
- Secret Service
- Bureau of the Mint
- Government Accountability Office
- Consumer Financial Protection Bureau
12.
The Federal Funds Rate is the interest rate set for borrowing between banks.
- True
- False
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