A central bank was created by Congress with 12 regional independent banks called the
What is Federal Reserve Act of 1913
100
This serves as a medium for exchange
What is money
100
Under the Washington administration he created the first national bank
Who is Alexander Hamilton
100
The interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility is called the
What is discount rate
100
The average prices are rising because the purchasing power of the dollar is going down
What is inflation
200
This group makes key decisions about interest rates and the growth of the United States money supply.
What is FOMC
200
The direct exchange of one good for another
What is barter
200
The first bank was established under what power of congress in the Constitution
What is necessary and proper clause
200
When you get a checking account it is very important that you
What is read your contract
200
Currency must have the following characteristics to function well as currency
What is Durability, Portability, Divisibility, Uniformity, Limited Supply, Acceptability
300
Money that has a value because the government orders it valuable
What is fiat money
300
In 1791, the U.S. Bank was established and the U.S. Treasury used the bank for many puposes except:
What is set interest rate
300
A loan which you should NEVER take because the interest rates are meant to perpetuate your debt
What is pay day loans
300
List two ways the Federal Reserve stimulates the economy:
What is Discount Rate and Federal Funds Rate
400
The Federal Reserve System was created to
What is stabilize the American banking system
400
Monetary system which is backed by a precious metal
What is Gold Standard
400
The fall of the Second Bank under President Andrew Jackson created many problems with state chartered banks (name one)
What is wildcat banking, Bank run / panics, fraud, different currencies
400
A free checking account may incur fees if
What is you do not have money in your account
400
Money incorporated into bills that do not necessarily support the national interest
What is pork barrel legislation
500
The Federal Reserve controls
What is the money supply
500
The government agency that insures customer deposits if a bank fails is called
What is FDIC
500
What power was not granted to the government in the National Banking Acts of 1863 & 1864
What is power to place money on gold standard
500
If you are delinquent on a payment for a credit card what are the consequences? (must name 2)
What is higher interest rate and decrease in credit score
500
A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction