Board of Governors
FAC
FOMC
The Banks
Functions of the Fed
100
It directs the operations of the Federal Reserve System.
What is the Board of Governors?
100
FAC stands for this.
What is Federal Advisory Council?
100
FOMC stands for this.
What is the Federal Open Market Committee?
100
There are _____ district banks and ____ Federal Reserve branch banks.
What is 12 and 25?
100
A method by which check that has been deposited in on institution is transferred to the issuer's depository institution.
What is check clearing?
200
The Board of Governors supervises these and regulates certain activities.
What are the 12 Federal Reserve district banks?
200
The FAC assists this group.
What is the Board of Governors?
200
The FOMC meets at least this often.
What is 8 times a year?
200
All national banks are required to become members of this.
What is the Federal Reserve System?
200
This is the primary responsibility of the Fed.
What is regulating the money supply?
300
How many full-time members are on the Board of Governors.
What is 7?
300
The FAC meets at least this often.
What is 4 times each year?
300
The main objective of the FOMC is this.
What is to decide the course of action that the Fed should take to control the money supply?
300
These banks must keep reserves in their Fed district banks.
What is all institutions that accept deposits from customers?
300
The Fed acts as a financial advisor to this institute.
What is the federal government?
400
Each member serves for ____ years, and an opening occurs every ____ years.
What is 14 and 2?
400
The FAC is made up of _____ members elected by the ______ of each district bank.
What is 12 and directors?
400
The FOMC decides this regarding interest rates.
What is to raise or lower interest rates?
400
These are two advantages of membership in the Fed district bank.
What is receiving dividends on their stock in the district bank and voting for 6 of the 9 board members of the district.
400
Checks for these things are drawn on a checking account the Fed has for the US Treasury.
What are Social Security, tax refunds, and veteran's benefits?
500
The ______ appoints the members of the Board and the ______ approves the appointments.
What is president and Congress?
500
This is the main job of the FAC as outlined in the text.
What is to report on general business conditions in the nation?
500
It is this committee's actions that have a resounding effect throughout the financial world.
What is FOMC?
500
Arkansas is in this district.
What is district 8?
500
The current chairman of the Federal Reserve.
Who is Ben Bernanke?
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