Money
The money that has value because the government says so is called this.
What is fiat?
The Fed is broken into this many districts around the US-- Central Point's regional bank is in San Francisco.
What is 12?
Banks in the US are checked regularly by this organization.
What is the Fed?
This occurs when prices go up.
What is inflation?
This term is used to describe someone who does not have a bank account.
What is unbanked?
An IOU is an example of this type of money.
What is representative?
The Fed is run by a Board of These-- they are appointed by the US President.
What are governors?
The first national bank in the US had a charter for this many years.
What is 20?
This occurs when prices go down.
What is deflation?
Easily accessible money is called this.
What is M1?
Money that also has an actual use aside from serving as currency is called this.
What is commodity money?
The Federal Reserve Act was passed in this year.
What is 1913?
This means all money is backed by a certain amount of gold.
What is the gold standard?
When traveling to a different country, it is important to consider this as every nation's currency has a slightly different value.
What is the exchange rate?
US bills are made of this.
What is cloth?
These were issued in the early 1860s and were the first US-endorsed currency since the continental.
What are greenbacks?
The Fed requires banks to keep a certain amount of money on hand, called this.
What is a reserve (requirement)?
Banks create money by loaning out the money of their customers and charging this on it.
What is interest?
This is the cost of borrowing money.
What is interest?
This founding father supported the idea of a national bank, but he was challenged by Thomas Jefferson.
Who is Alexander Hamilton?
Money serves as a store of value, a unit of account, and a medium of this.
What is exchange?
This is the most important monetary tool the Fed uses-- it is the buying and selling of bonds.
What is Open Market Operations?
This coin costs more to make than it is worth.
What is a penny?
This is the interest rate that the Fed charges banks to borrow money.
What is the discount rate?
This is the most famous cryptocurrency.
What is Bitcoin?