Money
Money that is difficult to find, obtain, or duplicate.
Scarce
This is a guarantee from the government that some or all money kept in a bank will be reimbursed if the bank fails.
Deposit Insurance
Alexander Hamilton was the brains behind the establishment of this central bank.
The 1st bank
If the Fed sells securities, then the money supply
decreases
Mr. Scolforo's favorite food
Pizza
Money must function as a medium of exchange, which means it
holds its value over time.
can be used for making economic comparisons.
can be easily converted into other types of money.
is a recognized form of payment in transactions.
Is a recognized form of payment in transactions.
Money banks have to hold is called...
Reserve Requirement or Reserve Ratio
The District Bank President who always gets to vote on the Federal Open Market Committee (FOMC) is from
Dallas.
Minneapolis.
Cleveland.
New York City.
New York City
If the interest on reserves increases, then the money supply
decreases
Soccer
Historically, the commodity that most successfully met all the characteristics of good money was
Gold
The M1 money supply and the monetary base both include
checkable deposits.
bank reserves.
currency in circulation.
reserves held by the Federal Reserve.
Currency in Circulation
Everyday, financial institutions transfer trillions of dollars using the Federal Reserve service known as
Currency Distribution.
Automated Clearinghouse.
Fedwire.
Fiscal Agent.
Fedwire
If the discount rate increases, then the money supply...
decreases
Where did Mr. Scolforo go to college?
Bloomsburg University - Go Huskies
The main difference between the M1 money supply and the M2 money supply is that M1 is
more liquid.
less liquid.
larger.
not counted in other money supply calculations.
More Liquid
If a banks reserve ratio is 20%, what does the bank do with the other 80%
Can loan out 80% of its reserves
How long does a Federal Reserve Governor serve for
14 years
If the reserve requirement increases, then the money supply
decreases
What sport did Mr. Scolforo play in college?
Water Polo
Representative money has value because
it is intrinsically valuable.
it can be redeemed for valuable goods.
it is the main medium of exchange in the barter system.
the government who issued the money says it has value.
It can be redeemed for valuable goods.
Banks are able to “create” money because they
control the printing of new money.
can always get another loan from the Federal Reserve.
make interest on the loans they issue to customers.
loan out their excess reserves.
Loan out their excess reserves.
One of the main ways in which the Federal Reserve supervises and regulates the banking system is to
elect the CEOs of major banking corporations.
pass legislation to ensure customers are treated fairly.
perform on-site and off-site bank examinations.
tell banks which customers they can loan money to.
Perform on-site and off-site bank examinations.
Who is the best Econ & Personal Finance teacher???
MR. SCOLFORO!!!
Mr. Scolforo's favorite soccer team
FC Barcelona