What is To save money or make money off of interest or savings
100
What are the 6 Characteristics of money?
What is durable, portable, divisble, stable in value, scarce, accepted.
100
what is the Federal Reserver
The United States National Bank
100
What is monetary policy?
the process by which the authority the country controls the supply of money
200
What is the main bank in the United States called?
What is Federal Reserve
200
What type of money does the United States have today
What is Fair Money
200
How many members are in the Federal Open Market Committee
12 members
200
What tools does the Fed have to influence Monetary Policy
Discount Rate, Reserve Requirements, and Open Market Opperations
200
Zach, Kelly, Slater, Lisa, and Screech are from what 90s tv show?
Are you awake? Saved by the bell
300
When in the history of the United States have we had a national bank?
1830s and/or 1913
300
Name three items that are used as money (other than coins and paper bills)
What is checks, credit cards, loans
300
How many members are in Board of Govenors
7 members
300
By the raising the dicount rate what effects does it have on the market?
Tight Monetary Policy which puts less money out in the economy
300
What is the pros and cons of credit cards
pros: saves time, money not taken directly out of account, can spend money you don't have
cons: debt, bad credit scores, electricty goes out you don't have money
400
Name 6 banks in Knoxville
Suntrust, Regions, First Tennessee, ORNL, Greenbank, BB&T, Bank of America, Home Federal Bank, Credit Union
400
What is money?
any object that generally accepted as payment for goods and services
400
How many members are in the Federal Advisory Council
12 members
400
What happens when you lower the Reserve Requirements?
Loose Monetary Policy which makes money easy to circulate in economy
400
If 1000 dollars was deposited with 20% reserve requirement, how much would be kept in the bank
200
500
What is the concept behind fraction reserve banking?
Keeping a certain precentage of the money put into the bank, instead of loaning it out
500
What is commodity money
medium of exchange (gold, silver, or even cattle)
500
What is the Federal Reserve responsibility regarding monetary policy?
They change the rate of the growth of the money in circulation in order to affect the amount of credit
500
What happens if the Open Market Opperations buy and sell bonds?
buy: puts money into the economy; loose
sell; money is kept to the fed; tight
500
What does the FOMC do?
The meet 8 times a year to decide how the fed will take control of the money supply