Economics Quiz
History Quiz
1) To finance the American Revolution, the first paper notes were produced, known as Continentals. A
2) In response to the financial crisis in the 2000’s, the Federal Reserve’s policy making body cut the federal funds rate to nearly 0, the lowest level in over 50 years. c
3) Which president signed the Federal Reserve Act into law? Woodrow Wilson. C
4) The first Bank of the United States was chartered in 1791. B
5) During the 1920’s, the Fed began to use this as a monetary policy tool following the actions by Benjamin Strong. Open market operations. C
6) This act, passed in 1978, began requiring the Fed chairman to report to Congress twice annually on monetary policy goals and objectives. Humphrey-Hawkins Act. D
7) Which …show more content…
D
5) The federal funds rate is set by the FOMC and refers to the interest rate that banks use to lend to each other overnight. C
6) Economic conditions within largely populated cities in the nation drive the policy making decisions of the FOMC. False.
7) In which city is the Board of Governor’s Office located? Washington D.C. C
8) Inflation is a sustained increase in the general level of Prices. C
9) Monetary policy refers to what the Federal Reserve does to influence the amount of money and credit in the U.S. economy. C
10) FOMC, the policy making body of the Federal Reserve, stands for Federal Open Market Committee. A
11) The minutes of each FOMC, meeting is published and available to the public. True.
12) Which Federal Reserve Bank always has voting rights on the FOMC? New York. D
13) The goals of monetary policy do not include the promotion of Low taxes. A
14) Which of these is not a monetary policy tool? Balance accounts. C
15) Through open market operations, the Federal Reserve buys and sells government securities to influence the supply of bank reserves. When the Fed wants to increase reserves, it does what? Buy securities. A
Financial Services …show more content…
This is called Reserve Requirement. C
5) This acronym represents the rating system used to evaluate banks. CAMELS. A
6) Which of the following entities is not a bank regulator? Office of Currency Regulation. C
7) The Truth in Lending Act requires banks to Disclose finance charges in advance. A
8) Which of the following would an examiner most likely use to evaluate a bank’s compliance with the Community Reinvestment Act? Loans extended to low-income communities. C
9) This Act was passed by Congress in 1977 to ensure that banks practiced fair lending and deposit services in low- and moderate-income communities. Community Reinvestment Act. A
10) Which of the following is not one of the “5-Cs” used to rate the quality of a loan? Culpability. D
11) This refers to a borrower’s assets. Collateral. B
12) Credit unions are not subject to the same supervision and regulation that banks are. False.
13) The main objective of the supervisory process is to evaluate the overall safety and soundness of a banking organization.
1) To finance the American Revolution, the first paper notes were produced, known as Continentals. A
2) In response to the financial crisis in the 2000’s, the Federal Reserve’s policy making body cut the federal funds rate to nearly 0, the lowest level in over 50 years. c
3) Which president signed the Federal Reserve Act into law? Woodrow Wilson. C
4) The first Bank of the United States was chartered in 1791. B
5) During the 1920’s, the Fed began to use this as a monetary policy tool following the actions by Benjamin Strong. Open market operations. C
6) This act, passed in 1978, began requiring the Fed chairman to report to Congress twice annually on monetary policy goals and objectives. Humphrey-Hawkins Act. D
7) Which …show more content…
D
5) The federal funds rate is set by the FOMC and refers to the interest rate that banks use to lend to each other overnight. C
6) Economic conditions within largely populated cities in the nation drive the policy making decisions of the FOMC. False.
7) In which city is the Board of Governor’s Office located? Washington D.C. C
8) Inflation is a sustained increase in the general level of Prices. C
9) Monetary policy refers to what the Federal Reserve does to influence the amount of money and credit in the U.S. economy. C
10) FOMC, the policy making body of the Federal Reserve, stands for Federal Open Market Committee. A
11) The minutes of each FOMC, meeting is published and available to the public. True.
12) Which Federal Reserve Bank always has voting rights on the FOMC? New York. D
13) The goals of monetary policy do not include the promotion of Low taxes. A
14) Which of these is not a monetary policy tool? Balance accounts. C
15) Through open market operations, the Federal Reserve buys and sells government securities to influence the supply of bank reserves. When the Fed wants to increase reserves, it does what? Buy securities. A
Financial Services …show more content…
This is called Reserve Requirement. C
5) This acronym represents the rating system used to evaluate banks. CAMELS. A
6) Which of the following entities is not a bank regulator? Office of Currency Regulation. C
7) The Truth in Lending Act requires banks to Disclose finance charges in advance. A
8) Which of the following would an examiner most likely use to evaluate a bank’s compliance with the Community Reinvestment Act? Loans extended to low-income communities. C
9) This Act was passed by Congress in 1977 to ensure that banks practiced fair lending and deposit services in low- and moderate-income communities. Community Reinvestment Act. A
10) Which of the following is not one of the “5-Cs” used to rate the quality of a loan? Culpability. D
11) This refers to a borrower’s assets. Collateral. B
12) Credit unions are not subject to the same supervision and regulation that banks are. False.
13) The main objective of the supervisory process is to evaluate the overall safety and soundness of a banking organization.