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Banking Section Test
Test Description: Banking Section Unit Test Review
Instructions: Answer all questions to get your test result.
1) The Federal Reserve was created in the year _____.
A
1912
B
1913
C
1910
D
1911
2) Which of the following is NOT part of the Federal Reserve?
A
Board of Governors
B
commercial banks
C
FOMC
D
twelve regional reserve banks
3) Why was the Federal Reserve created?
A
because of the need to process electronic payments
B
because of the need to promote economic growth
C
because of the need to store excess money
D
because of financial crisis caused by bank runs
4) What is the role of the FOMC?
A
conduct research on local economies
B
control country's monetary policy
C
provide expertise on local economies
D
store excess money from banks
5) Control of the country's money supply for the purpose of promoting economic growth is
A
Federal Reserve
B
FOMC
C
monetary policy
D
money supply
6) Which of the following is NOT one of the three tools used by the Fed to work with the money supply?
A
RRR
B
FOMC
C
open market operation
D
discount rate and target federal funds rate
7) ____ represents the percent of a bank's reserves held in its vaults.
A
discount rate
B
RRR
C
overnight loan
D
federal funds rate
8) The percent of interest the Fed charges commercial banks on overnight loans is the
A
reserve rate
B
overnight rate
C
federal funds rate
D
discount rate
9) Which one is the principal monetary tool used by the Fed?
A
federal funds rate
B
open market operation
C
discount rate
D
reserve rate
10) When many people rush to a bank to withdraw deposits at the same time it is called a
A
federal run
B
discount run
C
bank run
D
state run
*select an answer for all questions
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