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