11) The Federal Reserve System is organized into ________ Federal Reserve districts.
A) 6
B) 10
C) 12
D) 15
E) 50
Answer: C
Topic: Federal Reserve System
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: CT
12) All of the following are elements in the structure of the Fed EXCEPT the
A) Federal Open Market Committee.
B) Executive Council to the Governor.
C) 12 Federal Reserve banks.
D) Board of Governors.
E) presidents of the 12 Federal Reserve banks.
Answer: B
Topic: Federal Reserve System
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: DMC
13) The Board of Governors of the Federal Reserve is
A) the collection of the 12 presidents of the Federal Reserve banks.
B) a seven-member board, each one serving a 14-year term.
C) a 14-member board, each one serving a seven-year term.
D) the main policy-making body of the Fed.
E) a seven-member board, each one serving a one-year term.
Answer: B
Topic: Federal Reserve System, Board of Governors
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: WM
14) The Board of Governors of the Federal Reserve System has
A) seven members serving for 12-year terms.
B) 12 members serving for seven-year terms.
C) seven members serving for seven-year terms.
D) seven members serving for 14-year terms.
E) seven members serving life terms.
Answer: D
Topic: Federal Reserve System, Board of Governors
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: AA
15) The Board of Governors has
A) seven members appointed to 14-year terms.
B) 14 members appointed to 10-year terms.
C) four members appointed to seven-year terms.
D) 14 members appointed to four-year terms.
E) seven members appointed for life.
Answer: A
Topic: Federal Reserve System, Board of Governors
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: CT
16) The Federal Open Market Committee is
A) the main policy making body of the Fed.
B) a seven-member board, each serving a 14-year term.
C) comprised of the presidents of the 12 Federal Reserve banks.
D) another name for the Board of Governors.
E) the government committee charged with determining income tax rates.
Answer: A
Topic: FOMC
Skill: Level 1: Definition
Section: Checkpoint 11.3
Status: WM
17) The main policy making body of the Federal Reserve System is the
A) Board of Governors of the Federal Reserve System.
B) Board of Presidents of the Federal Reserve banks.
C) Federal Open Market Committee.
D) Board of Advisors.
E) Federal Monetary Conditions Board.
Answer: C
Topic: FOMC
Skill: Level 2: Using definitions
Section: Checkpoint 11.3
Status: AA
18) Which of the following Federal Reserve banks carries out the decisions of the FOMC?
A) the Kansas City Federal Reserve bank
B) the New York Federal Reserve bank
C) the Dallas Federal Reserve bank
D) the San Francisco Federal Reserve bank
E) the Atlanta Federal Reserve bank
Answer: B
Topic: FOMC
Skill: Level 2: Using definitions
Section: Checkpoint 11.3
Status: AA
19) The main policymaking committee of the Federal Reserve System is the
A) Federal Open Market Committee.
B) Federal Monetary Policy Committee.
C) Board of Governors.
D) Committee on Money and Banking.
E) Federal Committee on Monetary Conditions.
Answer: A
Topic: FOMC
Skill: Level 2: Using definitions
Section: Checkpoint 11.3
Status: CT
20) The voting members of the Federal Open Market Committee consists of the
A) seven Board of Governor members and the 12 Federal Reserve Bank presidents.
B) seven Board of Governor members and five Federal Reserve Bank presidents.
C) 12 Board of Governor members and the seven Federal Reserve Bank presidents.
D) 12 Board of Governor members and the five Federal Reserve Bank presidents.
E) six Board of Governor members and six Federal Reserve Bank presidents.
Answer: B
Topic: FOMC
Skill: Level 2: Using definitions
Section: Checkpoint 11.3
Status: CT
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