Test Bank For The U.S. Banking System 3rd Edition

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ISBN-13: 978-1285090894 ISBN-10: 1285090896

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Test Bank For The U.S. Banking System 3rd Edition

CHAPTER 03—THE FEDERAL RESERVE SYSTEM

1. An increase in money supply and incomes often causes prices to go up as well.

  a.  True

  b.  False

ANSWER:   True

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.2.3 – LO: 3.2.3

2. By law, every bank in the United States must be part of the Federal Reserve System.

  a.  True

  b.  False

ANSWER:   False

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.1 – LO: 3.1.1

3. One of the main functions of the Federal Reserve is to serve as a bank for other banks.

  a.  True

  b.  False

ANSWER:   True

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.2 – LO: 3.1.2

4. Almost all economists agree that the federal government can effectively regulate the economy by raising or lowering taxes and expenditures.

  a.  True

  b.  False

ANSWER:   False

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.2.2 – LO: 3.2.2

5. The Truth in Lending Act prohibits bill collectors from using deceptive or abusive tactics.

  a.  True

  b.  False

ANSWER:   False

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.3.1 – LO: 3.3.1

6. Janet Yellen began her term as chair of the Federal Reserve in 2014.

  a.  True

  b.  False

ANSWER:   True

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.1 – LO: 3.1.1

7. The Uniform Bank Performance Report is an annual report issued to summarize the performance of international banks operating within the United States.

  a.  True

  b.  False

ANSWER:   False

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.4.1 – LO: 3.4.1

8. A fixed exchange rate ties the monetary value of one country’s currency to the valuation of another country’s currency.

  a.  True

  b.  False

ANSWER:   True

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.5.1 – LO: 3.5.1

9. The Strength of Support Assessment (SOSA) report is a quarterly report filed by U.S. banks to summarize how each of the bank’s branches is performing.

  a.  True

  b.  False

ANSWER:   False

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.5.1 – LO: 3.5.1

10. The International Monetary Fund (IMF) works to promote economic growth among member countries.

  a.  True

  b.  False

ANSWER:   True

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.5.3 – LO: 3.5.3

11. Which of the following is NOT a function of the Federal Reserve?

  a.  levying a high tax on state bank notes

  b.  conducting bank examinations

  c.  handling the government’s central banking function

  d.  determining whether banks can borrow money from the Federal Reserve

ANSWER:   a

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.2 – LO: 3.1.2

12. The rate of interest the Federal Reserve charges banks for short-term loans is called the

  a.  discount rate.

  b.  federal funds rate.

  c.  reserve requirement rate.

  d.  prime rate.

ANSWER:   a

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.2.1 – LO: 3.2.1

13. If the government restricts the flow of cash into the economy too severely,

  a.  businesses will have more money to invest.

  b.  consumers cannot afford to borrow.

  c.  employment will rise dramatically.

  d.  all of the above are true.

ANSWER:   b

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.2.3 – LO: 3.2.3

14. Which of the following attempts to protect the information that credit bureaus may collect?

  a.  Fair Debt Collection Act

  b.  Fair Credit Reporting Act

  c.  Truth in Lending Act

  d.  Equal Credit Opportunity Act

ANSWER:   b

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.3.1 – LO: 3.3.1

15. Which of the following statements is NOT true?

  a.  Credit bureaus may not report information more than one year old.

  b.  A creditor may not use receipt of public assistance as a factor in determining creditworthiness.

  c.  If there is a billing dispute, creditors may not take adverse action until the dispute is resolved.

  d.  Bill collectors may not call debtors at odd hours.

ANSWER:   a

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.3.1 – LO: 3.3.1

16. Which of the following is NOT an example of an agency that is focused on making banking safe and mutually beneficial across international borders?

  a.  International Monetary Fund

  b.  President’s Working Group on Financial Markets

  c.  Asia Pacific Economic Cooperation

  d.  Bank for International Settlement

ANSWER:   b

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.2 – LO: 3.1.2

17. The “a” in CAMELS stands for

  a.  adverse feedback loop

  b.  annuity

  c.  asset transformation

  d.  asset adequacy

ANSWER:   d

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.4.2 – LO: 3.4.2

18. Which of the following is NOT part of the ongoing organizational structure of the Federal Reserve?

  a.  Primary Dealer Credit Facility

  b.  District Reserve Banks

  c.  Member Banks

  d.  Board of Governors

ANSWER:   a

POINTS:   1

LEARNING OBJECTIVES:   BNKG.CFFT.3.LO: 3.1.1 – LO: 3.1.1

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