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Exam 20: Money,financial Institutions,and the Federal Reserve

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Question 61

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Electronic cash is the newest form of money.

A) True
B) False

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Question 62

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Savings and loan associations are sometimes known as:

A) nonbanks.
B) thrift institutions.
C) credit unions.
D) bankers' banks.

E) None of the above
F) C) and D)

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Question 63

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Efficient monetary systems eliminate the use of barter.

The ___________ rate represents the interest rate charged by the Fed when loaning funds to member banks.

A time deposit that earns interest is a ______________.

A major cause of the 2008-2010 banking crisis was the neglect of banks to seriously scrutinize loan applicants for creditworthiness.

The United States first established a central bank in 1913 by establishing the Federal Reserve System.

Banks help businesses operate in other countries by exchanging the currency of one nation for the currency of another.

Today's consumers have fewer options and less flexibility as a result of increased regulation of the banking industry.

In the early 1800s,the United States allowed banks to issue different kinds of currencies.

Which of the following represents a nonbank?

The Federal Reserve System was designed to prevent a repeat of the 1907 banking crisis.

Open-market operations is the buying and selling of government securities by the Federal Reserve Board.

A __________ represents an unconditional agreement by a bank to pay a specified amount at a particular time.

Created during the Great Depression,the federal deposit insurance program resulted in a large number of bank failures.

Andrea has three types of deposits at her credit union.She has a checking account in her own name worth $3,123,a joint savings account with her husband,which currently has $14,904 in it,and an IRA account worth $92,449.Her deposits are at risk because they exceed the $100,000 limit on insurance coverage by NCUA.

Which of the following can include an embedded radio-frequency antenna that allows the holder to access secure areas in buildings or buy gas with the swipe of a card?

According to the box titled,Spotlight on Small Business in Chapter 20,when small businesses need to obtain a loan,they will find that:

The Federal Reserve fulfills its role as a "lender of last resort" when it loans funds to:

Existing regulations prohibit Internet banking activities unless the bank also operates a traditional brick-and-mortar facility.