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

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Question 31

Multiple Choice

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Traditionally, life insurance companies, pension funds, and brokerage firms are known as

A) nonbanks.
B) thrift institutions.
C) bond companies.
D) federally chartered banks.

E) C) and D)
F) A) and B)

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Question 32

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Bank crises tend to correlate with economic recessions.

A) True
B) False

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Question 33

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The wave of bank failures during the Great Depression prompted the government to establish federal deposit insurance to protect the public from bank failures.

A ________ represents an agreement by a bank to pay a foreign company a given amount if certain conditions are met.

On payday, employers can designate their banks to electronically transfer funds from the business's checking account to the employees' checking account. This represents an example of a(n)

Lower fees and better interest rates motivate customers to open accounts with online banks. However, the lack of personal service and concern for information security encourages some customers to return to a traditional bank.

Which of the following is NOT included in the M-1 or M-2 definitions of the money supply?

Which of the following helps to provide for the smooth flow of money between nations?

The ________ plays a role in making certain that checks clear and sellers get paid.

Brendan travels extensively for his company. He stays at hotels that provide him with a(n) ________ that is imbedded with his personal information as well as a code to unlock his hotel room.

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

Today, a regular ________ is a system where you can exchange goods for other goods. You submit your goods and you receive trade credit that you can use to buy other goods.

The redesign of and new colors added to U.S. paper money are intended to

If the owners of Spokes Bicycles are trying to sell state-of-the-art bicycles into the Japanese market, they are likely to sell more bicycles if the dollar has strength against the Japanese yen.

After years of banking with Bigbux Bank, Samuel decided to switch to a competing institution. Thanks to changes in government regulation, his search will uncover a variety of options; however, he will also learn that banks and nonbanks have merged in order to be more competitive in the banking and financial services industries, which may or may not increase his options.

A(n) ________ accepts savings and checking account deposits and provides home mortgage loans.

________ persuaded Congress to establish the first central bank in the United States.

To decrease the money supply, the Federal Reserve sells U.S. government bonds in open-market operations.

Depositors represent a bank's primary responsibility, while borrowing customers are secondary.

The Federal Deposit Insurance Corporation (FDIC) operates as a(n)