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15. Understanding Money and Finance1

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Questions and Answers

What are the three main components of the U.S. money supply?

Bonds, stocks, and mutual funds

Currency, demand deposits, and time deposits (correct)

Coins, gold, and silver

Savings accounts, loans, and credit cards

Which institution is responsible for insuring deposits in commercial banks and thrift institutions in the United States?

The U.S. Treasury

The Federal Deposit Insurance Corporation (FDIC) (correct)

The National Credit Union Administration

The Federal Reserve

What is the primary function of the Federal Reserve System?

To provide loans to individuals

To oversee the nation's monetary and credit system (correct)

To regulate the stock market

To insure deposits in financial institutions

What type of financial institution is not for profit and member-owned?

Credit unions Signup and view all the answers

What is a key characteristic of money that makes it a suitable means of exchange?

It is widely accepted Signup and view all the answers

What are the characteristics of a good medium of exchange?

It must be scarce, durable, portable, and divisible Signup and view all the answers

What role do U.S. banks play in the international marketplace?

They provide loans and trade-related services to foreign governments and businesses Signup and view all the answers

What is the primary tool used by the Federal Reserve to manage the money supply?

Open market operations Signup and view all the answers

What characteristic of money makes it scarce?

It is available in limited quantities Signup and view all the answers

What is the maximum insurance coverage per depositor, per bank, provided by the FDIC?

$250,000 Signup and view all the answers