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Test your Fed knowledge with our 2021 quiz

Fed Facts | December 15, 2021 |

The Fed Facts article series is meant to share interesting facts and history of the Federal Reserve System. Whether you have read all of our 2021 articles or simply want to learn what you missed, put your knowledge to the test with our end-of-year quiz!

  1. The first article of the year, “Connecting the Reserve Bank dots,” looked at the district boundaries established by the Federal Reserve. The Federal Reserve System is comprised of Federal Reserve Banks and branches under the general oversight of the Board of Governors. There are 12 Banks and how many branches?
    1. 12
    2. 24
    3. 48
  2. February’s article, “The Beige Book adds color to regional economies,” detailed how and why a Beige Book comes together. The Beige Book is published eight times a year, summarizing current economic conditions. How far back do the Beige Book archives go?
    1. 1996
    2. 1913
    3. 2000
  3. "Empowering bright futures for the next generation” showcased the Federal Reserve’s dedication to educating the next generation about finances and the economy. Both students and their educators benefit from education such as the Richmond Fed’s Teacher Collaborative Committee. What annual event do the Chicago and New York Fed host for students?
    1. The Money Circle
    2. High School Fed Challenge
    3. Invest in What's Next
  4. In April, “A look at the Federal Open Market Committee meetings” highlighted the voting members and meeting structure of the Federal Open Market Committee (FOMC). Meeting at least eight times per year, the voting members of the FOMC consist of members of the Board of Governors and presidents of the Federal Reserve Banks. Which district’s president is always a voting member?
    1. Chicago
    2. San Francisco
    3. New York
  5. In May, the article “Tune in to the Fed’s podcast offerings” highlighted podcasts produced across the System that offer economic analysis, financial education and more. What is the name of the Richmond Fed podcast series in which economists and experts explore the impact of regional differences on economic outcomes?
    1. LaSalle Street
    2. Speaking of the Economy
    3. Economic Equity
  6. “This year marks the 70th anniversary of the Treasury-Fed Accord of 1951” covered how the Fed’s independence has been tested during tumultuous political and economic periods. In 1951, Treasury agreed to let the Fed set interest rates independently as needed to achieve economic stability. Which war prompted Treasury to make this decision?
    1. The Korean War
    2. World War I
    3. World War II
  7. In August’s article, “Federal Reserve buildings remain essential 100 years later,” several Federal Reserve buildings were celebrated for being nearly as old as the Federal Reserve System itself, dating back to 1913. The Federal Reserve Banks of New York, Chicago, Cleveland and Dallas buildings are either nearing their 100th birthdays or have already reached them! Which Federal Reserve Bank building opened first?
    1. Cleveland
    2. New York
    3. Dallas
  8. “The Fed explained: Detailing the functions of the Federal Reserve” shared the organization’s five general functions. The System is composed of three entities: The Board of Governors, 12 Federal Reserve Banks and the FOMC. They work together to conduct monetary policy and promote financial stability, among other objectives. What is another function of the Federal Reserve System?
    1. Producing U.S. coin and currency
    2. Promoting consumer protection and community development
    3. Nominating the chair of the Board of Governors
  9. In October, “Debunking 4 myths about the Federal Reserve” corrected common misconceptions about the Federal Reserve: We do not own gold, we are not owned by private-sector banks and we do not print money. Along with the Bureau of Engraving and Printing, which other government agency works with the Fed to print notes?
    1. U.S. Department of the Treasury
    2. The United States Mint
    3. U.S. Currency Education Program
  10. November’s article, “What does it take to create a federal holiday?,” recapped how Congress approves federal holidays. The first federal holidays were created in 1870. What holiday was most recently signed into law?
    1. Pearl Harbor Remembrance Day
    2. Veterans Day
    3. Juneteenth National Independence Day

Check out the answer key below. How many did you get right? Look for more Fed Facts coming your way in 2022!

Answer Key: 1. b; 2. a; 3. b; 4. c; 5. b; 6. a; 7. c; 8. b; 9. a; 10. c

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