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Put your Fed knowledge to the test with our 2022 year-end quiz

How much Federal Reserve trivia do you know? Our monthly Fed Facts article series shares interesting facts and details about the Federal Reserve System. Whether you read every article this year or want incentive for a Fed crash course, put your knowledge to the test with our year-end quiz.

  1. The first Fed Facts article of the year, “Find regional and national economic snapshots in the Beige Book,” explains how information is gathered for the Beige Book. Which of the following topics is not listed?
    1. Voter rights
    2. Consumer and business spending
    3. Real estate and construction
  2. February’s article, “Explore educational resources available on Federal Reserve Education site,” shared several online resources. Name two Federal Reserve Bank of St. Louis tools used to teach economic data and research.
    1. FRANK and FRIDA
    2. ALEX and SARAH
    3. FRED® and FRASER®
  3. Understanding the Federal Reserve’s role during tax season,” showcased how the Fed’s role relates to tax collection. In what year did President Reagan sign the Tax Reform Act?
    1. 1989
    2. 1986
    3. 1983
  4. In honor of Celebrate Diversity Month in April, “Fostering diversity and inclusion in the Federal Reserve System,” explored the Federal Reserve’s commitment to fostering an inclusive and diverse workforce. When did the Federal Reserve System establish offices at the Board and 12 Federal Reserve Banks to promote diversity and inclusion?
    1. March 2012
    2. January 2011
    3. September 2020
  5. In May, "What makes a federal holiday?" highlighted the history, observation and schedule of federal holidays. True or false: The decision to legally observe a federal holiday is up to each individual state.
    1. True
    2. False
  6. How much do you know about cash?” quickly covered five key facts about cash. Which government agency is responsible for designing and printing money?
    1. The United States Mint
    2. The Department of the Treasury
    3. The Bureau of Engraving and Printing
  7. The July Fed Facts article, “Listen in to the latest Fed podcasts,” highlighted several podcasts from around the 12 districts. What is the name of the Federal Reserve Bank of Kansas City podcast that explores the Fed’s research in the economists’ own words?
    1. Pacific Exchanges
    2. Ten Talk
    3. Economy Matters
  8. August’s article asked, “Why does the Federal Reserve System have 12 regional banks?” Each Reserve Bank has a Board of Directors to oversee its management and activities. Which two positions in each Reserve Bank are appointed by those boards?
    1. President and first vice president
    2. CEO and vice president
    3. Vice president and treasurer
  9. Learn more about how the Fed approaches monetary policy,” outlined a main function of the Federal Reserve – to conduct monetary policy to achieve our congressional “dual mandate” objectives of maximum employment and stable prices in the U.S. Which of these is not one of the Fed’s three tools of monetary policy?
    1. Open market operations
    2. The discount rate
    3. Foreign exchange rates
  10. In October, “Three myths about the Federal Reserve debunked” corrected three common misconceptions about the Federal Reserve: The Fed is not funded by taxpayer money, it is not controlled by the government or Wall Street and it is in fact, constitutional. Which U.S. President created the Federal Reserve nearly 100 years ago through a congressional act?
    1. President Warren G. Harding
    2. President Woodrow Wilson
    3. President Calvin Coolidge

Check out the answer key below to see how you did. How many did you get right? Look for more Fed Facts coming your way in 2023!

Answer key: 1. A; 2. C; 3. B; 4. B; 5. A; 6. C; 7. B; 8. A; 9. C; 10. B