Federal Reserve (Fed) Trivia Quiz January 31, 2026January 30, 2026 Joe Messerli Quizzesnew quiz, test Federal Reserve Answer 16 questions on U.S. Federal Reserve system. 1 / 16 What was the location where Senator Nelson Alrich and other politicians met secretly with a group of powerful financiers to design the blueprint for the Fed? Epstein Island Jekyll Island Cape Cod Martha's Vineyard George Town, Grand Cayman 2 / 16 What U.S. president signed the Federal Reserve Act that created the new central banking system? Theodore Roosevelt Woodrow Wilson Herbert Hoover Franklin Roosevelt Harry Truman 3 / 16 What founding father strongly opposed central banking, saying they were "more dangerous than standing armies," and "spending money to be paid by posterity is but swindling futurity on a large scale?" George Washington Alexander Hamilton James Madison Benjamin Franklin Thomas Jefferson 4 / 16 What are the two stated functions of the Fed's "dual mandate?" [Choose 2 answers] Stimulate the stock market Promote stable prices Maximize employment Maximize bank profits Stimulate the housing market Check 5 / 16 What component of the governoring structure mainly sets Fed policies such as interest rates and the money supply? Board of Governors Chairmen of the Federal Reserve Federal Open Market Committee (FOMC) Federal Reserve Banks U.S. Congress 6 / 16 How many times per year does the FOMC meet and vote on interest rate policy decisions? 4 6 8 12 7 / 16 Which of the following three actions will expand the U.S. money supply? [Choose 3 answers] Lower the Interest Rates it charges commercial banks for loans Raise the Interest Rates it charges commercial banks for loans Reduce Reserve Requirements for percent of bank deposits that can't be loaned out Raise Reserve Requirements for percent of bank deposits that can't be loaned out Sell Treasury bonds and other securities to the market Buy Treasury bonds and other securities on the market Check 8 / 16 What is Federal Reserve "quantitative easing" (QE)? Lowering taxes and home mortgage rates Lowering interest rates banks charge each other for short-term loans Selling Fed assets to banks Printing physical cash Digitally "printing" money that is used to purchase securities and inject cash into the economy Large-scale QE was used by the Fed during Covid and the 2008 housing crisis. Large-scale QE was used by the Fed during Covid and the 2008 housing crisis. 9 / 16 What payment system is run by the Federal Reserve? PayPal/Venmo SWIFT Visa/Mastercard Fedwire EFTPS 10 / 16 What is the term length for a Fed Governor and the Chair of the Federal Reserve, respectively? Governor - 2 years; Chair - 2 years Governor - 4 years; Chair - 4 years Governor - 8 years; Chair - 4 years Governor - 14 years; Chair - 4 years Governor - 10 years; Chair - 2 years 11 / 16 What U.S. President used an Executive Order to take the U.S. off the gold standard under the Federal Reserve system, which included confiscation of gold held by private citizens? Calvin Coolidge Franklin Roosevelt Harry Truman Dwight Eisenhower Jimmy Carter 12 / 16 What is the Fed's permanent inflation rate target? 0% 1% 2% 5% 10% 13 / 16 What document summarizes each FOMC meeting? Beige Book Epstein Client List (updated) Fed Ledger Minutes Economic Almanac 14 / 16 What Fed action is considered "hawkish?" Raising interest rates Lowering interest rates Buying more U.S. treasuries Expanding Quantitative Easing Digitally printing more money 15 / 16 What information is contained in the Fed "Beige Book?" Fed Balance Sheet Current economic conditions report Fed budget projections U.S. fiscal deficit expectations Bank presidents' commentary on monetary policy 16 / 16 How do Fed chairs and governors gain their positions? Presidential appointment with Senate confirmation U.S. Treasury Secretary appoints Elected by Federal Reserve Bank presidents Elected by popular vote during Presidential midterm elections Big Tech billionaires, the Soros family, Rothchilds, and Satan meet on an island annually to decide Your score isThe average score is 49% 0% Restart quiz Other Links That May Interest You Personal Finance Trivia Quiz Famous Inventors Trivia Quiz Legal Concepts Trivia Quiz Share this: Share on Facebook (Opens in new window) Facebook Share on X (Opens in new window) X Like this:Like Loading… Related
Not sure I agree with the “official” answer to the last question. I think the last option is far more accurate, regardless of the “public” procedure/theater we all get to see. Loading... Reply
True. If I put in the “unofficial” answers for all questions that would open up a whole other can of worms. Loading... Reply
Not sure I agree with the “official” answer to the last question. I think the last option is far more accurate, regardless of the “public” procedure/theater we all get to see.
True. If I put in the “unofficial” answers for all questions that would open up a whole other can of worms.