Members of the Board of Governors Are

question 22

Multiple Choice

Members of the Board of Governors are

• A)elected by the district bank presidents.
• B)appointed by the President of the United States, subject to confirmation by the Senate.
• C)appointed by the National Monetary Commission.
• D)appointed by the Securities and Exchange Commission, subject to congressional veto.

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Definitions:

Instalment Payments

Payments made periodically towards the settlement of a debt or purchase price, typically including interest.

Interest

The charge for borrowing money or the compensation paid to depositors on their deposits, usually expressed as an annual percentage rate.

Unpaid Balance

The amount of money that is still owed on a loan or credit line that has not yet been paid.

Loan Principal

The amount of money that is borrowed and must be repaid, not including interest or any other charges.