Which Statement Concerning the Structure of the Federal Reserve System

question 62

Multiple Choice

Which statement concerning the structure of the Federal Reserve System is correct?

• A) The Fed's Board of Governors consists of 12 members.
• B) The Chair and Vice Chair of the Board of Governors are appointed by the president and confirmed by the Senate for terms of 4 years.
• C) There are 10 regional Federal Reserve banks.
• D) The Federal Open Market Committee (FOMC) has seven members.

---

Definitions:

Incorporators

Individuals involved in forming a corporation, who sign the articles of incorporation and may act as temporary directors until a board is elected.

Perfunctory

Carried out with a minimum of effort or reflection.

Short-lived

Referring to something that lasts for a brief period of time.

RMBCA

The Revised Model Business Corporation Act, which serves as a guide for states in drafting their corporation statutes.