The Federal Open Market Committee

question 335

Multiple Choice

The Federal Open Market Committee

• A) consists of the Fed chairman and the 12 regional bank presidents.
• B) is the main policy-making organ of the Federal Reserve.
• C) is headed by the president of the New York Federal Reserve Bank.
• D) meets every week to review the state of the economy.

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Definitions:

Medical Expenses

Costs incurred for the diagnosis, cure, treatment, or prevention of disease, which may be deductible under certain conditions.

Maternity Clothes

Specialized apparel designed to accommodate a woman's body during pregnancy for comfort and style.

Long-Term Care Insurance

Insurance designed to cover the costs of long-term care services, including assisted living and home care.

Itemized Deduction

Deductions taxpayers may claim for certain personal expenses, as opposed to taking the standard deduction, potentially reducing taxable income.