Most Power in the Federal Reserve System Is Held by the

question 164

Multiple Choice

Most power in the Federal Reserve System is held by the

• A)president and Congress.
• B)Secretary of the Treasury, who appoints the members of the Board of Governors.
• C)Board of Governors of the system.
• D)member banks of the system.

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Definitions:

Disbursements

Cash or fund outflows from a company for expenses, investments, and other financial activities.

EFT

Electronic Funds Transfer, a system of transferring money from one bank account directly to another without any paper money changing hands.

Remittance Advice

A document sent by a customer to a seller, informing the seller that an invoice has been paid, typically accompanying a payment.

Credit Memo

A document issued by a seller to a buyer, reducing the amount the buyer owes to the seller under the terms of an earlier invoice.