Which of the Following Is False

question 11

Multiple Choice

Which of the following is false?

• A)The Federal Reserve System was created in 1913.
• B)The Fed is governed by the Board of Governors, whose seven members are appointed by the president to 14-year terms. The Board chair is appointed for a four-year term.
• C)The FOMC is the major policy-making body and includes the seven Fed governors plus all of the Federal Reserve Bank presidents.
• D)The president of the New York Federal Reserve Bank is a permanent member of the FOMC.

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Definitions:

Taxable Value

The assessed value of an asset or property that is used to determine the amount of tax owed.

Charitable Bequests

Gifts left in a will or estate plan to a charity or nonprofit organization.

Funeral Expenses

Funeral expenses are the costs incurred in arranging and conducting a funeral, including but not limited to services, casket, and burial or cremation.