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:

Inventory Purchases

The total cost of buying raw materials and goods for sale during a specific accounting period.

Collection Pattern

A specific sequence or method used to collect data, payments, or resources, often used in accounting or project management.

Operating Expenses

The costs associated with running a business that are not directly tied to the production of goods or services, such as selling, general, and administrative expenses.

Cash Balance

The amount of cash a company has available at any given moment, reflecting its liquidity position.