The Federal Reserve Act Did All of the Following EXCEPT

question 61

Multiple Choice

The Federal Reserve Act did all of the following EXCEPT:

• A) made currency and bank credit more elastic
• B) created twelve Federal Reserve banks
• C) lessened the power of the huge New York banks
• D) was the first major banking and currency reform in half a century
• E) shifted the U.S. Treasury back to the gold standard

---

Definitions:

Investing Activity

Transactions involving the purchase and sale of long-term assets and investments, part of a company's cash flow activities.

Financing Activity

Transactions that result in changes in the size and composition of the equity capital or borrowings of a company.

Net Income

The total earnings of a company after all expenses and taxes have been subtracted from total revenue.

Fiscal Year

It is a one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily align with the calendar year.