Federal Reserve Board Members Serve for _____ Years, but the Chair

question 201

Multiple Choice

Federal Reserve board members serve for _____ years, but the chair serves for _____.

• A) 4; 14 years
• B) 14; 4 years
• C) 4; 4 years
• D) 14; life

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Definitions:

Buildings

Structures erected to serve as premises for business, residential, or other purposes, considered as fixed assets on a balance sheet.

Land

Land refers to the surface of the earth and any permanent fixtures attached to it, considered a fixed asset in accounting and not subject to depreciation.

Machinery and Equipment

Fixed assets used in the operations of a business that are expected to be used for multiple years.

Ordinary Maintenance

Routine maintenance and repairs necessary to keep property (equipment, buildings, etc.) in efficient operating condition.