Which of the Following Statements About the Federal Reserve Bank

question 154

Multiple Choice

Which of the following statements about the Federal Reserve Bank (the Fed) is most accurate?

• A) The Fed is an agency of the U.S. Treasury Department that has the responsibility of collecting tax receipts for the IRS.
• B) The Fed manages the U.S. money supply and interest rates.
• C) The Fed is the primary government agency involved in carrying out our nation's fiscal policies.
• D) The Fed is the agency of the government that ensures the U.S. maintains enough gold reserves to pay any foreign debts that result from international trade.

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Definitions:

Debtor's Estate

All legal or equitable interests of the debtor in property at the time of bankruptcy filing.

Involuntary Petitions

Legal filings typically used in bankruptcy laws, forcibly initiating bankruptcy proceedings against a debtor by creditors.

Chapter 7

A provision of the bankruptcy code that provides for "liquidation," wherein a debtor's non-exempt assets are sold and the proceeds distributed to creditors.

Chapter 11

A provision under the US Bankruptcy Code that allows businesses and individuals to reorganize their debts while keeping their assets.