Which of the Following Statements About the Federal Reserve Board

question 23

Multiple Choice

Which of the following statements about the Federal Reserve Board (FRB) is FALSE?

• A) The FRB is part of the Department of the Treasury.
• B) The FRB is the main organization for setting monetary policy.
• C) The members of the FRB are selected by the president and confirmed by the Senate.
• D) The president cannot remove at will the members of the FRB.
• E) The FRB sets the federal funds rate.

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Definitions:

Category Type

A classification within financial and accounting records used to group similar transactions or accounts for easier management and analysis.

Detail Type

Detail Type in accounting software helps categorize financial transactions more specifically within a broader account type for better clarity and reporting.

COA

An abbreviation for Chart of Accounts; a systematic list of account titles and numbers used by a company to organize its financial transactions and prepare financial statements.

Sub-accounts

Secondary accounts nested under a primary account, used for more granular management of finances.