BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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acting as the federal government’s fiscal agent, including maintaining a checking account for the United States Treasury.
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clearing checks when the payor’s bank is not the same institution as that at which the funds are eventually deposited.
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printing currency and minting coins.
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providing financial advice to the federal government.
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Detailed explanation-1: -The Fed’s main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services.
Detailed explanation-2: -Answer and Explanation: The Fed does not provide banking services to consumers. It is tasked with oversight over the banking sector, regulating the money supply in the economy and implementing monetary policies.
Detailed explanation-3: -The U.S. Federal Reserve controls the money supply in the United States, and while it doesn’t actually print currency bills itself, it does determine how many bills are printed by the Treasury Department each year.
Detailed explanation-4: -Currency is printed by the Bureau of Engraving and Printing, and coins are produced by the U.S. Mint. Each year, the Federal Reserve Board of Governors determines the number of new Federal Reserve notes that are needed and submits a print order to the Bureau of Engraving and Printing.