Sponge Quiz Days 23-25

Question 1

a nation’s main monetary authority

Answer 1

central bank

Question 2

provides banking services for the national government and many private banks

Answer 2

The Fed

Question 3

Thrift institutions include

Answer 3

savings and loan institutions

Question 4

Audits of a bank’s financial practices

Answer 4

bank exams

Question 5

Processing U.S. savings bonds is a service provided by

Answer 5

Federal Reserve Bank

Question 6

established to protect the savings of the American people

Answer 6

The FDIC

Question 7

Federal Reserve notes

Answer 7

inconvertible fiat money

Question 8

Cost incurred even if the output is zero

Answer 8

fixed cost

Question 9

the gradual wear and tear on capital goods

Answer 9

Depreciation

Question 10

If producers expect higher prices in the future

Answer 10

they may withhold some supply

Question 11

A meeting of representatives for labor and management to negotiate contracts

Answer 11

collective bargaining

Question 12

a major leader in the struggle to organize labor

Answer 12

Samuel Gompers

Question 13

most common in government

Answer 13

Labor Unions

Question 14

provides information on companies, maintaining records of consumer inquiries and complaints, and offering consumer education

Answer 14

Better Business Bureau

Question 15

Banks that belong to the Federal Reserve System

Answer 15

hold stock in the Fed and, therefore, own it