Fed Facts: The 2020 end-of-year quiz will test your Fed knowledge

The Fed Facts article series is meant to share interesting facts and history of the Federal Reserve System. Whether you have read every article throughout 2020, or want to learn about what was covered, put your knowledge to the test with our end-of-year quiz!

1. The first article of the year, “A closer look at the Beige Book,” dived into the Federal Reserve’s Beige Book and how it is used by economists and other staff. What year did the Federal Reserve first publish the Beige Book?
   1. 1950
   2. 1983
   3. 2012
2. In February’s article, “Understanding the federal funds rate,” details about the Federal Open Market Committee (FOMC) and the significance of the federal funds rate were shared. How many voting members are on the FOMC?
   1. Five
   2. Nineteen
   3. Twelve
3. In the “Research round-up,” resources from the research departments of all 12 Federal Reserve Banks and the Board of Governors were shared. What is the name of the study that uses data collected from surveys of depository institutions, payment networks, issuers and processors to estimate aggregate trends in U.S. noncash payments?
   1. Federal Reserve Payments Study
   2. Noncash Usage Study
   3. Federal Reserve Credit Card Study
4. In May, the article “Check out the Fed’s podcast offerings,” highlighted podcasts that are produced across the System on various topics, from personal finances to monetary policy. What is the name of the Atlanta Fed podcast series that focuses on economic issues regarding housing, the evolution of the payment system and more?
   1. Economic Lowdown
   2. Bank Notes
   3. Economy Matters
5. June’s Fed Facts article, “Meet the Board of Governors,” explained the history of the Board of Governors of the Federal Reserve System. Who is the current Chairman of the Board of Governors?
   1. Michelle W. Bowman
   2. Jerome H. Powell
   3. Richard H. Clarida
6. In the article, “The Federal Reserve’s commitment to community development,” the function of promoting consumer protection and community development was discussed. What is another main function of the Federal Reserve?
   1. Fostering payment and settlement system safety and efficiency
   2. Nominating a Secretary of the Treasury
   3. Producing U.S. coins and currency
7. In August’s article, “Do you recognize these Federal Reserve Bank Services acronyms,” a variety of Fed acronyms were explained. What does the acronym “AMI” stand for?
   1. Accounting Margins Information
   2. Artificial Money Incidents
   3. Account Management Information
8. Because of COVID-19, travel looked very different in 2020. The article, “Visit a Fed museum virtually this fall,” listed different Fed museums individuals could visit without leaving home. What museum features a virtual tour guided by Monte the Money Tree squirrel?
   1. Federal Reserve Bank of Atlanta
   2. Federal Reserve Bank of Chicago
   3. Federal Reserve Bank of Cleveland
9. In October, “There’s an app for that – Fed news at the touch of a button!,” featured the Fed app which has many features to help users learn about the Fed. What is one of the app’s features?
   1. Text your local Fed’s president
   2. Access the most recent speeches, testimony and news releases from the Board of Governors
   3. View a live feed of cash handling from a Reserve Bank
10. November’s article, “A journey through our photo archives,” highlighted facts and milestones in Federal Reserve history. What year was the Federal Reserve Bank of Chicago’s permanent building completed?
    1. 1950
    2. 1909
    3. 1922

Check out the answer key below. How many answers did you get correct? Look for more Fed Facts coming your way in 2021!

Answer Key: 1. b; 2. c; 3. a; 4. c; 5. b; 6. a; 7. c; 8. c; 9. b; 10. c