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Multi-Q Introduction

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  1. Welcome to … Fed Facts! Multi-Q Introduction Produced by The Federal Reserve Bank of San Francisco

  2. Fed Facts Rules Game Rules • Points are collected as a team. • Each player must answer the question without the help from teammates. • If a question is answered correctly, team one adds those points to their score. • If a question is answered incorrectly, the team score does not change and the question goes to team two.

  3. Game Rules Fed Facts Rules • There will be three rounds: • Beginning Round • Double Round • Final Round

  4. Fed Facts: Beginning TO DOUBLE ROUND MultiQ Choices

  5. 1:10 In addition to currency, name three other things U.S. colonists used as money. CLICK TO CHECK

  6. T h e c o r r e c t a n s w e r i s … 1:10 Answer Tobacco, Corn, Wampum Beads, Foreign Coins 10 CLICK TO PLAY AGAIN

  7. 1:20 Why are there “holes” in some of the notes from Colonial times? CLICK TO CHECK

  8. T h e c o r r e c t a n s w e r i s … 1:20 Answer People often cut the seals from currency notes and affixed them to land ownership documents to make them look more “official.” 20 CLICK TO PLAY AGAIN

  9. 1:30 Fractional currency was used during the Civil War as a substitute for what? CLICK TO CHECK

  10. T h e c o r r e c t a n s w e r i s … 1:30 Answer Coins – metal was being diverted to the war effort 30 CLICK TO PLAY AGAIN

  11. 1:40 Why was Confederate currency subject to such inflation during the Civil War era? CLICK TO CHECK

  12. T h e c o r r e c t a n s w e r i s … 1:40 Answer The North printed a lot of Confederate currency and flooded the Southern states with it 40 CLICK TO PLAY AGAIN

  13. What were the small square coupons around the edge of Interest Bearing Notes used for? CLICK TO CHECK

  14. T h e c o r r e c t a n s w e r i s … 1:50 Answer Collecting interest – people would cut off the coupons and submit them to the Treasury Department for payment of interest 50 CLICK TO PLAY AGAIN

  15. 2:10 What are the two goals of Monetary Policy? CLICK TO CHECK

  16. T h e c o r r e c t a n s w e r i s … 2:10 Answer Maximum employment and stable prices 10 CLICK TO PLAY AGAIN

  17. 2:20 What is the difference between the Fed funds rate and the discount rate? CLICK TO CHECK

  18. T h e c o r r e c t a n s w e r i s … 2:20 Answer The Fed funds rate is the rate that commercial banks charge one another for loans. The discount rate is the rate charged by the Fed to member banks that borrow funds from the Discount Window. 20 CLICK TO PLAY AGAIN

  19. 2:30 To stimulate the economy, the Fed will ________(raise or lower) the Fed funds target rate. CLICK TO CHECK

  20. T h e c o r r e c t a n s w e r i s … 2:30 Answer Lower – this makes borrowing cheaper and thus is an incentive for people and businesses to borrow. 30 CLICK TO PLAY AGAIN

  21. 2:40 What does “FOMC” stand for? Double your points on this question if you know how many total members the FOMC has. CLICK TO CHECK

  22. T h e c o r r e c t a n s w e r i s … 2:40 Answer Federal Open Market Committee The FOMC has 12 total members (7 Board of Governors + Federal Reserve Bank of New York president + 4 rotating Reserve Bank presidents) While all 12 Reserve Bank presidents participate in every FOMC meeting, only 5 Reserve Bank presidents may vote. 40 CLICK TO PLAY AGAIN

  23. 2:50 Is the Federal Reserve System “centralized” or “decentralized”? CLICK TO CHECK

  24. T h e c o r r e c t a n s w e r i s … 2:50 Answer Both – Individual Reserve banks have some control, but this is balanced by the Board of Governors’ centralized input 50 CLICK TO PLAY AGAIN

  25. What are the four main security features of the new 2004 Series $20 bill? CLICK TO CHECK

  26. T h e c o r r e c t a n s w e r i s … 3:10 Answer • •Security thread • Color-shifting ink • Watermark • Microprinting 10 CLICK TO PLAY AGAIN

  27. 3:20 Which U.S. currency has the most usage? CLICK TO CHECK

  28. T h e c o r r e c t a n s w e r i s … 3:20 Answer The $1 bill followed closely by the $20 bill. 20 CLICK TO PLAY AGAIN

  29. 3:30 What is the Automatic Clearing House (ACH)? CLICK TO CHECK

  30. T h e c o r r e c t a n s w e r i s … 3:30 Answer ACH is a clearing house where debits and credits are collected prior to sending to participating banks. It is used for common electronic payments like an individual’s mortgage payment. 30 CLICK TO PLAY AGAIN

  31. 3:40 What two materials are used to make the paper on which U.S. currency is printed? CLICK TO CHECK

  32. T h e c o r r e c t a n s w e r i s … 3:40 Answer Cotton and Linen 40 CLICK TO PLAY AGAIN

  33. 3:50 What does the Fed do if it detects a counterfeit note? CLICK TO CHECK

  34. T h e c o r r e c t a n s w e r i s … 3:50 Answer The Fed forwards the note to the Secret Service for investigation 50 CLICK TO PLAY AGAIN

  35. 4:10 Name the government agency that prints our currency notes. CLICK TO CHECK

  36. T h e c o r r e c t a n s w e r i s … 4:10 Answer The BEP (The Bureau of Engraving and Printing). 10 CLICK TO PLAY AGAIN

  37. 4:20 How long does the average $100 note stay in circulation? CLICK TO CHECK

  38. T h e c o r r e c t a n s w e r i s … 4:20 Answer 9 years 20 CLICK TO PLAY AGAIN

  39. 4:30 Name the three non-presidents that have appeared on Federal Reserve Notes. CLICK TO CHECK

  40. T h e c o r r e c t a n s w e r i s … 4:30 Answer • Alexander Hamilton • Ben Franklin • Salmon Chase 30 CLICK TO PLAY AGAIN

  41. 4:40 On the great Seal of the U.S., the eagle is holding arrows in one talon and an olive branch in the other—what do these symbols represent? CLICK TO CHECK

  42. T h e c o r r e c t a n s w e r i s … 4:40 Answer The arrows represent that our country stands ready to defend its freedom while the olive branch represents that we are always pursuing peace. 40 CLICK TO PLAY AGAIN

  43. 4:50 What was the first state in the 50 State Quarter Program? CLICK TO CHECK

  44. T h e c o r r e c t a n s w e r i s … 4:50 Answer Delaware, the first state to ratify the U.S. Constitution. 50 CLICK TO PLAY AGAIN

  45. 5:10 What is the name of the Congressional legislation passed in October, 2004 legalized digital images of checks? CLICK TO CHECK

  46. T h e c o r r e c t a n s w e r i s … 5:10 Answer Check 21—checking for the 21st Century. 10 CLICK TO PLAY AGAIN

  47. 5:20 • About what percentage of the total checks written in the U.S. are processed by the Fed? • 25-30 percent • 50-60 percent • 100 percent CLICK TO CHECK

  48. T h e c o r r e c t a n s w e r i s … 5:20 Answer 25-30 percent – the rest of the checks written in the U.S. are processed by banks and private companies. 20 CLICK TO PLAY AGAIN

  49. 5:30 What is the MICR line? Get extra 20 points if you know what MICR stands for. CLICK TO CHECK

  50. T h e c o r r e c t a n s w e r i s … 5:30 Answer The Magnetic Ink Character Recognition (MICR) line contains information about the bank and account of the checking account holder and is read by check sorting equipment at the Fed. 30 CLICK TO PLAY AGAIN