Title: QUIZ: The First Bank of the United States -- The Federal Reserve and You
Course: Kelly's Copy & Export Course > Section: The First Bank of the United States -- The Federal Reserve and You

Q: During the Revolutionary War, the Continental Congress printed huge amounts of currency, leading to
- rampant inflation, and a bailout of the colonial banks by the end of the war.
- rampant deflation, and the currency doubling in value by the end of the war.
- rampant inflation, and the currency being practically worthless by the end of the war.
- rampant deflation, and the currency being practically worthless by the end of the war.
A: rampant inflation, and the currency being practically worthless by the end of the war.

Q: Soon after the United States achieved independence, banks were established, and ___________________ proposed the creation of a national bank.
- Thomas Jefferson
- Benjamin Franklin
- George Washington
- Alexander Hamilton
A: Alexander Hamilton

Q: Which of these functions is the responsibility of a modern central bank?
- Regulating depository institutions
- Implementing fiscal policy
- Setting prices on securities
- Printing currency
A: Regulating depository institutions

Q: _______________________ strongly opposed the creation of a U.S. national bank.
- Benjamin Franklin
- Thomas Jefferson
- George Washington
- Alexander Hamilton
A: Thomas Jefferson

Q: The Bank of the United States was opened in _____________, and was chartered for ___ years.
- Boston; 20
- Boston; 10
- Philadelphia; 20
- Philadelphia; 10
A: Philadelphia; 20

Q: The Bank of the United States was owned partly by the federal government and partly by private investors, and was known as the government’s __________ agent.
- monetary
- fiscal
- banking
- currency
A: fiscal

Q: What was one of the key benefits of establishing a national bank in the United States?
- Expanded the availability of credit
- Increased the money supply
- Made taxes easier to collect
- Reduced unemployment
A: Expanded the availability of credit

Q: Thomas Jefferson opposed the creation of a national bank because he thought it
- would decentralize power from the government.
- would be too costly for the government.
- would lead to even higher levels of inflation.
- was not allowed by the Constitution.
A: was not allowed by the Constitution.