Title: QUIZ: The Three Key Entities-- Fed Functions Video Series
Course: Kelly's Copy-Export Course > Section: The Three Key Entities-- Fed Functions Video Series

Q: What is the primary function of the Federal Reserve Board of Governors?
- Supervising and examining commercial banks
- Distributing currency and coin to banks and to the public
- Setting policy direction for the Federal Reserve System
- Operating electronic payment systems
A: Setting policy direction for the Federal Reserve System

Q: How many members, or "governors," serve on the Federal Reserve Board?
- Five
- Seven
- Nine
- Twelve
A: Seven

Q: The Federal Reserve Banks are established based on
- regional political affiliations.
- regional economic considerations. 
- population density.
- proximity to major cities.
A: regional economic considerations. 

Q: What role do the Reserve Banks play in relation to monetary policy?
- Setting local interest rates
- Issuing U.S. government securities to the public
- Implementing federal economic laws 
- Providing information vital to policy formulation
A: Providing information vital to policy formulation

Q: The Federal Open Market Committee (FOMC) primarily focuses on
- supervising the 12 Federal Reserve Banks.
- distributing currency and coin to the public.
- governing the Federal Reserve System.
- promoting maximum employment and price stability.
A: promoting maximum employment and price stability.

Q: How many members make up the Federal Open Market Committee (FOMC)?
- Seven
- Nine
- Eleven
- Twelve
A: Twelve

Q: The primary mandates set by Congress for the Fed include
- regulating the stock market.
- promoting maximum employment and price stability.
- determining fiscal policy.
- controlling inflation rates.
A: promoting maximum employment and price stability.