A
B
C
Question 1
What event in U.S. history in the early 1900s
resulted in a call for reform of central banking?
A
•The Panic of 1907
B
•The stock market crash of 1929
C
•World War 1
Question 2
During the Panic of 1907, the U.S. Treasury contributed $25
million to help rescue the economy. Which of the following
was NOT part of the additional rescue efforts that occurred
during the panic?
A
•J.P. Morgan raised $25 million
in emergency funds.
B
•John D. Rockefeller
contributed $10 million of his
personal funds.
C
•Senator Nelson Aldrich
contributed $30 million in
donations.
Question 3
A
• Federal Reserve Act of 1913
B
• Aldrich-Vreeland Act of 1908
C
•National Monetary Commission
Question 4
The Aldrich-Vreeland Act called for the creation of an 18member committee to draft a proposal of reform for the
banking and financial system. This committee was called
the
A
• National Financial
Committee
B
• National Monetary
Committee
C
• National Economic
Committee
Question 5
To break the gridlock and draft the report due to Congress,
_____________ called a secret meeting in Jekyll Island.
A
• Frank Vanderlip
B
• J.P. Morgan
C
• Senator Nelson Aldrich
Question 6
The first and second Banks of the United States failed in
part because of the public’s perception that:
A
• The banks were controlled by
big banks and rich
financiers.
B
• The banks were controlled by
the federal government.
C
• The banks were controlled by
the states.
Question 7
The draft legislation that resulted from the meeting on
Jekyll Island was known as the ____; its terms called for the
establishment of ____ regional banks called Reserve
Associations to be part of a central banking system.
A
• National Monetary
Commission; 10
B
• Federal Reserve Act; 12
C
• Aldrich Plan; 15
Question 8
Which of the following is a duty specified for the Reserve
Associations under the Aldrich Plan?
A
• Create an elastic currency and
give emergency loans to
member banks.
B
• Serve as fiscal agent to the
U.S. government,
C
• Both A and B.
Question 9
Under the Aldrich plan, the central banking system would
be led by a board with ____ members headed by a ______.
A
• 45; governor
B
• 7; president
C
• 9; director
Question 10
The Aldrich Plan did not successfully achieve passage due
to what concern?
A
• Its banker-centered structure
• Its government-centered
structure
• Its Association-centered
structure
Thank you for participating in
“Test Your Knowledge”