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FIDUCIARY: Relating to confidence or trust of one person in another, especially has it applies to financial matters. For example, you might give a lawyer, broker, or agent might be given fiduciary authority to access your bank account, pay your taxes, or maintain your investments. Alternatively, corporate executive might have the fiduciary authority to enter into contracts, write checks, or otherwise operate as a financial agent for the corporation.
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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid
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Page: 11 of 20
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- The structure of the Fed, which is composed of: (a) Chairman of the Board of governors, (b) Board of Governors, (c) Federal Reserve Banks, (d) commercial banks, and (e) the non-bank public.
- That the Board of Governors is the policy making body of the Fed, which sets the regulations, rules and policies affecting the money supply and the commercial banking system.
- That the Fed is largely independent of the President and Congress.
- The Federal Open Market Committee, which is responsible for monetary policy.
- The Federal Advisory Council, which is totally advisory, does not set policy nor impose regulations.
- That there are 37 Federal Reserve Banks responsible for implementing the policies and regulations of the Board of Governors.
- Commercial banks that form the base of the Federal Reserve pyramid.
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FIXED COST In general, cost that does not change with changes in the quantity of output produced. More specifically, fixed cost is combined with the adjectives "total" and "average" to indicate the overall level of fixed cost or the per unit fixed cost. Fixed cost is incurred whether of not any output is produced. The contrast to fixed cost is variable cost, cost which does change with the quantity produced.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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FASB
Financial Accounting Standards Board
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