1. Explain what the term budget surplus means.
  2. Describe what a Treasury bill is.
  3. What is meant by the term national debt?
  4. How would you explain what the Board of Governors is?
  5. What does monetary policy mean?
  6. Explain what the Federal Advisory Council (FAC) does.
  7. What is the Federal Open Market Committee (FOMC)?
  8. Explain what is meant by check clearing.