|Survey of Small Business FinancesFrequently Asked QuestionsQ:  What is the purpose of the Survey of Small
Business Finances?A:  The 2003 Survey of Small Business Finances
is the fourth survey in a series that collects financial data from businesses
with fewer than 500 employees.Q:  Who is doing the survey?A:  The Survey of Small Business Finances is
being conducted for the Federal Reserve Board (FRB) by the National Opinion
Research Center (NORC) at the University of Chicago.

The Federal Reserve System is the central bank of the United States.  It was
founded by Congress in 1913 to provide the nation with a safer, more flexible,
and more stable monetary and financial system; over the years, its role in
banking and the economy has expanded.  Today, the Federal Reserve Board's
duties fall into four general areas:Conducting the nation's monetary policy by influencing the money and
credit conditions in the economy in pursuit of full employment and stable
pricesSupervising and regulating banking institutions to ensure the safety and
soundness of the nation's banking and financial system and to protect the
credit rights of consumersMaintaining the stability of the financial system and containing risk that
may arise in financial marketsProviding certain financial services to the U.S. government, to the
public, to financial institutions, and to foreign official institutions,
including playing a major role in operating the nation's payments system.
     
NORC is one of the oldest and most respected social science research
organizations in the United States, and the results from many NORC studies
have been used to help national policy-makers in their decision
making.Q:  Will my answers be confidential?A:  Yes.  NORC and the Federal Reserve
Board maintain the highest standards of confidentiality.  Your name and other
identifying information, as well as all other participants', will be kept
strictly confidential.  NORC assures that the confidentiality of your
responses to this survey will be maintained by NORC and the Federal Reserve 
Board.  No information obtained in the course of this study may be disclosed
in a manner in which the particular establishment or individual supplying the
information is identifiable except to a very small number of authorized staff
at NORC and the Federal Reserve System.Q:  Why was my business chosen to
participate?A:  Your small business was selected from a
nationally representative scientific sample of businesses throughout the
United States.  The businesses we are contacting represent the diversity of
small businesses across the nation.  The information you provide is essential
to obtain an accurate picture of the financial needs of small businesses like
yours.Q:  What kinds of questions will be asked?A:  A variety of topics will be covered during
the time of the interview.  The questions cover your firm's use of credit and
other financial services as well as where these services were obtained.  You
will also be asked about your experiences in obtaining credit.  Information
will also be collected on the firm's assets, liabilities, income, and expenses
to help understand the differences among individual small businesses.Q:  Why do you need my financial
information?A:  Financial information is critical in
understanding the needs of all small businesses.  One of the main goals of the
survey is to evaluate the importance of credit use and availability relative
to a firm's size and other financial characteristics.  Data from this survey
will be published in summary form only.  The confidentiality of your responses
to this information request will be maintained by NORC and the Federal Reserve
Board.  No information obtained in the course of this study may be disclosed
in a manner in which the particular establishment or individual supplying the
information is identifiable except to a very small number of authorized staff
at NORC and the Federal Reserve System.Q:  Can't you just get this information from the
IRS?A:  No.  The IRS is legally bound to maintain
total confidentiality of your tax records for any and all purposes.  Other
government bodies such as the Federal Reserve Board have no privileged access
to your individual tax records.  Similarly, the survey project staff will not
disclose any of your personal or case-specific information with the IRS or any
other government agency.Q:  Am I required to participate and answer
every question?A:  No. Your participation is voluntary and you
may refuse to answer any questions to which you object.  However, the
participation of each selected business is vital to the success of the survey.
The information obtained in the interview will be held in the strictest
confidence.Q:  What will I get out of this?A:  The information you provide will help the
Federal Reserve Board understand the needs of small businesses like yours and
evaluate public policy affecting the cost and availability of financial
services to small businesses.
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