Visual representation of small business financial literacy - decorative

Module 5: Banking Services


You may also want to take a few moments to assess your knowledge of banking services. These all have one or more correct answers. Feel free to return to this test at the end of this module to see if your score improved. A link to the answers will show up on the right under the Modules navigation bar as you scroll down.

1. Which of the following are true? Select all that apply.

a. I can open a business checking account as soon as I have an Employer Identification Number (EIN).
b. A business must have a personal checking account to open a business account with a bank.
c. Small businesses cannot open commercial checking accounts.
d. Small businesses must make a profit to establish commercial banking services such as opening accounts and setting up merchant services.

2. Which of the following best characterizes a zero balance account?

a. An account maintained with no funds until checks are written.
b. A new account.
c. A closed account.
d. An account with funds that are withdrawn until no funds remain.

3. Purchases and receipts for your business should be kept separate from your personal ones.

a. True
b. False

4. Which of the following is true about FDIC deposit insurance. Check all that apply.

a. FDIC insurance only protects consumers with deposit accounts at FDIC member banks.
b. Only consumers with deposit accounts at FDIC-insured banks are fully insured by the FDIC up to at least $250,000.
c. FDIC insurance cannot protect consumers unless they have money deposited at an FDIC member bank.

5. Which of the following is a common advantage of online banking?

a. Information is updated frequently.
b. Check images may be available for viewing.
c. Current and past statements may be available for viewing.
d. B and C
e. A, B and C

6. If a business becomes a victim of online theft, there is a chance that the money may not be recoverable.

a. True
b. False