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Business Banking Basics

Coffee Break Finance
Business Banking Basics
Business Banking Basics

Business Banking Basics

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Question 1 of 10

1. Question

True or False: In a flat-fee price structure, you pay the same fee for a debit card payment that you pay for a rewards credit card.

True
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False
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Question 2 of 10

2. Question

Which number do you need to open a business bank account?

Social Security Number
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Employer Identification Number (EIN)
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Net annual revenue
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Gross monthly revenue
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Question 3 of 10

3. Question

True or false: You can have debit cards issued for employees if you need them to be able to make purchases and cash withdrawals while on the job.

True
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False
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Question 4 of 10

4. Question

A zero balance feature applies to which type of business banking account?

Operations
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Savings
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Analyzed checking
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Payroll
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Question 5 of 10

5. Question

Which transaction fee is negotiable?

Assessment
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Interchange
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Processing
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Minimum balance requirement
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Question 6 of 10

6. Question

True or false: Online credit or debit payments processed for e-commerce can have higher fees than payments made in person through point-of-sale (POS) readers.

True
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False
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Question 7 of 10

7. Question

Merchant services allow your business to process which type of payment?

Debit
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Credit
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ACH
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Gift cards
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a and b
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All of the above
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Question 8 of 10

8. Question

Which banking service allows you to easily process checks from customers?

Remote deposit capture
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Payroll services
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BillPay
Correct Incorrect Correct answer

Direct Deposit
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Question 9 of 10

9. Question

What is one of the key benefits offered by an online bank over traditional banking services?

Accounts are FDIC-insured
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Fees are generally lower
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Doesn’t require an EIN to open
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All of the above
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Question 10 of 10

10. Question

True or False: Having a business saving account or CD can help you get a loan for your business.

True
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False
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