Selecting the business bank account that fits your needs plays a major role in managing expenses and revenue. Banking tools help fulfill tax requirements, manage cash flow, and so much more.
Watch the video to learn how to Identify the Right Tools for Your Business, then test your knowledge at the end of the lesson.
The Small Business Administration advises that a business needs a bank account…
A. “…three months after receiving an Employer Identification Number.”
B. “…when there is a net profit.”
C. “…as soon as it starts accepting or spending money.”
D. “…when revenue reaches $5,000 or more.”
An analyzed commercial checking account is designed for businesses that conduct a high number of transactions per month and can meet larger minimum balance requirements.
A. True
B. False
How can a Business Certificate of Deposit help companies make the most of their money?
A. Business CDs have a higher interest rate for faster growth
B. Business CDs offer equity that can help when applying for credit
C. Business CDs provide a place to save money for future expenses
D. All of the above
Use this checklist to help you determine which accounts you need to open and what you should look for as you shop for accounts: