Business Account Fraud

15 Questions
Business Quizzes & Trivia
Sample Question

What type of business may not require a Ficticious Name Certificate?

Limited Partnership

LLC

Non-Profit

Sole Proprietorship

Number of Questions:

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Questions and Answers
  • 1. 
    • A. 

      Limited Partnership

    • B. 

      LLC

    • C. 

      Non-Profit

    • D. 

      Sole Proprietorship

  • 2. 
    2. How many owners exist for a Sole Proprietorship?
    • A. 

      As many as the owner wants.

    • B. 

      Only one owner can exist all others are listed as authorized users.

    • C. 

      There is no limit.

    • D. 

      Only two.

  • 3. 
    • A. 

      LLC

    • B. 

      Sole Proprietorship

    • C. 

      All businesses

    • D. 

      General Partnership

  • 4. 
    • A. 

      Mucho Services Business.

    • B. 

      Many Single Businesses.

    • C. 

      Money Service Business

    • D. 

      Member Service Business

  • 5. 
    • A. 

      Pet stores.

    • B. 

      Ice cream palors.

    • C. 

      Massage palors.

    • D. 

      Athletic organizations.

  • 6. 
    • A. 

      Employees stealing pens and pencils.

    • B. 

      ID Theft committed by business owner impersonators.

    • C. 

      Stolen credit cards.

    • D. 

      Stealing cash from the office.

  • 7. 
    Can I run the business EIN through ChexSystems?
    • A. 

      Yes, but it must be run through the business inquiry and not the individual inquiry.

    • B. 

      No. We do not verify business EIN or TIN's through ChexSystems.

    • C. 

      No. As long as we have the correct paperwork we do not need to run ChexSystems.

    • D. 

      No. As long as the individual passes ChexSystems the account can be opened.

  • 8. 
    Can an EIN issued by the IRS also be used as a Social Security number?
    • A. 

      No the EIN number is only issued to one business and not a person.

    • B. 

      No. If an EIN fails or has a record returned that must be a typo.

    • C. 

      Yes. The IRS and Social Security Administration may use the same number for different purposes.

    • D. 

      No. An EIN number is only used by the IRS.

  • 9. 
    If the owner of an LLC dies, can anyone on the account close it?
    • A. 

      Yes if they are an authorized signer they can do whatever they want.

    • B. 

      No. The operating agreement specifices who has control and must be reviewed before the account is touched.

    • C. 

      Yes but the check has to be made payable to the business.

    • D. 

      Yes. The other person on the account can have all the money.

  • 10. 
    Can we accept paperwork that is expired or is missing dates and/or signatures?
    • A. 

      Yes as long as we have proper identification.

    • B. 

      Yes. If the member passes ChexSystems itis ok to open an account.

    • C. 

      No. All paperwork must be dated and all individuals on the paperwork must be verified with valid identification.

    • D. 

      Yes. The paperwork is good for the life of the business and we do not need any dates.

  • 11. 
    Is it ok to omit periods, dashes, etc. from the name of a business to make it fit on the paperwork?
    • A. 

      No if the name of the business is ABC Roofing then it has to be specifically written without periods. A.B.C. Roofing could be a completely different company and use the same initials.

    • B. 

      Yes. As long as the name of the business is written the same the punctuation does not matter.

    • C. 

      Yes. As long as the names of the people are spelled correctly it does not matter.

    • D. 

      Yes. The Department of State does not care.

  • 12. 
    Can we issue a loan to a business if the address does not match the records that the Department of State has on file?
    • A. 

      No. The address must always match.

    • B. 

      Yes. People change their addresses all the time.

    • C. 

      Yes. As long as they have the proof of address with us.

    • D. 

      Yes. We only need to verify that the primary owner has the correct address on file.

  • 13. 
    Can a corporation use a P.O. Box when applying with the Department of State?
    • A. 

      Yes. Most business have a P.O. Box.

    • B. 

      No. They must use a street address.

    • C. 

      Yes. As long as they have identification on them with a street address.

    • D. 

      Yes. The individual only needs to provide proof of address not the business.

  • 14. 
    When I cash a check off of a business account, what should I look for?
    • A. 

      The last check number that was paid from the account to make sure it is in range.

    • B. 

      The identification that the individual is presenting is valid.

    • C. 

      The person in front of me is the payee on the check.

    • D. 

      All of the above.

  • 15. 
    When I am not sure of the paperwork in front of me I should:
    • A. 

      Ask a supervisor for help.

    • B. 

      Wing it and hope I am right.

    • C. 

      Proceed and hope that fraud catches anything I enter wrong.

    • D. 

      Call Chuck Sanford and ask him what to do.