BSC Knowledge Check

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BSC Knowledge Check Quiz

Test your knowledge with our BSC Knowledge Check quiz! This engaging quiz consists of 6 questions that will challenge your understanding of important topics.

Learn fun facts like Scotland's national animal.
Understand key requirements for financial documentation.
Explore scenarios related to business ownership.

6 Questions2 MinutesCreated by LearningLlama541

True or False: This is the correct format when leaving remarks for a hold removal on a one check? BSC/J.DOE/John Doe/AU123456/$10,000.

True

False

Banker calls and says customer wants to add his partner to his LLC the ownership will change from him being a sole owner 100% to him having 51% and his partner having 49%. The banker ask you if the accounts would need to be closed.

YES

Which of these is considered a NON payroll supporting document when submitting a PPP forgiveness application?

Third-party payroll service provider reports documenting the amount of cash compensation paid to employees and taxes reported, if included

Account statements, payment receipts or cancelled checks documenting the amount of any employer contributions to employee health insurance and retirement plans

Invoices from February 2020 and invoices paid during the covered period and receipts and cancelled checks.

Bank account statements and payroll tax forms (e.g. form 941) and state quarterly wage reporting and unemployment insurance tax filings reported,

True or False: As long as the customer has an ITIN(Individual Tax Payer ID) they do not have to have a permanent residence in the United States to apply for a credit product?

True

False

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