FBO Unit 5 Revision

What is a corporate bank account primarily used for?

• To keep personal income separate

• To manage business income

• To invest in stocks

• To save for retirement

Which of the following is NOT a requirement for Singapore registered companies to conduct business activities?

• Personal bank account

• Registered address

• Company secretary

• Corporate bank account

What feature is common to all the banks listed for corporate accounts?

• Minimum balance requirement

• Credit card availability

• Internet banking

• No set-up fee

What is a key benefit of a business digital account?

• 24/7 support

• Limited access to funds

• No internet access needed

• Requires a high initial deposit

What does a multi-currency account allow a user to do?

• Transfer funds only within Singapore

• Receive and pay in multiple currencies

• Hold only Singapore dollars

• Only withdraw cash in one currency

What is a fixed deposit account primarily used for?

• Currency exchange

• Daily transactions

• Low-risk investment with fixed interest

• High-risk investments

Which of the following financial products is NOT insured under the Deposit Insurance Scheme?

• Savings account

• Fixed deposit account

• Foreign currency deposits

• Current account

What is the purpose of corporate loans?

• To invest in real estate

• To fulfill personal needs

• To fund business operations

• To pay personal debts

What distinguishes secured loans from unsecured loans?

• Secured loans require collateral

• Unsecured loans require collateral

• Unsecured loans have lower interest rates

• Secured loans are for personal use

What is an overdraft?

• A savings account feature

• A type of fixed deposit

• A credit facility for current accounts

• A long-term loan