The unit that you bought is specifically for testing electronics and the safety spec's may be questionable for that reason.
That aside, the frequency may be reasonably accurate but I am not so sure about the positive offset.
When all buttons are out, it is probably no waveform.
You might try a volt meter, release all output knobs and set the baseline voltage to 0.25 volts ( if it will work that way), then turn on the square wave. Otherwise, you will probably need an O'scope to set it.