WAEC Commerce questions: Money and banking

19 questions with answers and explanations. Tap an option to check yourself.

All topics Advertising and marketing · 16 Business management and environment · 15 Commerce and its scope · 16 Communication · 17 Computers and ICT in business · 15 Consumer protection · 16 Documents used in trade · 18 Elements of commercial law · 16 Financing a business · 16 Foreign trade · 19 Forms of business organisation · 19 Home trade: retail and wholesale · 19 Insurance · 18 Money and banking · 19 Occupation and production · 17 The stock exchange · 17 Transport · 16 Warehousing · 15

Question 1· Money and banking· WAEC
A current account holder can withdraw money by using
Explanation and discussion
Question 2· Money and banking· WAEC
A savings account holder earns
Explanation and discussion
Question 3· Money and banking· WAEC
Money is said to be a store of value because it
Explanation and discussion
Question 4· Money and banking· WAEC
The person who writes and signs a cheque is the
Explanation and discussion
Question 5· Money and banking· WAEC
Which of these is NOT a function of money?
Explanation and discussion
Question 6· Money and banking· WAEC
The bank that issues currency in Nigeria is the
Explanation and discussion
Question 7· Money and banking· WAEC
A bank draft is preferred to a personal cheque because it
Explanation and discussion
Question 8· Money and banking· WAEC
A standing order instructs a bank to
Explanation and discussion
Question 9· Money and banking· WAEC
Agent banking points in rural areas help to
Explanation and discussion
Question 10· Money and banking· WAEC
An overdraft allows a current account holder to
Explanation and discussion
Question 11· Money and banking· WAEC
On a cheque, the bank on which it is drawn is called the
Explanation and discussion
Question 12· Money and banking· WAEC
Permission given by a bank to a customer to withdraw more than the balance in his current account is
Explanation and discussion
Question 13· Money and banking· WAEC
A cheque with two parallel lines across its face can only be
Explanation and discussion
Question 14· Money and banking· WAEC
Which account normally earns the highest interest?
Explanation and discussion
Question 15· Money and banking· WAEC
A cheque crossed 'A/C Payee only' can be paid only
Explanation and discussion
Question 16· Money and banking· WAEC
The Central Bank of Nigeria acts as
Explanation and discussion
Question 17· Money and banking· WAEC
A crossed cheque must be
Explanation and discussion
Question 18· Money and banking· WAEC
A bank draft is
Explanation and discussion
Question 19· Money and banking· WAEC
An instruction by a customer to his bank to pay a fixed sum regularly to someone is a
Explanation and discussion

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WAEC Commerce questions: Money and banking

A current account holder can withdraw money by using

A savings account holder earns

Money is said to be a store of value because it

The person who writes and signs a cheque is the

Which of these is NOT a function of money?

The bank that issues currency in Nigeria is the

A bank draft is preferred to a personal cheque because it

A standing order instructs a bank to

Agent banking points in rural areas help to

An overdraft allows a current account holder to

On a cheque, the bank on which it is drawn is called the

Permission given by a bank to a customer to withdraw more than the balance in his current account is

A cheque with two parallel lines across its face can only be

Which account normally earns the highest interest?

A cheque crossed 'A/C Payee only' can be paid only

The Central Bank of Nigeria acts as

A crossed cheque must be

A bank draft is

An instruction by a customer to his bank to pay a fixed sum regularly to someone is a