JAMB and WAEC Commerce questions: Money and banking

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

All topics Advertising and marketing · 32 Business management and environment · 32 Commerce and its scope · 31 Communication · 33 Computers and ICT in business · 29 Consumer protection · 30 Documents used in trade · 34 Elements of commercial law · 31 Financing a business · 32 Foreign trade · 40 Forms of business organisation · 40 Home trade: retail and wholesale · 40 Insurance · 39 Money and banking · 40 Occupation and production · 33 The stock exchange · 34 Transport · 33 Warehousing · 28

Question 21· Money and banking· JAMB
A bank reconciliation statement is useful to a business because it
Explanation and discussion
Question 22· 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 23· Money and banking· JAMB
A dishonoured cheque is one that
Explanation and discussion
Question 24· Money and banking· JAMB
The Nigeria Deposit Insurance Corporation protects
Explanation and discussion
Question 25· Money and banking· WAEC
A cheque with two parallel lines across its face can only be
Explanation and discussion
Question 26· Money and banking· JAMB
Bank overdraft interest is charged on
Explanation and discussion
Question 27· Money and banking· WAEC
Which account normally earns the highest interest?
Explanation and discussion
Question 28· Money and banking· JAMB
A cheque on which the amount in words differs from the amount in figures will usually be
Explanation and discussion
Question 29· Money and banking· WAEC
A cheque crossed 'A/C Payee only' can be paid only
Explanation and discussion
Question 30· Money and banking· WAEC
The Central Bank of Nigeria acts as
Explanation and discussion
Question 31· Money and banking· WAEC
A crossed cheque must be
Explanation and discussion
Question 32· Money and banking· JAMB
A post-dated cheque is one
Explanation and discussion
Question 33· Money and banking· JAMB
Endorsing a cheque means
Explanation and discussion
Question 34· Money and banking· JAMB
A bank statement is
Explanation and discussion
Question 35· Money and banking· WAEC
A bank draft is
Explanation and discussion
Question 36· 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
Question 37· Money and banking· JAMB
Microfinance banks mainly serve
Explanation and discussion
Question 38· Money and banking· JAMB
A cheque that can only be paid into a bank account and not cashed over the counter is
Explanation and discussion
Question 39· Money and banking· JAMB
An arrangement that lets a current account holder withdraw more than the balance, up to an agreed limit, is
Explanation and discussion
Question 40· Money and banking· JAMB
An instruction from a customer to the bank to pay a fixed sum to another person at regular intervals is a
Explanation and discussion

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JAMB and WAEC Commerce questions: Money and banking

A bank reconciliation statement is useful to a business because it

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

A dishonoured cheque is one that

The Nigeria Deposit Insurance Corporation protects

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

Bank overdraft interest is charged on

Which account normally earns the highest interest?

A cheque on which the amount in words differs from the amount in figures will usually be

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

The Central Bank of Nigeria acts as

A crossed cheque must be

A post-dated cheque is one

Endorsing a cheque means

A bank statement is

A bank draft is

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

Microfinance banks mainly serve

A cheque that can only be paid into a bank account and not cashed over the counter is

An arrangement that lets a current account holder withdraw more than the balance, up to an agreed limit, is

An instruction from a customer to the bank to pay a fixed sum to another person at regular intervals is a