JAMB and WAEC Commerce questions

611 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 461· Money and banking· WAEC
An overdraft allows a current account holder to
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Answer: B. withdraw more than his balance up to an agreed limit
Explanation and discussion
Question 462· Money and banking· JAMB
Which bank account is designed for traders who issue many cheques?
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Answer: B. current account
Explanation and discussion
Question 463· Money and banking· WAEC
On a cheque, the bank on which it is drawn is called the
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Answer: A. drawee
Explanation and discussion
Question 464· Money and banking· JAMB
A bank reconciliation statement is useful to a business because it
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Answer: B. explains the differences between the cash book and the bank statement
Explanation and discussion
Question 465· Money and banking· WAEC
Permission given by a bank to a customer to withdraw more than the balance in his current account is
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Answer: D. an overdraft
Explanation and discussion
Question 466· Money and banking· JAMB
A dishonoured cheque is one that
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Answer: A. the bank refuses to pay
Explanation and discussion
Question 467· Money and banking· JAMB
The Nigeria Deposit Insurance Corporation protects
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Answer: A. depositors if a bank fails
Explanation and discussion
Question 468· Money and banking· WAEC
A cheque with two parallel lines across its face can only be
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Answer: B. paid into a bank account
Explanation and discussion
Question 469· Money and banking· JAMB
Bank overdraft interest is charged on
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Answer: C. the amount actually overdrawn
Explanation and discussion
Question 470· Money and banking· WAEC
Which account normally earns the highest interest?
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Answer: B. fixed deposit account
Explanation and discussion
Question 471· Money and banking· JAMB
A cheque on which the amount in words differs from the amount in figures will usually be
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Answer: B. returned unpaid to the drawer
Explanation and discussion
Question 472· Money and banking· WAEC
A cheque crossed 'A/C Payee only' can be paid only
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Answer: C. into the payee's bank account
Explanation and discussion
Question 473· Money and banking· WAEC
The Central Bank of Nigeria acts as
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Answer: C. lender of last resort to commercial banks
Explanation and discussion
Question 474· Money and banking· WAEC
A crossed cheque must be
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Answer: A. paid into a bank account
Explanation and discussion
Question 475· Money and banking· JAMB
A post-dated cheque is one
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Answer: D. dated for a future day
Explanation and discussion
Question 476· Money and banking· JAMB
Endorsing a cheque means
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Answer: B. signing on its back to transfer it to another person
Explanation and discussion
Question 477· Money and banking· JAMB
A bank statement is
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Answer: C. a record of transactions on a customer's account
Explanation and discussion
Question 478· Money and banking· WAEC
A bank draft is
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Answer: A. a cheque drawn by a bank on itself
Explanation and discussion
Question 479· Money and banking· WAEC
An instruction by a customer to his bank to pay a fixed sum regularly to someone is a
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Answer: A. standing order
Explanation and discussion
Question 480· Money and banking· JAMB
Microfinance banks mainly serve
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Answer: B. small businesses and low-income earners
Explanation and discussion

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JAMB and WAEC Commerce questions

An overdraft allows a current account holder to

Which bank account is designed for traders who issue many cheques?

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

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