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JAMB Commerce 2009 Question 13

Question 13

Banking

A cheque which a bank draws on its own funds is a

  1. A.bankdraft
  2. B.cashier's cheque
  3. C.bank cheque
  4. D.crossed cheque
Show the answer and explanation

Answer: A (bankdraft)

Explanation

A bank draft is a cheque drawn by a bank on itself, so it is almost as good as cash.