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WAEC Commerce 1992 Question 57

Question 57

Banking

A cheque that is drawn in the name of a bank instead of the account holder's name is called

  1. A.bank statement
  2. B.bill of exchange
  3. C.specially crossed cheque
  4. D.certified cheque
  5. E.bank draft
Show the answer and explanation

Answer: E (bank draft)

Explanation

A bank draft is a cheque drawn by a bank on itself, so payment is assured.