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WAEC Commerce 1994 Question 48

Question 48

Banking

A cheque that is drawn on a bank is called

  1. A.certified cheque
  2. B.bankdraft
  3. C.bank note
  4. D.order cheque
  5. E.bearer cheque
Show the answer and explanation

Answer: B (bankdraft)

Explanation

A bank draft is a cheque drawn by a bank on itself (or its branch), so payment is certain.