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WAEC Commerce 1998 Question 95

Question 95

Banking

Which of the following guarantees payment on presentation?

  1. A.Certified cheque
  2. B.Crossed cheque
  3. C.Order cheque
  4. D.Bearer cheque
  5. E.Open cheque
Show the answer and explanation

Answer: A (Certified cheque)

Explanation

When a bank certifies a cheque it sets aside the money, so payment is assured.