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WAEC Commerce 1999 Question 22

Question 22

Banking

Status enquiry is necessary when

  1. A.goods are ordered from a mail order firm
  2. B.money is withdrawn from fixed deposit account
  3. C.granting credit to a new customer
  4. D.goods are produced according to specification
Show the answer and explanation

Answer: C (granting credit to a new customer)

Explanation

Before giving credit to a new customer, a seller checks his ability to pay through a status enquiry.