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WAEC Commerce 2000 Question 22

Question 22

Foreign Trade

Which of the following is not a means of payment in foreign trade?

  1. A.Telegraphic money order
  2. B.Specially crossed cheque
  3. C.Letters of credit
  4. D.Debit transfer
Show the answer and explanation

Answer: B (Specially crossed cheque)

Explanation

A cheque is drawn in local currency on a local bank, so it is not used to pay foreign suppliers; letters of credit and telegraphic orders are.