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WAEC Commerce 2001 Question 17

Question 17

Foreign Trade

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

  1. A.Telegraphic transfer
  2. B.Cheque
  3. C.Letter of credit
  4. D.Bill of exchange
Show the answer and explanation

Answer: B (Cheque)

Explanation

Ordinary cheques in local currency are not used to pay foreign suppliers; telegraphic transfers, letters of credit and bills of exchange are.