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WAEC Commerce 2010 Question 35

Question 35

Banking

Which of the following is used for a single payment of many people at the same time through a bank instead of writing separate cheques?

  1. A.Debit transfer
  2. B.Credit transfer
  3. C.Certified cheque
  4. D.Crossed cheque
Show the answer and explanation

Answer: B (Credit transfer)

Explanation

A credit transfer pays many people with one cheque through the bank.