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WAEC Commerce 2018 Question 36

Question 36

Banking

A bank draft is a cheque drawn by a bank on

  1. A.another bank.
  2. B.itself.
  3. C.creditors.
  4. D.customers' deposits.
Show the answer and explanation

Answer: B (itself.)

Explanation

A bank draft is a cheque a bank draws on itself, so payment is guaranteed.