JAMB Commerce 2015 Objective — Question 26

Question 26 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2015 Objective paper, with the correct answer and a full explanation.

An organization that issues a cheque to cover the salaries of its employees is using

A. credit transfer system of paymentCorrect
B. a standing order of payment
C. an overdraft system of payment
D. bank order of crediting account

Explanation

Issuing cheques for salary payments is an example of the credit transfer system of payment, moving funds directly to employees' accounts.

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