JAMB Commerce 2017 Objective — Question 40

Question 40 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2017 Objective paper, with the correct answer and a full explanation.

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

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

Explanation

Issuing a cheque instructing the bank to pay a specified amount to the bearer (employee) for salary is a bank order of crediting account.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Commerce 2017 Objective More Commerce past papers