Services of bank - Jamb Commerce Past Questions and Answers

Question 6:

• JAMB 2003

The ECOBANK is the initiative of?

A. Some well-meaning Nigerian shareholders
B. The Federal Government of Nigeria
C. West African states tto foster trade
D. The Lagos State Governement to enhance capital mobilization

Question 7:

• JAMB 2003

Banks are engaged in the business of buying and selling of?

A. Bills of exchange
B. Instruments of credit
C. Intangible products
D. Land

Question 8:

• JAMB 2005

A type of credit offered by both commercial and merchant banks in Nigeria is?

A. Trade credit
B. Line of credit
C. Discounting facility
D. Overdraft

Question 9:

• JAMB 2006

A current account is beneficial to its holder as?

A. Cheques can be issued to anybody
B. Customers cannot withdraw frequently
C. It is only the holder that can make withdrawals
D. It allows customers the use of passbooks

Question 10:

• JAMB 2007

Which of the following requires payment into the payee's account?

A. Crossed cheque
B. Traveller's cheque
C. Open cheque
D. Certified chegues