TOPIC: BANKING SERVICES
DIRECTION: Choose the correct answer from the lettered options.
1. The weapons used by the central bank to control credit is ________
A. open market operations
B. treasury bills
C. collateral
D. commission
The correct answer is option [A]
2. “Apex Bank” is alternative name for ______bank.
A. central
B. saving
C. African
D. commercial
The correct answer is option [A]
3. A Cheque which a bank official draws on the bank’s deposits in another bank is known as ________
A. cashier”s cheque
B. bank draft
C. certified cheque
D. traveler’s cheque
The correct answer is option [B]
4. A cheque issued in January 1997 which the holder failed to present for payment until September 1997 is called a ______
A. crossed cheque
B. traveler’s cheque
C. post-dated cheque
D. stale cheque
The correct answer is option [D]
5. Another name for fixed deposit account is _______
A. personal account
B. current account
C. savings account
D. time deposit
The correct answer is option [D]
6. Which of these qualities guarantees the keeping of money for a long period?
A. Acceptability
B. Divisibility
C. Durability
D. Homogeneity
The correct answer is option[C]
7. The provision of adequate number of berths by which ships can load and off-load is the function of the _______
A. department of Customs & Excise
B. ports Authority
C. shipping and Forwarding Agent
D. national Shipping Line
The correct answer is option [B]
TOPIC: FINANCE AND FINANCIAL INSTITUTIONS
DIRECTION: Choose the correct answer from the lettered options.
1. Which of the following is an avenue for raising long term capital?
A. Money market
B. Capital market
C. International market
D. Domestic
The correct answer is option [B]
2. Promissory notes, bank drafts and cheques are classified as ________
A. bank deposits
B. legal tender
C. documents of title
D. credit instruments
E. representative money
The correct answer is option [B]
3. by barter is a form of in which _____ is exchanged for ______
A. goods/rice
B. money/goods
C. goods/goods
D. notes/coin
E. None of the above
The correct answer is option[C]
4. Which of the following services is NOT rendered by Commercial Banks?
A. Business advice
B. Currency notes issue
C. Accepting deposits
D. Credit transfers
The correct answer is option [B]
5. Which of the following is not a function of money?
A. Portability
B. Unit of account
C. Store of value
D. Standard of deferred payment
E. Medium of exchange
The correct answer is of option [A]
6. Use the following information to answer question below.
A cheque written payable to M. Olu, has at its back ‘Pay K.Ojono’ and signed by Olu. K. Ojono is now the _______
A. drawer
B. payee
C. drawee
D. payer
E. debtor
The correct answer is option [B]
7. Central bank controls commercial banks in the following ways EXCEPT ________
A. open market operation
B. liquidity ratio
C. special directives
D. lender of last resort
E. none of the above
The correct answer is option [D]
8. _______ is NOT a function of commercial banks.
A. Accepting deposit
B. Lending to customer
C. Safe keeping of valuables
D. Discounting of bills
E. Lender of last resort
The correct answer is option [E]
9. Use the following information to answer question below.
A cheque written payable to M. Olu, has at its back ‘Pay K. Ojono’ and signed by Olu. The above cheque is _______
A. a bearer cheque
B. an order cheque
C. a crossed cheque
D. a certified cheque
E. a stale cheque
The correct answer is option [B]
10. Which of the following encourages people to save towards owning a house?
A. Merchant bank
B. Development bank
C. Mortgage bank
D. Commercial bank
The correct answer is option [C]
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