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A written instruction by a current account holder to his bank to debit his account...

Commerce
WAEC 2012

A written instruction by a current account holder to his bank to debit his account at regular intervals with a specified amount for a given period is known as

  • A. standing order
  • B. money order
  • C. bank draft
  • D. overdraft
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Correct Answer: Option A
Explanation

standing order; an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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