Banking and Finance
GCE Commerce
11 Banking and Finance practice questions covering everything you need for GCE.
Drill Banking and Finance →Sample Banking and Finance questions
a) Define a commercial bank and state THREE functions it performs in an economy. (6 marks) b) Explain FOUR ways in which a central bank controls credit in an economy. (8 marks) c) State ONE difference…
a) Explain the meaning of each of the following types of bank accounts: i) Current account ii) Savings account iii) Fixed deposit account (6 marks) b) State and explain FOUR services rendered…
The minimum amount of money that commercial banks in Nigeria are required by the Central Bank of Nigeria to keep in reserve is known as
A trader deposited ₦500,000 in a fixed deposit account at an annual interest rate of 12% for 9 months. How much interest did the trader earn at the end of the period?
Which of the following instruments is NOT a negotiable instrument?
The function of a commercial bank that distinguishes it most from other financial institutions is
A cheque drawn by a bank on itself and signed by an authorized bank official is called a
Chukwuemeka borrowed ₦200,000 from a commercial bank at a compound interest rate of 10% per annum. If he repays the loan after 2 years, the total amount he will repay is
Which of the following types of account would be MOST suitable for a businessman who makes frequent withdrawals and deposits daily?
When the Central Bank of Nigeria sells government securities to commercial banks, the likely effect on the economy is that
Which of the following best describes a central bank?