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Secondary revision · Commerce - G11

Banking

Question 1 of 10 Grade: Eleven - G11
Q1
What is the advantage of a virtual bank?
Choose an answer, then submit to see the explanation.

About this topic

Explore the various services offered by banking institutions, including banking services, loan facilities, issuance of foreign exchange, bank transfers, credit transfers, standing orders, and mobile banking. Ready to manage your finances like a pro? Take our quiz and become a banking services expert!

What you'll practise (50 questions)

  1. What is a Bank? (b) What services do commercial banks render to the community?
  2. What is the meaning of the following terms as used in banking? i. Bank overdraft ii. Bank draft iii. Credit transfer iv. Standing order v. Travelers cheque vi. Bank loan vii. Credit card (b) What are the differences between a bank loan and a bank overdraft? (c) What are the advantages of a bank draft?
  3. Mention the procedures for opening an account. (b) What are the features of a current account? (c) What factors do bank managers consider before giving out loans?
  4. What is a bank?
  5. What are the main services offered by commercial banks?
  6. What is a current account in banking?
  7. What is a savings account in banking?
  8. What is a deposit account in banking?
  9. What is the difference between a current account and a savings account?
  10. What is a cheque?
  11. Who is the drawer of a cheque?
  12. Who is the drawee of a cheque?
  13. What is a bank?
  14. Who is the payee of a cheque?
  15. What are the main services offered by commercial banks?
  16. What is an open cheque?
  17. What is a current account in banking?
  18. What is a crossed cheque?
  19. What is a savings account in banking?
  20. What is a bearer cheque?
  21. What is a deposit account in banking?
  22. What is an order cheque?
  23. What is the difference between a current account and a savings account?
  24. What is a post-dated cheque?
  25. What is a cheque?
  26. What is a stale cheque?
  27. Who is the drawer of a cheque?
  28. What is a dishonored cheque?
  29. Who is the drawee of a cheque?
  30. What is the reason for dishonoring a cheque?
  31. Who is the payee of a cheque?
  32. What is a bank draft?
  33. What is the advantage of a bank draft?
  34. What is an open cheque?
  35. What is a crossed cheque?
  36. What is a bank overdraft?
  37. What is a bearer cheque?
  38. What is the difference between a bank loan and an overdraft?
  39. What is a standing order in banking?
  40. What is an order cheque?
  41. What is a credit transfer in banking?
  42. What is a post-dated cheque?
  43. What is a traveller's cheque?
  44. What is a stale cheque?
  45. What is a credit card?
  46. What is a dishonored cheque?
  47. What is the difference between a credit card and a debit card?
  48. What is the reason for dishonoring a cheque?
  49. What is a bank draft?
  50. What is a banker's cheque?

Answer each question above to see the correct answer and a full explanation.