Banking – NBC Institute

BMF – Nov 2020 – L1 – SA – Q15 – Basics of Business Finance and Financial Markets

Identify why banks are considered important financial intermediaries.

Question

Banks are important financial intermediaries because they:
A. Create new debt
B. Are the only source of debt finance
C. Are the only source of long-term finance
D. Operate between investors and borrowers
E. Take deposits from all their customers

Answer

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Tags: Banking, Financial Intermediaries, Investment
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

Question

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

Answer

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Tags: Banking, Cheques, Negotiable Instruments, Payable on Demand
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Question

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

Answer

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Tags: Banking, Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

A. Notice of lunacy of the customer
B. Notice of presentation of a bankruptcy petition against the customer
C. Notice of an accident in which the customer is involved
D. Assignment of the balance in his account by the customer
E. Where the customer’s credit balance in the bank is insufficient to cover the cheque

Answer

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Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

Question

The type of crossing by which a cheque can only be deposited and collected through the bank account of the person whose name is written on it is a ____________.

Answer

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Tags: Banking, Cheques, Crossing
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

Question

A banker may disclose information of its customer’s account in the following circumstances EXCEPT where:
A. The banker is lawfully compelled to do so
B. The customer’s creditor demands it
C. It is in the banker’s interest to disclose it
D. The customer makes express or implied request for it
E. The banker is required to disclose by law

Answer

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Tags: Banking, Confidentiality, Disclosure
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

Question

The instruction given by the drawer to the drawee to stop the payment of a cheque is
A. Countermand
B. Injunction
C. Memo
D. Order
E. Signal

Answer

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Tags: Banking, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking

Identify the limit of cash payment or acceptance under the Money Laundering Act.

Question

The limit of cash payment or acceptance by a body corporate outside a financial institution under the Money Laundering (Prohibition) Act is
A. N1,000,000.00
B. N2,000,000.00
C. N5,000,000.00
D. N7,500,000.00
E. N10,000,000.00

Answer

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Tags: Banking, Financial Law, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2018

BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments

: Explain the legal issues surrounding the issuance of a cheque that was dishonored due to insufficient funds in Suzee’s account.

Question

Suzee operates a current account with Life Bank Plc. On Monday, she was informed that the credit balance on her account was N125,000. She anticipated that on Tuesday, her mother would lodge cash of N65,000 into her account, but the mother did not do so.
On Wednesday, she issued a cheque in favour of Timmy for the sum of N140,000. On Friday, when Timmy presented the cheque, it was returned unpaid because the credit balance on Suzee’s account still remained N125,000. Timmy is aggrieved and alleges that an offence has been committed.

Required:
Explain the legal issues surrounding Suzee’s act of issuing that cheque.
(Total 6 Marks)

Answer

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Tags: Banking, Cheque Issuance, Dishonored Cheque, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect duty of a bank to its customers.

Question

ONE of the duties of a bank to its customers is the duty of/not
A. Employment
B. Pay on their behalf without mandate
C. To assist them
D. Secrecy
E. To give scholarship to their children

Answer

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Tags: Banking, Confidentiality, Customer Relations, Legal Duties
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2014

BMF – Nov 2020 – L1 – SA – Q15 – Basics of Business Finance and Financial Markets

Identify why banks are considered important financial intermediaries.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Financial Intermediaries, Investment
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

Question

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Negotiable Instruments, Payable on Demand
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Question

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

Answer

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Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

Question

The type of crossing by which a cheque can only be deposited and collected through the bank account of the person whose name is written on it is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Crossing
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

Question

Answer

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Tags: Banking, Confidentiality, Disclosure
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

Question

The instruction given by the drawer to the drawee to stop the payment of a cheque is
A. Countermand
B. Injunction
C. Memo
D. Order
E. Signal

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking

Identify the limit of cash payment or acceptance under the Money Laundering Act.

Question

Answer

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Tags: Banking, Financial Law, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2018

BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments

: Explain the legal issues surrounding the issuance of a cheque that was dishonored due to insufficient funds in Suzee’s account.

Question

Required:
Explain the legal issues surrounding Suzee’s act of issuing that cheque.
(Total 6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheque Issuance, Dishonored Cheque, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect duty of a bank to its customers.

Question

ONE of the duties of a bank to its customers is the duty of/not
A. Employment
B. Pay on their behalf without mandate
C. To assist them
D. Secrecy
E. To give scholarship to their children

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Confidentiality, Customer Relations, Legal Duties
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2014

Question Tag: Banking

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BMF – Nov 2020 – L1 – SA – Q15 – Basics of Business Finance and Financial Markets

Identify why banks are considered important financial intermediaries.

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BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument"

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

You're reporting an error for "BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments"

BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking

Identify the limit of cash payment or acceptance under the Money Laundering Act.

You're reporting an error for "BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking"

BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments

: Explain the legal issues surrounding the issuance of a cheque that was dishonored due to insufficient funds in Suzee’s account.

You're reporting an error for "BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments"

BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect duty of a bank to its customers.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions"

BMF – Nov 2020 – L1 – SA – Q15 – Basics of Business Finance and Financial Markets

Identify why banks are considered important financial intermediaries.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q15 – Basics of Business Finance and Financial Markets"

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument"

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

You're reporting an error for "BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments"

BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking

Identify the limit of cash payment or acceptance under the Money Laundering Act.

You're reporting an error for "BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking"

BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments

: Explain the legal issues surrounding the issuance of a cheque that was dishonored due to insufficient funds in Suzee’s account.

You're reporting an error for "BL – Nov 2014 – L1 – SB – Q4a – Negotiable Instruments"

BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions

Identify the incorrect duty of a bank to its customers.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q19 – Hire Purchase and Consumer Credit Transactions"

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