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Commerce Paper 2, Nov/Dec. 2009  
Questions: 1 2 3 4 5 6 7 8 9 10 Main
General Comments
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Question 7

Write short notes on the following means of payment:

  1. money order
  2. standing order
  3. promissory note
  4. bank draft
  5. bill of exchange
_____________________________________________________________________________________________________

observation

The candidates performance in this question was very poor.  They exhibited lack of knowledge of these means of payments.  Some  expected answers were as follows:

Money order

-           This is method of payment provided by post office. 
-           The person paying will give the name and address of the person to be paid, and the payer pays the amount plus commission.
-           The post office then arranges to pay the person at the other end.

Promissory  Note

This is written by the person to pay another a stated sum of money on a particular date.  It is  not negotiable.

Bank draft

This is a cheque drawn by a bank on itself instead of a customer’s current accounts. etc.

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