Subject: ELEMENTS OF BANKING

1. A Credit Card holder must always have sufficient balance in in his or her account before can withdraw funds from their bank accounts.

2. The Ministry of Finance in Ghana issues operating licences to all Universal Banks before they commence their operations.

3. A Credit Union is among the number of financial institutions issued with licences to participate in cheque clearing or as a member of the Clearing house.

4. When the Incoterm is ex-warehouse, the seller or exporter is responsible for all the expenses incurred on the goods until the goods get to their destination.

5. In Ghana, the law that defines a cheque as a Bill of Exchange drawn on a banker payable on demand is the Bill of Exchange Act 1882.

6. When the Bank of Ghana decreases the bank rate from $27 %$ to $25 %$, the likely impact on the money market is to make the banks become more illiquid.

7. A commercial paper is a short-term debt instrument issued by a bank on behalf of the Central Bank.

8. When a bank and a customer sign facility agreement regarding an overdraft limit, it is known as an anticipatory limit.

9. It is a legal requirement in Ghana that syndicated lending involves a maximum of only three lending institutions.

10. When the Incoterm is delivered duty paid, the seller or exporter is responsible for all the expenses incurred on the goods until the goods get to their destination. (2 marks each,