Quiz  /  Bill of Exchange Gate & PSU MCQ Questions With Answers

  • 1. 
    Due date of a bill of exchange drawn on 30th January, 2011 for one month will be :

  • 5 March
  • 3 March
  • 29 Feb
  • 4 Mar

  • 2. 
    How many parties are involved in case of discounting of bill?

  • Two
  • Three
  • Four
  • None

  • 3. 
    What are the parties to a bill of exchange?

  • Drawee, Drawer, Payee
  • Drawee, Drawer, Debtor
  • Payer, Drawee, Drawer
  • Drawee, Drawer, Creditor

  • 4. 
    The person to whom the bill is transferred will become?

  • Debtor
  • Endorsee
  • Creditor
  • Endorser

  • 5. 
    What is retiring a bill under rebate means?

  • Making a payment of the bill after the due date
  • Making a payment of the bill before the due date
  • Dishonoring of a bill
  • All of the above

  • 6. 
    Person to whom the bill is endorsed called ____

  • Endorsement
  • Endorser
  • Endorsee
  • None

  • 7. 
    Encashing the bill before the date of its maturity is called :

  • Dishonour of Bill
  • Retirement of Bill
  • Discounting of Bill
  • Endorsement of Bill

  • 8. 
    Interest on renewal of a bill is an expense to the?

  • Payee
  • Holder
  • Acceptor
  • Drawer

  • 9. 
    In case of term bill extra three days are given to acceptor are called?

  • Days of bill payable
  • Days if bill receivable
  • Days of grace
  • Days of tenor

  • 10. 
    The purpose of accommodation bill is :

  • To finance actual purchase
  • When both parties are in need of funds
  • To facilitate trade transmission
  • None

  • 11. 
    When the drawee signs the bill, it is considered as

  • Accepted
  • Endorsed
  • Retired
  • Renewed

  • 12. 
    When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?

  • Honored bill
  • Dishonored bill
  • Retired bill
  • Endorsed bill

  • 13. 
    When a drawer discounts the bill, he gets?

  • Less than face value
  • More than face value
  • Equal to face value
  • None of above

  • 14. 
    What is the person known as who draws a bill of exchange?

  • Drawer
  • Payee
  • Drawee
  • None of the above

  • 15. 
    On dishonor of a discounted bill whom does the bank look for payment

  • Drawer
  • Drawee
  • Drawer
  • Payee

  • 16. 
    A bill of exchange includes

  • An order to pay
  • A promise to pay
  • A request to pay
  • All the above

  • 17. 
    In case of retirement of bill, the rebate or discount is a revenue for the?

  • Payee
  • Holder
  • Acceptor
  • Drawer

  • 18. 
    When the bill is noted from the notary public, it is known as?

  • Discounting
  • Noting
  • Accepting
  • None of the above
Report Question
warning
access_time
  Time