• 1. 
    Is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.

  • Trust
  • Letter of Debit
  • Letter of Credit
  • Letter from crush
  • 2. 
    Refer to deposits that are for certain period of time.

  • Fixed Deposits
  • Current account Deposits
  • savings deposits
  • Deposit
  • 3. 
    The banks collect checks and bills of exchange on the behalf of their customers

  • collecting income
  • collecting checks
  • paying expenses
  • loans
  • 4. 
    Commercial banks collect dividends, pension, salaries, rents, and interests on investments on behalf of their customers.

  • collecting checks
  • paying expenses
  • collecting income
  • collecting voucher
  • 5. 
    What is trust ? Choose the best answer.

  • A legal arrangement wherein the (trustor) gives an authority to control the property to a person or an institution (trustee) for the benefit of the beneficiaries.
  • Firm belief in the reliability, truth, ability, or strength of someone or something.
  • None of the above
  • all of the above
  • 6. 
    A form of financing that allows the current account holders to overdraw the account up to a specified limit.

  • Bank Loan
  • Bank Deposit
  • Bank Account
  • Bank overdraft
  • 7. 
    Commercial banks provide locker facilities to its customers for safe keeping of?

  • Jewelry
  • Shares
  • Debentures
  • All of the above
  • 8. 
    Refers to a type of commercial banks that are nationalized by the government of a country.

  • Public Sector
  • Private Sector
  • Banco de Oro
  • None of the above
  • 9. 
    Choose an answer does not belong to the group

  • Commercial Letter of Credit
  • Revolving Letter of Credit
  • Traveler's Letter of Credit
  • Letter of debit
  • 10. 
    Refers to kind of deposits that can be easily withdrawn by individuals without any prior notice to the bank.

  • Savings Deposit
  • Current Account Deposits
  • Fixed Deposits
  • Current Deposits
  • 11. 
    A person to whom the cheque is handed over in exchange for goods and services.

  • Payee or Merchant
  • Purchaser
  • Agent
  • Issuer or Obligor
  • 12. 
    It is under the Secondary Functions:

  • Trust
  • Letter of credit
  • Collecting income
  • savings deposit
  • 13. 
    A type of institution that offers basic financial products.

  • Rural Bank
  • Commercial Bank
  • Public Bank
  • Bank of Commerce
  • 14. 
    The primary function of a bank. It is the lifeline of the bank.

  • Current Deposits
  • Accepting Deposits
  • Fixed Deposits
  • Savings Deposits
  • 15. 
    The person who buys the cheque.

  • Agent
  • Issuer or Obligor
  • Purchaser
  • Merchandiser
  • 16. 
    Refers to commercial banks that are headquartered in a foreign country, but operate branches in different countries.

  • Commercial Bank
  • Private Sector Bank
  • Foreign Bank
  • Foreign Exchange Bank
  • 17. 
    An amount of money offered by a bank to a borrower at a defined interest rate for a fixed period.

  • Bank account
  • Bank savings
  • Bank loan
  • Bank Deposits
  • 18. 
    Choose the Public sector bank

  • Landbank
  • BDO
  • Metrobank
  • Seciruty bank
  • 19. 
    An organization that produces the traveler’s cheque.

  • Purchaser
  • Agent
  • Issuer or Obligor
  • None of the above
  • 20. 
    Funds are transferred by means of?

  • Draft
  • electronic transfer
  • telephonic transfer
  • all of the above
  • 21. 
    This kind of letter allows a customer to make any number of draws within a certain limit during a specific time period.

  • Traveler's Letter of credit
  • Confirmed Letter of credit
  • Revolving Letter of credit
  • Commercial Letter of credit
  • 22. 
    These are deposits whose main objective is to save.

  • Fixed Deposits
  • Savings Deposits
  • Current Account deposits
  • Non Current Account Deposit
  • 23. 
    The Bank or any other party that sells the cheque.

  • Purchaser
  • Payee or Merchant
  • Agent
  • Issuer or Obligor
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