Bills of Exchange MCQs : This section focuses on the "Bills of Exchange". These Multiple Choice Questions (MCQs) should be practiced to improve the Bills of Exchange skills required for various interviews (campus interview, walk-in interview, company interview), placement, entrance exam and other competitive examinations.
Question 1
A bill of exchange includes
A. An order to pay
B. A request to pay
C. A promise to pay
D. All the above
Question 2
What are the three additional days known as that a drawer gives to the drawee for payment
A. Conditional days
B. Additional days
C. Days of grace
D. Days of rebate
Question 3
What is retiring a bill under rebate means?
A. Making a payment of the bill before the due date
B. Dishonoring of a bill
C. Making a payment of the bill after the due date
D. All of the above
Question 4
What is the Bill receivable account?
A. Personal Account
B. Machinery Account
C. Real Account
D. Nominal Account
Question 5
What is the person known as who draws a bill of exchange
A. Drawer
B. Payee
C. Drawee
D. None of the above
Question 6
What kind of acceptance is known as when the bill is accepted without any condition?
A. Qualified acceptance
B. Conditional acceptance
C. Blank acceptance
D. General acceptance
Question 7
When the bill is noted from the notary public, it is known as?
A. Noting
B. Discounting
C. Accepting
D. None of the above
Question 8
When the drawee signs the bill, it is considered as
A. Accepted
B. Retired
C. Renewed
D. Endorsed
Question 9
Which bill is drawn and accepted in the same country?
A. Trade Bill
B. Foreign Bill
C. Inland Bill
D. Accommodation Bill
Question 10
Who draws a bill of exchange?
A. Creditor
B. Debtor
C. Holder
D. None of the above