Wednesday, 26 April 2017

Banking Questions Test (MCQ)- 58

1.    The following is a promissory note:-
a.    I Promise to pay Krishan Rs.1000 after my promotion in Scale –II
b.    I promise to pay Sridhar Rs. 1000 one month after his marriage to Seema
c.     Pay Rs 1000
d.    None of the above.

2.    A documents which reads as follows: “I acknowledge receipt of Rs. 2000 from Raman .This amount will be paid on demand” is a :-
a.    B/E
b.    P/N
c.     Cheque
d.    Ambiguous instrument

3.    A thief steals a cheque & transfers it to an shopkeeper who accepts it towards payment of goods sold to him, without having any reason to believe that it was a stolen cheque. The shopkeeper gets a title to the cheque while the thief was not having the same. This is based on principle:-
a.    Thief cannot have a title
b.    Consideration is a contract
c.     Negotiability of a cheque
d.    None of the above.

4.    The format of the cheque is given in sec. …… of NI Act:-
a.    4
b.    5
c.     6
d.    None of the above.

5.    Sanjay draws a cheque payable to Suresh or bearer which is lost by Suresh. It is found by Satish. The holder of cheque is:-
a.    Satish
b.    Suresh
c.     Any bearer
d.    There cannot be any holder in a lost cheque

6.    Mr. Raghu draws a cheque in favour of Damodar or order. However, before he could hand over it to Damodar, he died in a car accident. Who is the holder of the cheque :-
a.    Mr. Raghu
b.    Raghu’s legal heirs
c.     Damodar
d.    None

7.    A bank purchased a PDC from a holder. After some time when the cheque was presented for payment, it was returned with the reason funds insufficient. In this case, the bank :-
a.    has not recourse as it purchased a PDC
b.    can recover only from the a/c holder
c.     can proceed against all parties being  the holder in due course
d.    cannot claim to be a holder in due course as it is a PDC

8.    As per Sec 26 of NI Act, a minor cannot do the following for a negotiable instrument :-
a.    Draw
b.    bind himself
c.     bind all parties prior  to himself
d.    bind all parties subsequent to himself

9.    Which of the following is not a payment in due course if payment made to a third party, in the context of the fact that banking hours are between 10 am to 2 pm :-
a.    a cheque received at  1.50 pm & finally paid at 2.45 pm
b.     a cheque received at  1.50 pm & finally paid at 3.40 pm
c.     a cheque received at  2.30 pm & finally paid at 2.35 pm
d.    All above

10. A cheque is presented for payment at 1.35 pm & a token is issued to the presenter. It is posted & authorised for payment. The drawer issues ‘stop payment’ order which is received by the branch at 2.15 pm. When the payment is yet to be effected by the cashier. Under the circumstances :-
a.    Stop order can’t be accepted as it is received after banking  hour
b.    Stop order can’t apply as the payment is under process
c.     Stop order must be accepted as payment has finally not be made to presenter
d.    Stop order can be accepted if presenter  agrees

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b b c D b D c b c c

If anyone of you are facing any problem in any question, you could just ask in the comment box. We will try to help you according to your problem. 

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