Monday, 1 May 2017

Banking Questions Test (MCQ)- 61

1.     In case of bill in sets, acceptance or payment is made on
a.    all copies of the bill.
b.    only on original copy
c.     any two copies of the bill
d.    any copy                                      

2.    An order inchoate instrument can be completed by
a.    the drawee only
b.    the drawee
c.     by the holder
d.    any person             

3.    Drawer’s liability for Cheque returned unpaid for insufficient funds was laid down in
a.    Section 147 of NI Act – 1881
b.    Section 138 of NI Act – 1881
c.     Section 148 of NI Act – 1881
d.    Section 145 of NI Act – 1881
4.    Sec 131 of NI Act,1881 extends protection to the
a.    Paying Banker
b.    Collecting Banker
c.     Advising Banker
d.    Issuing Banker

5.     A banker is expected to honour the cheques within the specified banking hours as per Section _____ of NI Act,1881
a.    22
b.    25
c.     31
d.    65

6.     I promise to deliver 2 bicycles to Mr. A in exchange for 80 kg of rice. This instrument is :
a.    A demand promissory note
b.    A promissory note due after certain period
c.     Not a negotiable instrument as it does not relate to a sum of money
d.    Not a NI as it is a conditional instrument

7.    Holder in due course of an instrument can be in respect of :
a.    A usance bill which is overdue by one week
b.    A post dated cheque
c.     A cheque obtained by supplying smuggled IPAD
d.    All above

8.     A cheque is crossed to ‘Allahabad Bank’ is presented at the counter of paying bank. In this case:
a.    Payment can be made across the counter
b.    Payment can be collected only through clearing house
c.     Payment can be made only to service branch of Allahabad bank
d.    None of the above

9.     In case of bill payable on demand or at sight, acceptance of drawee is :
a.    Not necessary at all
b.    Desirable to get additional security
c.     Desirable to secure an immediate right of recourse against drawer
d.    Both b & c

10.  A drawee of a bill of exchange can be allowed :
a.    24 hrs to decide whether to accept or not to accept it
b.    48 hrs to decide whether to accept or not to accept it
c.     48 hrs exclusive of public holidays to decide whether to accept or not to accept it
d.    5 working days

Answer-
1 2 3 4 5 6 7 8 9 10

d c b B d C b a d c


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