Tuesday, 2 May 2017

Banking Questions Test (MCQ)- 62

1.    Which of the following is not a qualified acceptance:
a.    Accepted payable after return of my son from Chennai
b.    A bill for Rs. 25000/- accepted for Rs. 18000
c.     A bill accepted payable at Allahabad Bank
d.    A bill payable 15 days after sight accepted payable one month after sight

2.     A draws a bill on B payable to C or order. C endorses it in bank & transfers it to D and D writes ‘Pay to E or order’ over blank endorsement of C converting it into an endorsement in full and hands over to E. The bill is dishonoured by non-acceptance. E can recover the amount from:
a.    A & C only
b.    A,B,C & D
c.     A,B & C
d.    D only

3.     A cheque bears the forged signatures of the drawer P. It is payable to Q or order. It is endorsed to R who further endorses it to S. The cheque is returned unpaid by the drawee banker. S can recover the amount from :
a.    P,Q & R
b.    Q & R only
c.     None as cheque with forged signature of drawer is a nullity
d.    Drawee bank only

4.    The NI act 1881 has ------ sections in all
a.    131
b.    142
c.     147
d.    153

5.    A bill dated 11.02.2012 is payable one month after sight. It is sighted on 11.02.2012 & accepted for payment on 13.02.2012. It will fall due on :
a.    14.03.2012
b.    16.03.2012
c.     01.03.2012
d.    31.03.2012

6.    An inland bill dated 17.01.2012 is payable 25 days after sight. It is presented to the drawee on 18.01.2012 who accepts it on 20.01.2012. The bill will fall due on:
a.    17.02.2012
b.    14.02.2012
c.     16.02.2012
d.    15.02.2012


7.    Days of grace available on usance bills :
a.    Are mandatory
b.    Can be dispensed with by mutual consent of drawer & drawee
c.     May be dispensed with after obtaining approval of notary public
d.    Either b or c

8.    Protest in the context of bill or PN means:
a.    Acceptance with some condition
b.    Certificate issued by notary public attesting that it is dishonoured
c.     Refusal to accept as a mark of strong disapproval
d.    Disapproving the original term & conditions

9.    Party liable as a principal debtor on a PN is :
a.    Promise
b.    Promisor
c.     Acceptor for honour
d.    All above

10. A bill of exchange is transferred by A to B and by B to C both without consideration. C transfers it to D for consideration. D transfers it further to E without consideration. The bill is dishonoured on due date. E can recover the amount from:
a.    A,B & C
b.    A,B,C & D
c.     A only
d.    None as the received the instrument without consideration.

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

c a c C b A a b b a


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