Q.1. The undertaking contained in a promissory note, to pay a certain sum of money is
(a) conditional
(b) unconditional
(c) may be conditional or unconditional depending upon the circumstances
(d) none of the above.
Q.2. Cheque is a
(a) promissory note
(b) bill of exchange
(c) both (a) and (b) above
(d) None of the above.
Q.3. The term “a cheque in the electronic form” is defined in the Negotiable Instruments Act, 1881 – under
(a) section 6(a)
(b) section 6(l)(a)
(c) explanation 1(a) of section 6
(d) section 6A.
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Q.4. Ramu has account in State Bank of India and he issued cheque to Rajesh. So:
(a) Ramu is drawer, Rajesh is drawee and State Bank of India is payee
(b) Ramu is drawer, Rajesh and State Bank of India are drawees and any one of the above can be payee
(c) Ramu is drawer, State Bank of India is drawee and Rajesh is payee
(d) Rajesh is drawer, State Bank of India is drawee and Ramu is payee
(e) All of above are drawee
Q.5. Financial director dies and cheque signed by him presented for payment;
(a) Can be paid as he is shining in representative capacity
(b) Cannot be paid he is shining in representative capacity
(c) Cannot be paid because he was an authorized person
(d) Can be paid after getting new resolution from board of director of company
Q.6. cheque transaction can be done by:
(a) Using MICR data
(b) Sending cheque by speed post
(c) Using image processing
(d) Both a and c
(e) None of these
Q.7. A cheque drawn by a thief imprisoned or convicted is presented at counter for payment:
(a) it should not be paid in the interest of Bank & Government
(b) It should be paid
(c) It should be paid only by the order of court
(d) It should be paid if an indemnity is enclosed by the family member
Q.8. Whether the cheque issued by insolvent agent can be passed:
(a) Yes because it is allowed in Indian Contract act
(b) Yes it can be passed if otherwise in order
(c) No, it is not allowed
(d) No, It is not allowed in Negotiable Instrument Act
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Q.9. An instrument in writing containing an unconditional order, addressed to a banker, to pay on demand a certain sum of money only to or to the order of certain person or to the bearer of instrument is called ……
(a) Cheque
(b) Bill of Lading
(c) Bill of Exchange
(d) Clayton Order
(e) Hundi
Q.10. The correct option is:
(a) Drawer is a person who make or draft the cheque
(b) Drawee is a bank in the case of all cheques
(c) Payee is a person to whom the cheque is given and is a person who take cash
(d) Sometimes the drawer and payee in cheques may be same
(e) All of above
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Solutions:
S1.Ans. (b)
S2.Ans. (b)
S3.Ans. (a)
S4.Ans. (c)
S5.Ans. (a)
S6.Ans. (d)
S7.Ans. (b)
S8.Ans. (b)
S9.Ans. (a)
S10.Ans. (e)
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