
Negotiable Instruments iCev Business Law
Authored by Ashley Huey
Business
10th - 12th Grade
Used 50+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is NOT a function of negotiable instruments?
Substitute for money
Credit device
Conditional contract replacement
Recordkeeping device
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How many parties are normally involved when using a check?
2
3
4
5
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following negotiable instruments CANNOT be drawn on copies?
Check
Bill of Exchange
Promissory Note
Draft
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is a written promise made by one person to pay a fixed sum to another person on demand or at a specific time in the future?
Draft
Promissory Note
Bill of Exchange
Draft
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is NOT a requirement for negotiability?
Must be written
Must be signed
Must contain a condition to payment
Must be for an exact amount of money
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is the act of a person who is the holder of a negotiable instrument signing his or her name on the instrument, thereby transferring title or ownership?
Bearer
Discharge
Defense
Endorsement
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following refers to the termination of the instrument and liability of the parties?
Discharge
Negotiation
Defense
Endorsement
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