Which of the following is NOT a requirement of negotiablilty?

the instrument must be payable in goods and/or services

the instrument must be in writing and signed

the instrument must contain an unconditional order or promise

the instrument must be payable on demand or at a definite time

Which of the following are unconditional ORDERS to pay money?

the draft and the promissory note

Which of the following are unconditional PROMISES to pay money?

the draft and the promissory note

When the date is omitted:

the date when the instrument is received is considered the date of issue

the dates when the instrument is negotiated is considered the date of issue

the instrument must be returned and the date added

the instrument is not negotiable

allows electronic processing to clear checks more efficiently and safely.

requires that you reconcile your bank account within 21 days of receiving your statement.

provides for oral stop payment orders that are binding.

authorizes the use of restricted debit cards by minors.

If an instrument contains Contradictory terms, which of the following is true?

Typewritten terms prevail over any terms printed

Handwritten terms prevail over numerical or typewritten

Numbers always prevail over written terms

Who can negotiate this item?

No one-It must be returned to the person who made the check

What is an Anomalous Indorsement?

An indorsement made by a person who is not the holder of the instrument

the act of writing on the back of a note, bill, or other written instrument

an indorsement that is made by the holder of an instrument, whether payable to an identified person or payable to the bearer, and that identifies a person to whom it makes the instrument payable

An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument

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11th Grade

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Commercial Paper

Quiz

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Business

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11th Grade

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Practice Problem

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Hard

Laura Basich

Used 4+ times

FREE Resource

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ is the transfer of your rights under a contract to someone else.

Transfer

Negotiation

Assignment

Transaction

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most common type of negotiable instrument.

Money Order

Travelers Check

Bank Check

Promissory Note

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An order to a third party to pay money.

Note

Draft

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The person to whom an order is given to pay money in a draft.

Drawee

Drawer

Maker

Payee

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who possesses a negotiable instrument payable to "the order of" the person holding it or to "bearer".

Holder

Buyer

Keeper

Titleholder

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A negotiable instrument is also known as _________

Economic paper

Financial paper

Exchange paper

Commercial paper

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who promises to pay money in a note.

Drawee

Drawer

Maker

Payee

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Commercial Paper

50 questions

________ is the transfer of your rights under a contract to someone else.

The most common type of negotiable instrument.

An order to a third party to pay money.

The person to whom an order is given to pay money in a draft.

A person who possesses a negotiable instrument payable to "the order of" the person holding it or to "bearer".

A negotiable instrument is also known as _________

A person who promises to pay money in a note.

A written promise to pay money.

The person in a note to whom the promise to pay is made.

A negotiable instrument must be signed by the maker or drawer

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