WorksheetsHOMEWORK BILL OF EXCHANGE
Total questions: 10
Worksheet time: 11mins
Which of the following statements is NOT true regarding bills of exchange?
They cannot be voided.
They cannot be cancelled.
They guarantee payment.
They are usually only used for domestic transactions.
Which of the following options defines a bill of exchange?
A legally-binding, written document ordering one party to pay a specific amount of money to a second party.
None of these answers are correct.
A fee you pay when you exchange one product for another.
A document stating that a bill has been paid in full.
Which of the following is a bill of exchange most similar to?
A check
A receipt
A restaurant bill
A mortgage payment
A bill promise contains:
A promise
An unconditional
order
Endorsee
The acceptor of bill of exchange is called:
Drawee
Endorsee
Payee
Drawer
The act of transferring the bill from one person to another is called:
Discounting
Acceptance
Endorsement
Retirement
The period of time after which a bill becomes payable, is called:
Days of Grace
Usance
None of these
Tenor
THE BILL OF EXCHANGE USED IN D/A MUST BE A
SIGHT BILL
BANK BILL
USANCE BILL
BANK ACCEPTED BILL
THE DRAFT USED IN COLLECTION IS
A BANKER'S DRAFT, BASED ON BANK CREDIT
A COMMERCIAL DRAFT, BASED ON COMMERCIAL CREDIT
A BANKER'S DRAFT, BASED ON COMMERCIAL CREDIT
ACOMMERCIAL DRAFT, BASED ON BANK CREDIT
THE BILL OF EXCHANGE USED IN D/P MUST BE A
SIGHT BILL
BANK BILL
USANCE BILL
BANK ACCEPTED BILL
