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Total questions: 6
Worksheet time: 3mins
Which of the following best describes the purpose of including "second of the same tenor and date being unpaid" in a bill of exchange?
a) To indicate that the bill is a duplicate for record-keeping purposes.
b) To clarify that payment should only be made on one of the multiple originals issued.
c) To allow for payment to be made at two different times.
d) To provide an endowment in case the first bill of exchange is lost.
Who is the person who is to pay the bill of exchange?
a) Drawer
b) Payee
c) Endorser
d) Drawee
What is the term for the person who issues the bill?
a) Acceptance
b) Endorsement
c) Drawer
d) Aval
What must a bill of exchange contain?
a) The names of all banks involved
b) Details of the insurance policy
c) An unconditional order to pay a determinate sum of money
d) A detailed description of the goods
Which of the following is a characteristic of a bill of exchange?
a) Voluntary to pay
b) Conditional to pay
c) Not transferable
d) Obligatory to pay
When should a bill of exchange be issued?
a) Before the contract is signed
b) After the seller has shipped the goods and has evidence of shipment
c) When the buyer makes the payment
d) Before receiving a Letter of Credit
