PU COM 2026 Bills of Exchange Free Quiz 1

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PU COM 2026 Bills of Exchange Free Quiz 1

PU COM Quiz

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Answered: 0 / 10

Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. What is a bill of exchange?

A. Written order to pay a specified amount B. Cheque C. Promissory note D. Receipt

2. What are the parties in a bill of exchange?

A. Drawer, payee, drawee B. Drawer, drawee, payee C. Payee, drawer, drawee D. Drawee, payee, drawer

3. What is the drawee signing the bill called?

A. Endorsement B. Discounting C. Acceptance D. Dishonour

4. What is the transfer of a bill by signing on the back called?

A. Acceptance B. Discounting C. Dishonour D. Endorsement

5. What is selling a bill to a bank before maturity called?

A. Discounting B. Endorsing C. Accepting D. Dishonouring

6. What occurs when the drawee fails to pay on the due date?

A. Acceptance B. Dishonour C. Endorsement D. Discounting

7. What involves cancelling the old bill and issuing a new one?

A. Acceptance B. Endorsement C. Renewal D. Discounting

8. What is a written promise to pay a specified amount?

A. Bill of exchange B. Cheque C. Receipt D. Promissory note

9. How is the due date of a bill calculated?

A. Date of issue + term + 3 days of grace B. Date of issue C. Date of acceptance D. Date of maturity

10. What happens when a bill is paid before maturity?

A. Discounting B. Retirement (rebate) C. Endorsement D. Dishonour

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