With reference to a cheque which of the following is the „drawee bank‟ ? A. The bank that collects the cheque B. The payee‘s bank C. The endorser‘s bank D. The bank upon which the cheque is drawn

With reference to a cheque which of the following is the „drawee bank‟ ? A. The bank that collects the cheque B. The payee‘s bank C. The endorser‘s bank D. The bank upon which the cheque is drawn
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D. The bank upon which the cheque is drawn Explanation:  Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. A typical example is if you are cashing a paycheck.
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Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly authorized agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

Description : Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly ... agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

Last Answer : D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent

When a customer deposits cheque to a bank, the bank is a(n) A. Drawer B. Agent C. Principal D. Drawee E. Bailee

Description : When a customer deposits cheque to a bank, the bank is a(n) A. Drawer B. Agent C. Principal D. Drawee E. Bailee

Last Answer : B. Agent Explanation: When a customer deposits cheque to a bank then that particular bank acts as an agent for the customer. Collection occurs when the drawee bank (the bank ordered by the cheques ... of the drawer (its customer who has written the cheque) and presents it to the collecting bank.

_______ is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque. A. Crossed Cheque B. Open Cheque C. General Crossing D. Restrictive Crossing E. None of the Above

Description : _______ is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque. A. Crossed Cheque B. Open Cheque C. General Crossing D. Restrictive Crossing E. None of the Above

Last Answer : B. Open Cheque Explanation: An open cheque is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque.

If the endorser signs, but does not give his/her name to whom he/she wishes to transfer the cheque is called _________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Description : If the endorser signs, but does not give his/her name to whom he/she wishes to transfer the cheque is called _________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Blank Endorsement

Last Answer : E. Blank Endorsement Explanation: If the endorser signs, but does not give his name to whom he wishes to transfer the cheque is called Blank Endorsement.

A minor cannot be a______________ of the instrument A. Drawer B. Drawee C. Payee D. Acceptor

Description : A minor cannot be a______________ of the instrument A. Drawer B. Drawee C. Payee D. Acceptor

Last Answer : C. Payee

The safest form of Crossed Cheque is _____ A. Double Crossing B. General Crossing C. Special Crossing D. Account payee crossing E. None of the Above

Description : The safest form of Crossed Cheque is _____ A. Double Crossing B. General Crossing C. Special Crossing D. Account payee crossing E. None of the Above

Last Answer : D. Account payee crossing Explanation: In Account payee crossing the amount will not be paid to anybody over the counter. It will be credited to the account of the payee only. Thus account payee crossing ensures safe transfer of funds.

Who is a payee in case of cheque?

Description : Who is a payee in case of cheque?

Last Answer : Who is a payee in case of cheque?

.A person that money or a cheque is paid to a) payer b) paye c) remit d) payee

Description : .A person that money or a cheque is paid to a) payer b) paye c) remit d) payee

Last Answer : d) payee

Mark the correct option relating to cheque collection charges. a) Rs 30/- for a cheque up to Rs 1000/- b) Rs 3/- per thousand beyond Rs 1000/- c) No collection charges will be charged on outstation cheque of Post office saving bank drawn in post office saving bank d) All the above

Description : Mark the correct option relating to cheque collection charges. a) Rs 30/- for a cheque up to Rs 1000/- b) Rs 3/- per thousand beyond Rs 1000/- c) No collection charges will be charged on outstation cheque of Post office saving bank drawn in post office saving bank d) All the above

Last Answer : d) All the above

A cheque drawn on any bank located at the same station as that of the head post office and accepted at any of its sub offices will also be regarded as----------- a. Local Cheque b . Outstation Cheque

Description : A cheque drawn on any bank located at the same station as that of the head post office and accepted at any of its sub offices will also be regarded as----------- a. Local Cheque b . Outstation Cheque

Last Answer : a. Local Cheque

For the purpose of attracting the provisions of section 138 of the Negotiable Instruments Act, 1881, a cheque has to be presented to the bank A. Within a period of six months B. Within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier C. Within a period of 15 days from the date on which it is drawn D. None of the above.

Description : For the purpose of attracting the provisions of section 138 of the Negotiable Instruments Act, 1881, a cheque has to be presented to the bank A. Within a period of six months B. Within a period of six ... . Within a period of 15 days from the date on which it is drawn D. None of the above.

Last Answer : B. Within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier

The endorser expresses that he/she would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called __________ A. Restrictive Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement

Description : The endorser expresses that he/she would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called ... Endorsement B. Partial Endorsement C. Conditional Endorsement D. Facultative Endorsement E. Sans recourse Endorsement

Last Answer : E. Sans recourse Endorsement Explanation: The endorser expresses that he would not be liable for any expenses incurred by endorsee or any holder, in case of dishonour of the instrument the endorsement is called Sans recourse Endorsement.

The cases in which defective IPOs be paid without reference to higher authority a) The IPO was first erroneously receipted by a person other than the payee entire cancelled and properly receipted by the payee. b) Receipting signature of the payee scored out by mistake or for defective one and properly receipted. c) Where the IPO was erroneously receipted the purchaser, it subsequently cancelled and receipted by the payee. d) All the above

Description : The cases in which defective IPOs be paid without reference to higher authority a) The IPO was first erroneously receipted by a person other than the payee entire cancelled and properly receipted by ... receipted the purchaser, it subsequently cancelled and receipted by the payee. d) All the above

Last Answer : d) All the above

On a Cheque instead of two parallel lines only bank‟s name is written is known as _________ A. Payable to bearer B. General Crossing C. Special Crossing D. Both (B) and (C) E. None of the Above

Description : On a Cheque instead of two parallel lines only bank‟s name is written is known as _________ A. Payable to bearer B. General Crossing C. Special Crossing D. Both (B) and (C) E. None of the Above

Last Answer : C. Special Crossing Explanation: When a particular bank s name is written in between the two parallel lines the cheque is said to be specially crossed.The effect of special crossing is that ... is written in the crossing. Specially crossed cheques are more safe than a generally crossed cheques.

Which of the following cheque issued by a customer under a pre-approved arrangement with the bank? A. Travellers cheque B. Multi-city Cheque C. Mutilated Cheque D. Crossed Cheque

Description : Which of the following cheque issued by a customer under a pre-approved arrangement with the bank? A. Travellers cheque B. Multi-city Cheque C. Mutilated Cheque D. Crossed Cheque

Last Answer : B. Multi-city Cheque Explanation: A Multi-City Cheque (MCC) is one that can be written by the customer in favour of his client and is payable at par at all branches of the Bank. These are issued as Order Cheque.

Single, childless people, who is the beneficiary/POD payee on your bank account?

Description : Single, childless people, who is the beneficiary/POD payee on your bank account?

Last Answer : Mine are my parents too.

Bank deposits that can be withdrawn without notice are called - (1) account payee deposits (2) fixed deposits (3) variable deposits (4) demand deposits

Description : Bank deposits that can be withdrawn without notice are called - (1) account payee deposits (2) fixed deposits (3) variable deposits (4) demand deposits

Last Answer : (4) demand deposits Explanation: Demand deposits are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand ... of account which cannot be accessed for a predetermined period (typically the loan's term).

Payment of crossed Indian Postal order will be made a) By cash b) Direct to the payee c) Through PO Saving bank or any of the bank d) All the above

Description : Payment of crossed Indian Postal order will be made a) By cash b) Direct to the payee c) Through PO Saving bank or any of the bank d) All the above

Last Answer : c) Through PO Saving bank or any of the bank

Bank deposits that can be withdrawn without notice are called (1) account payee deposits (2) fixed deposits (3) variable deposits (4) demand deposits

Description : Bank deposits that can be withdrawn without notice are called (1) account payee deposits (2) fixed deposits (3) variable deposits (4) demand deposits

Last Answer : demand deposits

A drawee is need to be given a deliberation of A. 24 hrs B. 48 hrs C. 72hrs D. 10 days

Description : A drawee is need to be given a deliberation of A. 24 hrs B. 48 hrs C. 72hrs D. 10 days

Last Answer : B. 48 hrs

In case of insolvency of a drawee, a bill should be presented for acceptance to the A. Official receiver B. Acceptor for honour C. Drawee incase of need

Description : In case of insolvency of a drawee, a bill should be presented for acceptance to the A. Official receiver B. Acceptor for honour C. Drawee incase of need

Last Answer : A. Official receiver

Alterations, if any, on cheques are required to be authenticated by the signature of _______ A. Payee B. Depositor C. Drawer D. Endorse E. All of the above

Description : Alterations, if any, on cheques are required to be authenticated by the signature of _______ A. Payee B. Depositor C. Drawer D. Endorse E. All of the above

Last Answer : C. Drawer Explanation: Alterations, if any, on cheques are required to be authenticated by the drawer‘s signature against each such alteration.

The following is a document a) A cheque upon a banker is an document b) A power of attorney is a document c) A map or plan which is intended to be used or which may be used as evidence d) All the above

Description : The following is a document a) A cheque upon a banker is an document b) A power of attorney is a document c) A map or plan which is intended to be used or which may be used as evidence  d) All the above

Last Answer : d) All the above

A cheque for a fixed amount that may be cashed or used in payment abroad after endorsement by the holder‟s signature is known as ___________ A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Crossed Cheque

Description : A cheque for a fixed amount that may be cashed or used in payment abroad after endorsement by the holder‟s signature is known as ___________ A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Crossed Cheque

Last Answer : A. Travellers cheque Explanation: Traveller‘s cheque is a medium of exchange that can be used in place of hard currency. Traveller‘s cheques are often used by individuals travelling on vacation to foreign countries.

If a bank account is only overdrawn by 85c, can they still 'bounce' a customer's cheque?

Description : If a bank account is only overdrawn by 85c, can they still 'bounce' a customer's cheque?

Last Answer : It doesn’t matter if it’s 85 cents or 85 dollars. To a bank, overdrawn is overdrawn.

Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Description : Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Last Answer : The answer is 'Mahatma Gandhi'

A crossed cheque is one, which can be encashed only at which bank? -Do You Know?

Description : A crossed cheque is one, which can be encashed only at which bank? -Do You Know?

Last Answer : answer:

A crossed cheque is one, which can be encashed only at which bank? -Do You Know?

Description : A crossed cheque is one, which can be encashed only at which bank? -Do You Know?

Last Answer : answer:

Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Description : Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Last Answer : answer:

Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Description : Who com merited that Cripps Mission was a postdated cheque on a crashing bank? -General Knowledge

Last Answer : answer:

Cheque deposited into Bank increases the Bank balance as per Cash Book.

Description : Cheque deposited into Bank increases the Bank balance as per Cash Book.

Last Answer : State whether the following statement are True or False with reason : Cheque deposited into Bank increases the Bank balance as per Cash Book.

When cheque is ________ into bank Cash Book is debited. 

Description : When cheque is ________ into bank Cash Book is debited. 

Last Answer : When cheque is ________ into bank Cash Book is debited. (a) written (b) issued (c) deposited (d) dishonoured

(i) Check deposited into Bank but not cleared is called _________ cheque.

Description : (i) Check deposited into Bank but not cleared is called _________ cheque.

Last Answer : Complete the following statements: (i) Check deposited into Bank but not cleared is called _________ ... type of bank account is open by trader.

(i) Refusal by the bank to make payment of a cheque.

Description : (i) Refusal by the bank to make payment of a cheque.

Last Answer : Give one word/term/phrase which can substitute each of the following statements: (i) Refusal ... making payment to outside parties through the bank.

1 Cash Balance ₹ 33,000 Bank Balance ₹ 8,000 3 Received from Prerna cash ₹ 2,750 and a bearer cheque for ₹ 645. 

Description : 1 Cash Balance ₹ 33,000 Bank Balance ₹ 8,000 3 Received from Prerna cash ₹ 2,750 and a bearer cheque for ₹ 645. 

Last Answer : Enter the following transaction of Hariram Bros, in a cash book with cash and bank column for the month of ... the bank all cash in excess of ₹ 5,000.

(i) When a bank refuses to make the payment of the cheque, it is said to be ________

Description : (i) When a bank refuses to make the payment of the cheque, it is said to be ________

Last Answer : Complete the following sentences: (i) When a bank refuses to make the payment of the cheque, ... v) _________ advance is given to the petty cashier.

A cheque received and deposited into the bank on the same day is a contra entry.

Description : A cheque received and deposited into the bank on the same day is a contra entry.

Last Answer : State whether the following statement are True or False with reason : A cheque received and deposited ... bank on the same day is a contra entry.

(i) Issue of Bearer cheque record on payments side of cash book in Bank Column.

Description : (i) Issue of Bearer cheque record on payments side of cash book in Bank Column.

Last Answer : Do you agree with the following statements : (i) Issue of Bearer cheque record on payments ... transactions are recorded in the cash book only.

Write a letter to the bank to stop the payment of the cheque.

Description : Write a letter to the bank to stop the payment of the cheque.

Last Answer : Write a letter to the bank to stop the payment of the cheque.

i. A slip is used for depositing cash and cheque in the Bank account. ii. Permission to withdraw excess amount from Current Account.

Description : i. A slip is used for depositing cash and cheque in the Bank account. ii. Permission to withdraw excess amount from Current Account.

Last Answer : Write a word or a term or a phrase that can substitute each of the following statement: ... Instrument which can be discounted with the bank.

Who com merited that Cripps Mission was a postdated cheque on a crashing bank?

Description : Who com merited that Cripps Mission was a postdated cheque on a crashing  bank?

Last Answer : Mahatma Gandhi

Cheque payment of Postage from the holders of Franking machine licenses can be accepted with bank guarantee. The above said statement is a. True b. False

Description : Cheque payment of Postage from the holders of Franking machine licenses can be accepted with bank guarantee. The above said statement is a. True b. False

Last Answer : b. False

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Description : A bank doesn't honour 1. an ante-dated cheque 2. a state cheque 3. a post-dated cheque 4. both 2 and 3 5. None of these

Last Answer : both 2 and 3

Cheque card issued by a bank which guarantees the payment of_______ within prescribed limit. (a) Cheque b) purchase c) cash

Description : Cheque card issued by a bank which guarantees the payment of_______ within prescribed limit. (a) Cheque b) purchase c) cash

Last Answer : (a) Cheque

The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof B. The payment by a bank on a negotiable instrument after due verification of the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above.

Description : The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the ... the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above

Last Answer : A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof

A document issued by Bank for local payments a. NEFT b. RTGS c. EFT d. Banker’s Cheque/Pay Order

Description : A document issued by Bank for local payments a. NEFT b. RTGS c. EFT d. Banker’s Cheque/Pay Order

Last Answer : d. Banker’s Cheque/Pay Order

Nine year olds are taller than seven year olds. This is an example of a reference drawn from (A) Vertical study (B) Cross-sectional study (C) Time series study (D) Experimental study

Description : Nine year olds are taller than seven year olds. This is an example of a reference drawn from (A) Vertical study (B) Cross-sectional study (C) Time series study (D) Experimental study

Last Answer : (B) Cross-sectional study

Which of the following input device is used in Banks to read magnetised characters on a Cheque? A. OCR B. MICR C. Bar Code reader D. Magnetic Stripe reader

Description : Which of the following input device is used in Banks to read magnetised characters on a Cheque? A. OCR B. MICR C. Bar Code reader D. Magnetic Stripe reader

Last Answer : B. MICR

Which of the following is not a type of cheque issued by an individual? A. Bearer Cheque B. Crossed Cheque C. Order Cheque D. Savings Cheque

Description : Which of the following is not a type of cheque issued by an individual? A. Bearer Cheque B. Crossed Cheque C. Order Cheque D. Savings Cheque

Last Answer : D. Savings Cheque Explanation: An order cheque can be a bearer cheque if the words or bearer are not cancelled out.A crossed cheque is a cheque that has been marked to specify an instruction about the way it is to be redeemed.

________ is a cheque rather an amount of cheque, which is above the balance available in the account of the payer. A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Over Draft

Description : ________ is a cheque rather an amount of cheque, which is above the balance available in the account of the payer. A. Travellers cheque B. Multicity Cheque C. Mutilated Cheque D. Over Draft

Last Answer : D. Over Draft Explanation: An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it.