A. Schedule III
B. Schedule IV
C. Schedule VI
D. None of these
✅ The correct answer is option C.
Business Laws
2. A drawee is need to be given a deliberation of
A. 24 hrs
B. 48 hrs
C. 72hrs
D. 10 days
✅ The correct answer is option B.
3. Presentment of an acceptance is required in case of
A. Every Bill of exchange
B. Every Bill of exchange payable after sight
C. Every promissory note
D. Every cheque
✅ The correct answer is option C.
4. A minor cannot be a______________ of the instrument
A. Drawer
B. Drawee
C. Payee
D. Acceptor
✅ The correct answer is option C.
5. Presentation is required for
A. Acceptance
B. Sight
C. Payment
D. Any of the above three purposes
✅ The correct answer is option D.
6. 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
✅ The correct answer is option D.
7. Crossing of a cheque effects the
A. Negotiability of the cheque
B. Mode of payment on the cheque
C. Both (a) and (b)
D. None of the above
✅ The correct answer is option C.
8. If the words not negotiable are used with special crossing in a cheque, the cheque is
A. Not transferable
B. Transferable
C. Negotiable under certain circumstances
D. None of the above
✅ The correct answer is option A.
9. If a cheque is refused by the State Bank of India (SBI) due to inadequacy of funds for the cheque to clear, then it is said to be
A. Bounced cheque
B. Cancelled cheque
C. Either a or b
D. Both a and b
✅ The correct answer is option A.
10. When an endorser willing to transfer to an endorsee only a part of the amount of the instrument, then it is which type of endorsement?
A. Restrictive endorsement
B. Conditional endorsement
C. Special endorsement
D. Partial endorsement
✅ The correct answer is option D.