CBSE Class 11 BIlls of Exchange Multiple Choice Questions with Answers. MCQ Questions Class 11 BIlls of Exchange with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 BIlls of Exchange with Answers to know their preparation level.
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MCQ Questions Class 11 Bills of Exchange with Answers - Set - 2
Question 1:
When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?
(a) Honored bill
(b) Dishonored bill
(c) Retired bill
(d) Endorsed bill
Correct Answer – (B)
Question 2:
In case if endorsement of bill the endorser debits?
(a) Creditor account
(b) Cash account
(c) Bill receivable account
(d) Bill payable account
Correct Answer – (A)
Question 3:
It is a period of time after which a bill becomes payable?
(a) Grace days
(b) Maturity
(c) Usance
(d) Tenor
Correct Answer – (D)
Question 4:
Which bill is not allowed 3 days of grace
(a) Bill at the time of due date
(b) Bill at sight
(c) Bill after due date
(d) Bill before due date
Correct Answer – (B)
Question 5:
Person to whom the bill is endorsed called _______________.
(a) Endorsement
(b) Endorser
(c) Endorsee
(d) None
Correct Answer – (B)
MCQ Questions Class 11 Bills of Exchange With Answers
Question 6:
Which of the following is not true?
(a) There is no difference in appearance between trade and accommodation bill
(b) A bill of exchange must be accepted
(c) Drawee is maker of a bill
(d) Accommodation bill is for an imaginary transaction
Correct Answer – (C)
Question 7:
If the drawer is in need of money and cannot wait till due date and receive the money form bank is called?
(a) Endorsement of bill
(b) Discounting of bill
(c) Retirement of bill
(d) Dishonor of bill
Correct Answer – (B)
Question 8:
The purpose of accommodation bill is:
(a) To finance actual purchase
(b) When both parties are in need of funds
(c) To facilitate trade transmission
(d) None
Correct Answer – (B)
Question 9:
What are the parties to a bill of exchange
(a) Drawee, Drawer, Payee
(b) Drawee, Drawer, Debtor
(c) Payer, Drawee, Drawer
(d) Drawee, Drawer, Creditor
Correct Answer – (A)
Question 10:
Noting charges are paid by the __________________ but these are recordable from the ______________ .
(a) Drawer, Drawer
(b) Drawer, Drawee
(c) Drawee, Drawer
(d) Drawee, Drawee
