43 - Various Negotiable Instruments

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Various Negotiable Instruments for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1. As per the Negotiable Instruments Act 1882, the term negotiable relates to which of the following?

[A] Money
[B] Transferable
[C] Can be passed
[D] Bargain

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2. The term Negotiable Instruments is associated with which of the following?

[A] A written document that transfers the value in it from one person to other
[B] A written document entitled on an individual by delivery or endorsement
[C] A written document, entitled on a person to receive money
[D] All of the above

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3. Which of the following is not the Negotiable Instrument?

[A] Currency Note
[B] Promissory Note
[C] Bill of Exchange
[D] Cheques Answer

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4. In Negotiable Instruments Act, the Bill of Exchange is covered under which section?

[A] Section 4
[B] Section 6
[C] Section 13
[D] Section 5

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5. In Negotiable Instruments Act, the Cheque is covered under which section?

[A] Section 4
[B] Section 5
[C] Section 6
[D] Section 13

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6. Which of the followings are not the Negotiable Instruments as defined by the Statute (law)?

[A] Banker’s Note
[B] Promissory Note
[C] Bill of Exchange
[D] Cheques Answer

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7. Which of the following are defined as Negotiable Instruments by Custom (Trade Practices)?

[A] Banker’s Note
[B] Share Certificates
[C] Share Warrants
[D] All of the above

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8. According Negotiable Instruments Act, what is a Promissory Note?

[A] A document written and Signed by the payer/maker
[B] Containing an unconditional undertaking
[C] To pay a certain sum of money only to a specific person or the bearer
[D] All of the above

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9. Which of the following parties are involved in the Promissory notes?

[A] The Maker
[B] The Payee
[C] Endorsee
[D] Both 1 and 2

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10. In which of the following bills, the payment is to be made immediately by means of Bill of Exchange?

[A] Term Bill
[B] Faster Bill
[C] Sight Bill
[D] Ready Bill

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