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Bills of Exchange Test 1

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Bills of Exchange Test 1
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Weekly Quiz Competition
  • Question 1
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    Which of the following statements is true?
  • Question 2
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    Which of the following is not a foreign bill?
  • Question 3
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    Goods of the invoice value Rs. 2,40,000 sent out to consignee at 20% profit oncost. The loading amount will be:
  • Question 4
    1 / -0
    Bills Receivable discounted but not due till the date of final account is shown in:
  • Question 5
    1 / -0
    On 1.3.2006 X draws a bill on Y for 3 months for Rs20,000. On 4.5.2006, Y pays the bill to X at 12% discount. The amount of discount will be __________.
  • Question 6
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    The person who draws the bill is known as  ____________ .
  • Question 7
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    If a bill is drawn on 28th January 1996 for 1 month, it will mature on _______________.
  • Question 8
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    The party which is ordered to pay the amount is known as __________.
    Solution
    The person who draws the bill is called the drawer. He gives the order to pay money to third party. The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay.
  • Question 9
    1 / -0
    Which account is debited by a drawee of a bill of exchange on its endorsement?
  • Question 10
    1 / -0
    The rebate on a bill shows that it has been ____________.
    Solution
    A rebate is a payment back to a buyer of a portion of the full purchase price of a good or service. This payment is typically triggered by the cumulative amount of purchases made within a certain period of time. Rebates are generally designed to increase the volume of purchases made by customers.
    Therefore, A is the correct option.
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