Bill of Exchange

1. There are _________ parties to a promissory note. 
a. one
b. two
c. three
d. four

2. The acceptor is allowed _______ days of grace to meet the bill in time. 
a. 2
b. 3
c. 4
d. no

3. The party which is ordered to pay the amount of bill is known as ____________
a. drawee
b. payee
c. drawer
d. endorser

4. The person in whose favour a bill is endorsed is known as ______________
a. drawer
b. drawee
c. endorsee
d. endorser

5. Bill of exchange can be discounted with the _______________
a. bank
b. money lender
c. agent
d. broker

6. The person who endorses a bill is called an ________
a. endorser
b. endorsee
c. drawer
d. drawee

7. If a bill falls due for payment on 15^th August, it will be paid on _____

a. 14^th August,

b. 15^th August,

c, 16^th August,

d. 18^th August,

8. If a bill falls due for payment on 26^th January, then the payment must be made on _________ January.

a. 25^th

b. 26^th

c. 27^th

d. 23^rd

9. There are ________ parties to a Bill of Exchange.

a. 1

b. 2

c. 3

d. 4

10. A person in whose favour the bill is drawn, is called as _______

a. drawer

b. drawee

c. payee

d. bank

11. A person on whom a bill of exchange is drawn, is called as _______

a. Drawer

b. Drawee

c. Payee

d. Endorsee