Saturday, May 9, 2015

Day 24 - Questions


Day 24 - Demand Drafts, Hundis

( Demand Drafts, DD vs. Cheque, Hundis )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  Demand Draft (DD) is a type of -
a.  Negotiable Instrument, but not precisely defined in NIA Act, 1881
b.  Negotiable Instrument and precisely defined in NIA Act, 1881
c.  Non-Negotiable Instrument, but not precisely defined in NIA Act, 1881
d.  Non-Negotiable Instrument and precisely defined in NIA Act, 1881

2.  Bank will guarantee payment for which type of instrument?
a.  Promissory Notes
b.  Bill of Exchange
c.  Cheque
d.  Demand Draft

3.  Which of the following is not true regarding Demand Draft?
a.  DD is issued by banks
b.  Bank account is necessary for being issued a DD
c.  DD cannot be dishonored
d. All are true

4.  Who acts as the drawer for a Demand Draft?
a.  Individual / account holder
b.  Banks
c.  Any party
d.  None of the above

5.  Which of the followings is/are types of Hundis?
a.  Sahyog
b.  Darshani
c.  Muddati
d.  All of the above



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