Friday, May 8, 2015

Day 23 - Questions

Day 23 - Cheques

( Types of Cheques, Crossing of Cheques, Non-negotiable Cheque, Cheque Truncation System )

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

1.  Which of the following is true regarding Bearer Cheque?
a.  Whoever holds and presents the bearer cheque, will be paid
b.  Bearer cheque doesn't have any crossing on it
c.  Bearer cheque can be encashed in the bank counter
d.  All are true

2.  If you put two parallel transverse lines on the cheque, then the crossing in known as -
a.  Generally cross
b.  Specially cross
c.  Restrictive cross
d.  Non-negotiable cross

3.  To make a cheque - specially crossed, what will you have to do?
a.  Put two parallel transverse lines on the cheque
b.  Put the name of the banker on the cheque
c.  Put the word 'Account Payee' on the cheque
d.  None of the above

4.  For an account payee cheque, which of the following is true?
a.  Bearer of the cheque will be credited
b.  Amount will be credited only to the account of the payee
c.  Amount will be paid to the account holder in direct cash (without crediting in account)
d.  None of the above

5.  To block the endorsement of cheque, which type of crossing will be used?
a.  Account Payee crossing
b.  Generally crossing
c.  Specially crossing
d.  Non-negotiable crossing

6.  What is the full form of CTS?
a.  Cheque Transaction System
b.  Cheque Truncation System
c.  Cheque Transfer System
d.  Cheque Transmit System

7.  Which of the following is true regarding CTS?
a.  Instead of physical movement, electronic image (scan) of cheque is used for clearance, thus reducing time to settle the transaction
b.  In CTS, scanners are used to scan the images of cheques
c.  Currently, Grid-based CTS clearing is being implemented in India
d.  All are true

8.  Which of the following is not a CTS grid?
a.  New Delhi
b.  Mumbai
c.  Chennai
d.  Kolkata

9.  What is the full form of MICR?
a.  Magnetic Ink Character Recognition
b.  Magnetic Ink Cheque Recognition
c.  Master Ink Character Recognition
d.  Master Ink Cheque Recognition

10.  Telengana falls in which of the following CTS grids?
a.  New Delhi Grid
b.  Mumbai Grid
c.  Chennai Grid
d.  None of the above

Note - Do not refer any source while answering the questions. You can comment in the Comment Section below.

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