Business Laws MCQs and Notes

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Q 1. A drawee is need to be given a deliberation of

(A) 24 hrs

(B) 48 hrs

(D) 10 days

Q 2. Presentment of an acceptance is required in case of

(A) Every Bill of exchange

(B) Every Bill of exchange payable after sight

(D) Every cheque

Q 3. A minor cannot be a______________ of the instrument

(A) Drawer

(B) Drawee

(D) Acceptor

Q 4. Presentation is required for

(A) Acceptance

(B) Sight

(D) Any of the above three purposes

Q 5. Notice of dishonour must be given

(A) To the drawer and drawee only

(B) To the drawer, acceptor and endorser(s) only

(D) To all the parties who are secondarily liable on the instrument or to their duly authorized agent

Q 6. Crossing of a cheque effects the

(A) Negotiability of the cheque

(B) Mode of payment on the cheque

(D) None of the above

Q 7. If the words "not negotiable" are used with special crossing in a cheque, the cheque is

(A) Not transferable

(B) Transferable

(D) None of the above

Q 8. If a cheque is refused by the State Bank of India (SBI) due to inadequacy of funds for the cheque to clear, then it is said to be

(A) Bounced cheque

(B) Cancelled cheque

(D) Both a and b

Q 9. The agent having in customary course of business as such agent authority either to sell goods or to consign goods for the purpose of sale or to buy goods or to raise money on the security of goods is called

(A) Agent

(B) Mercantile agent

(D) None of above

Q 10. Seller has right of resale where

(A) Goods are perishable

(B) Seller has reserved such right.

(D) All of these.

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