Monday, 28 September 2015

BANKING AWARENESS QUIZ: CHEQUES

Dear Readers,
As we all know that IBPS PO is approaching too fast and the preliminary exam is just a few days away, so it is really high time when one should leave everything and start focussing on the exam itself. With this quiz, we are starting a series of banking awareness where you will get all the important topics and question which can be expected in the IBPS PO Mains. Don't wait for the time when you will get your result of pre because after that you will have very little time. Banking awareness is equally important as Curren affairs. We are saying this from our past experiences of IBPS PO exams. What happened in RRB was different and we hope that PO will definitely have something concrete from Banking Awareness.

1. Who is primarily liable on a cheque?
(a) Drawer
(b) Paying banker
(c) Collection banker
(d) Everybody who touches the cheque
(e) None

2.The effect of a crossing a cheque is
(a) The payee can obtain payment only through a bank account
(b) The payee Is compelled to open an account
(c) The payee will have to endorse the cheque to a bank
(d) None
(e) All

3.A cheque crossed as ‘Payees a/c only” is direction to
(a) The payee not to negotiate the cheque
(b) The paying banker to ensure that the proceeds of the cheque are credited to the payees a/c only.
(c) The collecting banker to ensure that the proceeds of the cheques are collected for the account of the payee only
(d) None of the above
(e) All of the above

4.The provisions contained in section 138 of the negotiable instruments act 1881 shall
(a) be attracted whether the cheques is ante-dated  or post-dated provided it is presented within 3 months of the date of cheques or the period of validity, whichever, is earlier
(b) not be attracted if the cheques is ante-dated
(c) not be attracted if the cheques is post-dated
(d) all of the above
(e) (b) and (c)

5.Which of the following does not constitute ‘payment in due course’?
(a) Payment of a post-dated cheque
(b) Payment of a crossed cheque across the counter
(c) Payment of a cheques the payment of which has been countermanded
(d) All of the above
(e) None of these

6.Truncation of cheques means
(a) scanning of the cheques and transmission of electronic image instead of physical cheque in the clearing cycle
(b) debiting of drawer’s account through internet
(c) Both of the above
(d) none of the above
(e) (a) or (b)

7. Who can file a criminal case against the drawer of a dishonoured cheque?
(a) The payee
(b) The holder in due course
(c) Both  of the above
(d) The paying banker
(e) none

8. The drawer of a cheque is always a
(a) bank
(b) company
(c) Firm
(d) customer
(e) none

9. A cheque is considered as stale when if has been in circulation for
(a) more than forty eight hours
(b) more than one year
(c) more than six months unless otherwise specified
(d) more than three months
(e) none

10.Where the signature of the drawer of a cheque is not genuine , such a cheque is called
(a) post dated cheque
(b) stale cheque
(c) forged cheque
(d) all
(e) none


4) a
5) d
6) a
7) c 
8) d
9) d
10) c

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