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TOTAL QUESTION: 15
TOTAL TIME= 10 MIN
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Your results are here!! for" The Negotiable Instruments Act, 1881 "
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Question 1 of 15
1. Question
In which year was the Negotiable Instruments Act enacted?
Correct
The Negotiable Instruments Act was enacted in 1881.
Incorrect
The Negotiable Instruments Act was enacted in 1881.
Unattempted
The Negotiable Instruments Act was enacted in 1881.
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Question 2 of 15
2. Question
What is one of the main objectives of the Negotiable Instruments Act, 1881?
Correct
The Act aims to provide certainty, uniformity and enforceability in dealings involving negotiable instruments.
Incorrect
The Act aims to provide certainty, uniformity and enforceability in dealings involving negotiable instruments.
Unattempted
The Act aims to provide certainty, uniformity and enforceability in dealings involving negotiable instruments.
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Question 3 of 15
3. Question
Which of the following is included among the types of negotiable instruments mentioned in the material?
Correct
The Act covers promissory notes, bills of exchange and cheques.
Incorrect
The Act covers promissory notes, bills of exchange and cheques.
Unattempted
The Act covers promissory notes, bills of exchange and cheques.
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Question 4 of 15
4. Question
What is a promissory note?
Correct
A promissory note is a written promise by one party to pay a specified sum to another party on demand or at a fixed time.
Incorrect
A promissory note is a written promise by one party to pay a specified sum to another party on demand or at a fixed time.
Unattempted
A promissory note is a written promise by one party to pay a specified sum to another party on demand or at a fixed time.
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Question 5 of 15
5. Question
What does a bill of exchange contain?
Correct
A bill of exchange is a document ordering a third party to pay a specified amount to the holder on demand or at a future date.
Incorrect
A bill of exchange is a document ordering a third party to pay a specified amount to the holder on demand or at a future date.
Unattempted
A bill of exchange is a document ordering a third party to pay a specified amount to the holder on demand or at a future date.
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Question 6 of 15
6. Question
How is a cheque described under the provided material?
Correct
A cheque is a bill of exchange drawn on a specified bank and payable on demand.
Incorrect
A cheque is a bill of exchange drawn on a specified bank and payable on demand.
Unattempted
A cheque is a bill of exchange drawn on a specified bank and payable on demand.
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Question 7 of 15
7. Question
How is a bearer negotiable instrument transferred?
Correct
Bearer instruments are transferable by delivery.
Incorrect
Bearer instruments are transferable by delivery.
Unattempted
Bearer instruments are transferable by delivery.
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Question 8 of 15
8. Question
What is required to transfer an order instrument?
Correct
Order instruments require endorsement and delivery for transfer.
Incorrect
Order instruments require endorsement and delivery for transfer.
Unattempted
Order instruments require endorsement and delivery for transfer.
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Question 9 of 15
9. Question
What title does a holder in due course get according to the material?
Correct
The holder in due course gets a valid title free from prior defects.
Incorrect
The holder in due course gets a valid title free from prior defects.
Unattempted
The holder in due course gets a valid title free from prior defects.
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Question 10 of 15
10. Question
What does negotiation of a negotiable instrument mean?
Correct
Negotiation means passing the instrument to another party by delivery for bearer instruments or by endorsement and delivery for order instruments.
Incorrect
Negotiation means passing the instrument to another party by delivery for bearer instruments or by endorsement and delivery for order instruments.
Unattempted
Negotiation means passing the instrument to another party by delivery for bearer instruments or by endorsement and delivery for order instruments.
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Question 11 of 15
11. Question
Which situation can result in dishonor of a cheque?
Correct
Insufficient funds in the account are mentioned as a circumstance of dishonor of cheques.
Incorrect
Insufficient funds in the account are mentioned as a circumstance of dishonor of cheques.
Unattempted
Insufficient funds in the account are mentioned as a circumstance of dishonor of cheques.
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Question 12 of 15
12. Question
What does Section 138 of the Negotiable Instruments Act deal with according to the material?
Correct
Section 138 specifies penalties for cheque dishonor due to insufficient funds.
Incorrect
Section 138 specifies penalties for cheque dishonor due to insufficient funds.
Unattempted
Section 138 specifies penalties for cheque dishonor due to insufficient funds.
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Question 13 of 15
13. Question
What is the maximum imprisonment mentioned for cheque dishonor under Section 138 in the provided material?
Correct
The material states that penalties can include imprisonment up to two years, a fine up to twice the cheque amount, or both.
Incorrect
The material states that penalties can include imprisonment up to two years, a fine up to twice the cheque amount, or both.
Unattempted
The material states that penalties can include imprisonment up to two years, a fine up to twice the cheque amount, or both.
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Question 14 of 15
14. Question
Who is the drawee in a cheque transaction?
Correct
The drawee is the party directed to pay, typically a bank in the case of cheques.
Incorrect
The drawee is the party directed to pay, typically a bank in the case of cheques.
Unattempted
The drawee is the party directed to pay, typically a bank in the case of cheques.
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Question 15 of 15
15. Question
What is the main purpose of the Cheque Truncation System (CTS)?
Correct
CTS facilitates electronic cheque clearing by capturing cheque images and reduces the time taken for clearance.
Incorrect
CTS facilitates electronic cheque clearing by capturing cheque images and reduces the time taken for clearance.
Unattempted
CTS facilitates electronic cheque clearing by capturing cheque images and reduces the time taken for clearance.