Question # 1

Which of the following is an order of payment by one post office for another post office

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Postal order

Money order

Both a and b

None of these

What is recieved by the post office on money order:

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Profit

Interest

Commision

All of the above

Where are the stock certificates sold and bought

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At commercial bank

At central bank

At post office

At stock exchange

What does IOU mean

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I am a debtor to you

I am a creditor to you

Both a and b

None of these

Which of the following is a non-commercial letter of credit

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Irrevocable letter of credit

Red-clause letter of credit

Special letter of credit

Traveller's letter of credit

IOU is a document

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Negotiable

Non-negotiable

Conditional negotiable

Unconditional negotiable

Stock certificate is a document issued by

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Commercial bank

Central bank

Limited companies

Stock-market

Which of the following parties of a letter of credit is called beneficiary

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Importer

Exporter

Opening bank

Advising bank

I Owe You is a written instrument drawn by

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Trader

Debtor

Creditor

All the above

Which of the following can be cancelled by the issuing bank without the consent of the other parties

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Revocable letter of credit

Irrevocable letter of credit

Revolving letter of credit

Unconditional letter of credit

What does the bank receive on issuing a letter of credit:

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Profit

Interest

Commission

Duty

Which letter of credit is issued for a single or particular transaction:

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Fixed

Revocable

Red clause

Green Clause

The first stage or step between importer and exporter for the purpose of sale and purchase is:

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Oath or undertaking

Agreement

Contract with bank

Issuing of L.C

Which of the following is used to finance the people who want to travel abroad

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Traveller's letter of credit

Traveller's cheque

Circular note

All the above

Which letter of credit is accompanied by some documents

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Confirmed

Documentary

Non-documentary

All the above

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Principles of Banking Icom Part 2 English Medium Chapter 11 Online Test MCQs With Answers

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