Tag: banking and bank transactions

Quizzes (4) Questions (51)

Questions Related to banking and bank transactions

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

______________ on the front and back side of the withdrawal slip are to be matched with the specimen available with the bank.

  1. Signatures

  2. Stamps

  3. Dates

  4. Amounts
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The signatures of withdrawal slips and specimens available with the bank should match compulsorily. The bank has a specimen of the signature that is the signature that you do while you are opening your bank account. Both should match so that the bank is sure that the right person is withdrawing money and the transaction is real.

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

There is no need to mention the name of any person on the withdrawal slip.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

False. The person withdrawing money from a withdrawal slip should write the name and other details so asked in the withdrawal slip. 

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

A withdrawal slip is a/an __________ document.

  1. Bearer

  2. Basic

  3. Stamped

  4. Rough
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A withdrawal slip is a bearer document. A withdrawal slip is paid to the person who presents the same having the right to do so just like a bearer document. Bearer means the person holding the document,

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

The signatures on the withdrawal slips and the specimen available with the bank should match compulsorily.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

True. The signatures of withdrawal slips and specimens available with the bank should match compulsorily. The bank has a specimen of the signature that is the signature that you do while you are opening your bank account. Both should match so that the bank is sure that the right person is withdrawing money and the transaction is real.

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

Following are the types of bank documents except for ___________.

  1. Withdrawal slip

  2. Pay in slip

  3. Land agreement

  4. Cheque
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The various documents of the bank are withdrawal slip to withdraw money, pay in slip to deposit money and a cheque to make payments and receive payments. In the given question all the documents are bank documents except a land agreement.

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

Amounts on the withdrawal slips are to be mentioned in figures as well as words.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

True. The amounts on the withdrawal slips are to be mentioned in figures as well as words. Both are to be mentioned to confirm the figures and to ensure that the banker is able to read properly. The cheque will be passed only when both the figures match. 

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

A document which is used in place of cheque for withdrawing amounts from bank is a/an ____________.

  1. Pay in slip

  2. Counterfoil

  3. Withdrawal slip

  4. Receipt
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A bearer cheque is just like a withdrawal slip. A bearer cheque is  payable over the counter. It is transferable by mere delivery. A withdrawal slip is a slip that to be filled by the customer to withdraw money from the bank account. In both the cases money can be received over the counter and amount can be withdrawn by the customer.

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

All the documents which are used by the account holders to facilitate transactions with bank are collectively known as __________ documents.

  1. Legal

  2. Bank

  3. Deposit

  4. Withdrawal
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

All the documents which are used by the account holders to facilitate transactions with bank are collectively known as bank documents. Bank documents include pay in slip to deposit money, withdrawal slip to withdraw money and cheques to make and receive payments.

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

Whenever the amounts are collected or paid by the banks on some specific dates as per the standing instructions by the account holder, an intimation for the same is sent by the bank. Such intimation is known as __________. 

  1. Bank statement

  2. Bank advice

  3. Pass book

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A bank advice is a notice that the bank gives to the customer when a transaction takes place. Whenever any amount is deducted or added in the bank account the bank intimates the customer about the same. 

Multiple choice business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

A type of cheque where the holder is paid the amount, across the counter of bank.

  1. Cross cheque

  2. <span>Bearer cheque</span>

  3. Payee cheque

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An open cheque is the bearer cheque. It is payable over the counter on presentment by the payee to the paying banker. While a crossed cheque is not payable over the counter but shall be collected only through a banker.