Question # 1

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 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

Commercial letter of credit is issued for the facilty of:

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Ambassadors

Common people

Businessmen

Alll of the above

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

If there is no guarantee to honour a letter of credit then it is called:

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Confirmed letter of credit

Irrevocable letter of credit

Unconfirmed letter of credit

None of the above

If the exporter is not the receiver (beneficiary) of money then a letter of credit is called:

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Resolving

Back to Back

Transferable

None of the above

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

The important types of banker's letter of credit:

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Two

Three

Four

None of these

Where are the stock certificates sold and bought

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At commercial bank

At central bank

At post office

At stock exchange

Which letter of credit is automatically renewed by fulfilling certain conditions

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Fixed

Documentary

Confirmed

Revolving

Which one can be crossed :

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Money order

Postal order

Credit card

All of the above

What is recieved by the post office on money order:

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Profit

Interest

Commision

All of the above

Which of the following is useful in facilitating trade relation between the businessmen of different countries

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Bank draft

Money order

Letter of credit

Stock certificate

The letter of credit which can be endorsed to another person is called:

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Special L.C

Transferable L.C

Resolving L.C

None of 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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