26. Which of the following is not a requirement for a negotiable instrument?
a) In writing
b) Signed by the drawer
c) Certain sum of money
d) Cash payment only
27. Who is the drawee in a promissory note?
a) The person who writes the note
b) The person who receives the payment
c) The person who makes the payment
d) The bank where the note is payable
28. Which of the following is an example of a qualified endorsement?
a) “Pay to bearer”
b) “Pay to John Doe only”
c) “Without recourse”
d) “Pay to John Doe, for value received”
29. What is the primary purpose of a bank draft?
a) To transfer funds from one account to another within the same bank
b) To withdraw cash from a bank account
c) To make a payment to a specific person or entity
d) To authorize a bank to release funds to a third party
30. Which of the following is not a requirement for a cheque to be valid?
a) Date written in words and figures
b) Signature of the drawer
c) Name of the bank and branch where the cheque is drawn
d) Address of the payee
