11. What does a restrictive endorsement on a cheque indicate?
a) The cheque can only be deposited
b) The cheque can only be cashed at the bank counter
c) The cheque can only be transferred to a specific person
d) The cheque can only be used for online payments
12. When a bill of exchange is accepted by the drawee, it becomes a:
a) Promissory note
b) Bearer cheque
c) Bank draft
d) Negotiable instrument
13. A dishonored cheque is:
a) Declined by the bank due to insufficient funds
b) Accepted by the bank but with a delay
c) Returned by the payee after receiving payment
d) Used for online payment
14. Which of the following is not a type of endorsement?
a) Full endorsement
b) Partial endorsement
c) Restrictive endorsement
d) Conditional endorsement
15. The maturity date of a promissory note is:
a) The date on which the note is issued
b) 30 days from the date of issue
c) The date on which the note is accepted
d) The date on which the note becomes due for payment
