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Crossing cheque and paying, collecting banker
Quiz by Dr. R. Alamelu
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10 questions
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- Q1What is the purpose of crossing a cheque?To make the cheque voidTo speed up the payment processTo increase the value of the chequeTo provide additional security and prevent unauthorized persons from cashing it30s
- Q2When a cheque is crossed, who is authorized to handle the cheque?Drawee bankerCollecting bankerPaying bankerEndorsing banker30s
- Q3What action does a paying banker take when presented with a crossed cheque?Rips up the chequeForwards the cheque to the collecting bankerPays the cheque in cashRefuses to pay the cheque in cash and only credits the payee's account30s
- Q4What is the primary difference between a general crossing and a special crossing on a cheque?General crossing requires two signatures, while special crossing only needs oneBoth types of crossings are identical in terms of information providedGeneral crossing includes the payee's name, while special crossing specifies the name of the bankGeneral crossing specifies the name of the bank, while special crossing includes the payee's name30s
- Q5What is the main purpose of crossing a cheque with two parallel lines?To increase the cheque amountTo expedite the cheque clearing processTo indicate that the cheque can only be deposited into a bank account and not cashed over the counterTo void the cheque30s
- Q6What is the role of a paying banker when presented with a crossed cheque?To deposit the cheque into the payee's account immediatelyTo verify the authenticity of the cheque and ensure it is processed securelyTo ignore the cheque and return it to the drawerTo tear up the cheque and inform the police30s
- Q7What is the term used when a cheque is crossed with two parallel lines without any additional instructions?General crossingUnique crossingSpecial crossingSpecific crossing30s
- Q8What is the purpose of adding a restrictive crossing on a cheque?To increase the cheque amountTo allow the cheque to be cashed over the counterTo specify the bank where the funds must be depositedTo make the cheque valid for a longer period30s
- Q9What is the difference between a bearer cheque and a crossed cheque?A bearer cheque does not require a signature, while a crossed cheque needs multiple signaturesA bearer cheque is only valid for a specific time period, while a crossed cheque has no expiry dateA bearer cheque is payable to a specific person, while a crossed cheque is payable to anyone who presents itA bearer cheque is payable to the bearer, while a crossed cheque can only be deposited into a bank account30s
- Q10Who is responsible for verifying the authenticity of a crossed cheque before processing it?Paying bankerDrawer bankerEndorsing bankerCollecting banker30s