1. Passage Reading
2. Verbal Logic
3. Non Verbal Logic
4. Numerical Logic
5. Data Interpretation
6. Reasoning
7. Analytical Ability
8. Basic Numeracy
Quiz No. 5 (Terminology of Commerce)
Bill, Dishonoured: What happens when a bill is not honored by the acceptor on the due date (cash is not paid to the holder of the bill)? A bill of exchange is said to be dishonored when its acceptor refuses to pay the amount of the bill to the holder of the bill on its maturity. The bill then becomes useless and the party from whom it has been received will be liable to pay for the amount. It is very important to know that, when a bill is dishonored, in whose possession it was? Because when a bill is dishonored, all the parties involved are effected and books of accounts of all the parties have to be adjusted. For example, A draws a bill of $5,000 on B and B accepts it and returns it to A. A retains the bill in his possession till the due date. On the due date the bill is not honored by the acceptor. We can see, there are two parties involved whose books are to be adjusted. If suppose, A has discounted or endorsed the bill, then there are three parties involved and books of accounts of all the parties are effected.
Bill, Maturity Of A: In calculating the date at which a promissory note or bill of exchange, made payable a stated number of months after date or after sight, or after a certain event, is at maturity, the period stated shall be held to terminate on the day of the month which corresponds with the day on which the instrument is dated, or presented for acceptance or sight, or noted for non-acceptance, or protested for non-acceptance, or the event happens, or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month.
Bill of exchange: A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date.
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