Which of the Following Statements Is TRUE with Respect to Bills

question 60

Multiple Choice

Which of the following statements is TRUE with respect to bills of exchange?

• A)A bill of exchange must be drawn upon a bank,a trust account,or some other financial institution.
• B)A bill of exchange is usually used only for relatively small domestic transactions.
• C)Once a bill of exchange is accepted,the drawer becomes known as the acceptor.
• D)Unlike a promissory note,a bill of exchange cannot be used to create a credit arrangement between the parties.
• E)Whereas a cheque must be drawn on a bank,a bill of exchange may be drawn on a bank or anyone else.

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