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Functions of Money and Conveyance Quiz

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Questions and Answers

Which party is responsible for issuing or producing the traveler's check?

Purchaser

Payee

Issuer or obligor (correct)

Agent

What is the main purpose of a bank draft?

To facilitate international transactions

To ensure the availability of funds without needing to check the character of the person issuing the check (correct)

To allow for payments to be made in the future

To provide a convenient way for the purchaser to make a payment

Which type of bank draft is payable on demand or upon sight?

Time Draft

Local Draft

Demand Draft (sight draft) (correct)

International Draft

Which party buys the traveler's check and will use it as a form of money?

Purchaser Signup and view all the answers

Which type of bank draft is used globally or internationally?

International Draft Signup and view all the answers

What is the main purpose of a money order?

To order a sum of money to be paid to the payee indicated on the instrument Signup and view all the answers

Which party is the financial institution that sells the traveler's check?

Agent Signup and view all the answers

What is the main difference between a Demand Draft (sight draft) and a Time Draft?

Demand Drafts are payable on demand or upon sight, while Time Drafts are payable sometime in the future Signup and view all the answers

Which type of bank draft is issued by a bank in a single country?

Local Draft Signup and view all the answers

What is the purpose of an Automatic Bank Draft (ABD)?

To take out money from the payer's account electronically at regular intervals Signup and view all the answers