Tag: cheques

Questions Related to cheques

A ____________ is a part of the voucher which is considered as a legal evidence of depositing cash or cheque into the bank account.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Acknowledgment

  2. Counterfoil

  3. Rubber stamp

  4. Folio number

Show answer
Correct Option: B
Explanation:

A pay in slip is blank form given by the bank which is duly filled by the customer to deposit cash in the bank. it has 2 part one is kept with the bank and the other is given to the customer. The smaller part which is given to the customer is known as the counter foil. It acts as the only proof that the customer has deposited money in the bank either by cheque or cash because it is stamped by the bank which acts as an acknowledgement for payment.

The pay in slips provided by the bank do not have specific denominations mentioned for particulars of cash to be deposited.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

False. The pay in slips provided by the bank have specific denominations mentioned for particulars of cash to be deposited. Specific denominations are given so that customer can mention the number of denominations the customer is depositing. 

Entries for cash and cheque deposits affecting bank account are passed on the basis of ____________.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Withdrawal slip

  2. Pay in slip

  3. Cheque

  4. Receipt

Show answer
Correct Option: B
Explanation:

A pay in slip is a document that has 2 parts one is  counterfoil and the other longer part is kept with the bank. Pay in slips are serially numbered. It acts as a document of all the entries of deposits in the bank. All the deposit transactions are entered in the bank with the help of pay in slip. They are a proof of all the deposits.

The _____________ of a pay in slip is in the form of of the rubber stamp of the bank.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Acknowledgment

  2. Folio number

  3. Counter foil

  4. Right hand side

Show answer
Correct Option: A
Explanation:

A pay in slip has 2 parts one being a counter foil and the other longer part which is kept with the bank. The counter foil is given to the customer which is acknowledged in a form of the rubber stamp. It is a proof that the money is been given to the bank and is being acknowledged by the bank. 

Amount in the bank account can be used either using _________ or the cheques.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Pay in slip

  2. Withdrawal slip

  3. Counterfoil

  4. Receipt

Show answer
Correct Option: B
Explanation:

A bearer cheque is just like a withdrawal slip. A bearer cheque is payable over the counter. It is transferable by mere delivery. A withdrawal slip is a slip that to be filled by the customer to withdraw money from the bank account. In both the cases money can be received over the counter. Money can be withdrawn from the customer account using both a cheque and withdrawal slip.

A pay in slip is a ___________form provided by the bank to facilitate the account holders to deposit money or cheques in the account.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Filled

  2. Designed

  3. Semi-filled

  4. Blank

Show answer
Correct Option: D
Explanation:

A pay in slip is a blank document that is filled by the customer with all the details of the customer to deposit money in the bank account either by cash or by cheque filling all the details needed. 

The pay in slip of the bank requires the deposit amount to be specified in figures and words both.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

True. The pay in slip of the bank requires the deposit amount to be specified in figures and words both. The figures and words both are to be written for the clarity of the banker and to be assured the amount.

A pay in slip can be used to deposit only cash in bank account.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

False. A pay in slip is a document that is used to deposit money in the bank both in the form of cash as well cheque.  

Generally, the use of withdrawal slips is restricted to __________ account.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Fixed

  2. Current

  3. Savings

  4. Recurring

Show answer
Correct Option: C
Explanation:

Generally, the use of withdrawal slips are restricted to savings account. Many times a cheque is not issued to savings account holders to help customers withdraw money they are generally used in savings account.

 In case of current accounts, there is no need of withdrawal slips because cheque books are given by default and money can be withdrawn by a bearer cheque.

The pay in slips for different types of accounts like savings, current, etc are _____________.

business organisation and correspondence banking and bank transactions nature, advantages and types of cheques bills of exchange and promissory note meaning and types of banks bills of exchange, promissory notes and hundis cheques

  1. Different

  2. Same

  3. Universal

  4. None of the above

Show answer
Correct Option: A
Explanation:

The pay in slips for different types of account are different. The details asked in the pay in slips do not ask whether the account is current or savings and therefore different pay in slips are given so as to differentiate between them.