MGTU 310 Week 4 Quiz

MGTU 310 Week 4 Quiz | Assignment Help | Brandman University

•             Question 1

                The person who is ordered to pay a draft is called the _____.                                    

                drawer

                acceptee              

               drawee

                payee

•             Question 2

                Which of the following is true of a check made out to the order of a person?                                      

                The drawee can deposit the check after its validity expires.          

               The drawee can only deposit the check into his own account.

                The drawee cannot indorse the check to anyone else.

                The drawee can encash the check at the appropriate bank.

•             Question 3

                Jim agreed to pay Jose $1,000 by check, provided he is able to sell his farm. However, he did not mention the number of days it would take for him to sell the farm nor did he provide a contingency date. Which of the following is legally permissible in this scenario?                                         

                Jose can take possession of Jim's farm as repayment.

                Jim's promise to pay is valid as he has offered Jose the money.

                Jim can write and deliver a check to Jose for $1,000 but he cannot cash the check until Jim sells the farm.               

            Jim's promise to pay is conditional and therefore Jose should obtain a negotiable instrument.

•             Question 4

                A _____is a written contract obligation, usually under seal, generally issued by a corporation, a municipality, or a government, that contains a promise to pay a fixed amount of money at a set or determinable future time.                                       

              bond

                draft

                check

                coupon

•             Question 5

                A _____ is a promise by a bank to repay a sum of money received by it                                

              certificate of deposit

                real estate mortgage note

                registered bond

                bank note

•             Question 6

                A holder for value and in good faith with no knowledge of dishonour, defences, or claims, or that paper is overdue is known as a _____.                                     

                holder in presentment

               holder in due course

                holder in good faith

                holder in liability

•             Question 7

                _____ consists of land, including the actual soil, and all permanent attachments to the land, such as fences, walls, and other additions.                                      

                Fictitious property

                Movable property

                Intangible property

              Real property

•             Question 8

                A _____ occurs when two or more people own property such that when one owner dies, that owner's interest in the property passes to a person named in the deceased's will.                                  

              tenancy by default             

              tenancy in common

                tenancy by the entirety

                public tenancy

•             Question 9         

                What action serves to transfer title to real estate?

                recording of the deed in the real property records

                the seller signing the deed           

               delivery of the deed to the purchaser

                listing the property with a real estate agent

•             Question 10       

                When a property is subject to a mortgage, who is responsible for paying the taxes?       

              the mortgage abates tax liability

                the bank

                the mortgagee

               the mortgagor