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Which of the following best describes the purpose of including "second of the same tenor and date being unpaid" in a bill of exchange?

• a) To indicate that the bill is a duplicate for record-keeping purposes.

• b) To clarify that payment should only be made on one of the multiple originals issued.

• c) To allow for payment to be made at two different times.

• d) To provide an endowment in case the first bill of exchange is lost.

Who is the person who is to pay the bill of exchange?

• a) Drawer

• b) Payee

• c) Endorser

• d) Drawee

What is the term for the person who issues the bill?

• a) Acceptance

• b) Endorsement

• c) Drawer

• d) Aval

What must a bill of exchange contain?

• a) The names of all banks involved

• b) Details of the insurance policy

• c) An unconditional order to pay a determinate sum of money

• d) A detailed description of the goods

Which of the following is a characteristic of a bill of exchange?

• a) Voluntary to pay

• b) Conditional to pay

• c) Not transferable

• d) Obligatory to pay

When should a bill of exchange be issued?

• a) Before the contract is signed

• b) After the seller has shipped the goods and has evidence of shipment

• c) When the buyer makes the payment

• d) Before receiving a Letter of Credit