Select the correct option and rewrite the sentence:
i. A bill of exchange is called a ________ by one who is entitled to receive the amount due on it.
(a) Bills Payable
(b) Draft
(c) Bills Receivable
(d) Promissory Note
ii. The person who draws a bill of exchange is called __________
(a) Payee
(b) Drawee
(c) Endorsee
(d) Drawer
iii. A bill of exchange is required to be ________ by drawee.
(a) drafted
(b) discounted
(c) accepted
(d) endorsed
iv. A person who accepts the bill is called ________
(a) Drawer
(b) Acceptor
(c) Payee
(d) Creditor
v. The person to whom the amount of the bill is made payable is called _____________
OR
________is a person to whom the amount on a bill is payable.
(a) Endorsee
(b) Drawer
(c) Drawee
(d) Payee
