Which of the Following Statements Is TRUE with Respect to Bills

Multiple Choice

Which of the following statements is TRUE with respect to bills of exchange?

A) A bill of exchange must be drawn upon a bank, a trust account, or some other financial institution.
B) A bill of exchange is usually used only for relatively small domestic transactions.
C) Once a bill of exchange is accepted, the drawer becomes known as the acceptor.
D) Unlike a promissory note, a bill of exchange cannot be used to create a credit arrangement between the parties.
E) Whereas a cheque must be drawn on a bank, a bill of exchange may be drawn on a bank or anyone else.