A written order, requiring one party to pay a fixed amount of money to a different party, on-demand or at a set date is called:

(A) Promissory note
(B) Bill of exchange
(C) Cheque
(D) Pay order

Answer: (B) Bill of exchange
A written order, requiring one party to pay a fixed amount of money to a different party, on-demand or at a set date is called bill of exchange.