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A Must Answer MCQs Flashcards

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1
Q

Cooperatives:
What is the

  1. Minimum Subscription?
  2. Minimum paid-up capital?
A

25%

25% of 25% or 15k which ever is higher

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2
Q

Coop

The amount that ca be distributed from Optional Fund is how many percentage?

A

7%

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3
Q

Corpo
T or F

  1. A director representing the majority can be removed oy if there is valod cause
  2. A director representing the minority can be removed only if there is a valid cause
A

F
T

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4
Q

Payment will void if the incapacity pertains to?

Debtor, creditor or both?

A

Debtor only

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5
Q

Corpo

The existense of a CORPORATION SOLE begins from?

A

Filing of the verified articles of incorporation

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6
Q

Which of the ff are now required tp be a resident of the PH?

Treas
Pres
Compliance Officer
Auditor

A

Treas

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7
Q

There is no watering of stocks in no par value

A

Oks

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8
Q

Corpo

Where is the meeting for:

  1. BOD
  2. Stockholders
A
  1. Anywhere in the universe
  2. Principal office, of if not possible, within municipality or city where the office is located
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9
Q

The number of stockholder for this type of Corporation shall not exceed 20

A

Close Corporation

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10
Q

Corpo

The following are considered Insiders

A

Director
Secretal
External Auditor

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11
Q

Deceptive Sales Act - Fraud

Unconscionable Sales Act - No Fraud

A
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12
Q

Home solicitation sales, when permitted, may be conducted between____ on each working day

A

9AM to 7PM

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13
Q

Express warranties on consumer products shall be operative from the?

A

Moment of sale

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14
Q

Under Gov Procurement Act, atleast how many pre bid conference shall be conducted for each procurement?

A

One

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15
Q

Negotiated procument may be restored to after howmany failed biddings?

A

Two

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16
Q

Direct Contracting is aka?

A

Selected

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17
Q

Under FRIA Suspension of payments applies only to?

A

Individual Debtors

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18
Q

FRIA
For Liquidation, whether voluntary or Involuntary, to be proper, the debts should be atleast?

A

50pk

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19
Q

The approval of the rehabilitation plan will require___ of the claims creditor

A

50%

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20
Q

FRIA
If no rehab plan is confirmed within period of ____, the court can convert to liquidation

A

1 year

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21
Q

Insurance
Risk Distributing Device

A

Distribite the risk of loss among as amny as possible to those who are subject to same kind of risk

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22
Q

Truth in Lending
Actions to recover the penalties under TIA may be brought within____ from the date of the violence occurence

A

1 year

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23
Q

When employee is permitted to work on his rest day, he shall be addtional compensation of atleast?

A

30% of his regular

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24
Q

An employee who has rendered at least one year of service shall be entitled to a yearly SIL of ___ days with pay

25
Under SSS law, the minimum pension of members with 10 credited years pf service shall be
1200
26
All retirement, death, and disability pensioners receiving monthly pensions in or after Jan 2017, shall receive an additional monthly benefit allowance amounting to?
1000
27
FRIA Penalty in case failure to disclose any info in violation of TIA
100 or twice amount of Finance Charged/max 2000 which ever is higher
28
Delay will not exist from obligation?
Not to do Negative Obligation
29
Who is the injured party by assumption?
Creditor
30
3 Obligation as to Plurality: 1. Conjuctive 2. Alternative 3. Facultative. Who has right? Explain
1. Conjuctive - AND 2. Alternative - OR 3. Facultative - one prestation has been agreed upon but the obligor may render another Substitution. Right to substitute always belong to debtor
31
When is demand necessary fpr debtor's delay to exist?
When the obligation is unilateral one
32
In case of doubt, in incidental circumstances of contract of commodatum, it shall be interpreted in favor of?
LEAST transmission of rights
33
An agreement of the leasing for a term.more than 1 year shoud b3 i writing, otherwise, Unenforcable Sale of Land by agent with authority but not in writing, VOID
34
Pledge Please provide 3 void stipulations
1. Pledge not extinguished by the return of the thing pledged 2. Automatic appropriation 3. Recovery of deficiency in case proceeds from sale pf thing pledge is insufficient
35
Which of the following are liable to the extent of separate asset? Industrial Partner Limited Partner
Industrial Only
36
Partnership is as to number of patners NOT as to amount of Capital
Oks
37
Define Quasi Partner
No longer partner of the business but has left his capital in the business as loan, thereby, receiving interest from such loan
38
This partnership is created even without express agreement among partners
Partnership Prescription
39
Which of the ff is necessecary power of corporation Power to Declare and distribite dividends Enter into a merger or consolidation To sue Issue Checks
Issue checks
40
De Jure and De Facto has Juridical Personality. Which one does not have?
Ostinsible Corporation seeming or said to be true or real but very possibly not true or real.
41
Which of the ff shares are allowed as NoPar Vale shares? Common shares Preferred shares
Common only
42
Trust Companies - Not allowed to issue NO Par value shares
K
43
What is the minimum ownership of Filipinos Educational Institution?
60%
44
Right of first refusal
Contractual right of incumbent shareholders
45
What type of dividends is Tresury shares declared as dividends?
Property Dividends
46
Sibscribers allowed to: Dividends Vote Inspect corporate books What if deliquent already?
Still allowed to dividends only
47
Which of the ff is valid consoderation of issuance of shares? Future Services Promissory Notes
Neither from the two!
48
When shall public sale of delinquent stocks be held counted from the date of deliquency?
Not less than 30 days but not more than 60 days
49
It refers to a private corporation created for charitable purposes
Eleemosynary
50
What is the term of office of BOD of a stock corporaton?
1 year only
51
What is the nimber of cooperators pr founders of Primary Cooperative?
15 or more natural persons
52
What is the Max foreign investment or ownership in a cooperative?
O%
53
Cooperative Define as to power and responsibility 1. General Assembly 2. Board pr directors
1. Excerise power stated on Coop Code, Article of Coop, ByLaws 2. Responsible for strategic planning, direction setting, policy formulation
54
What type of invesment maybe examined by AMLC even without consent of impeachable officer? PH Deposit Foreign Currency Deposit
PH Deposit only
55
Duration of right of the ff: 1. Copyright: Capi 2. Patent: Patwo 3. Trademark: T=?
1. Pipti 2. Patwo 20 years 3. T = Ten years
56
Type pf right provided to Copyright?
Moral right. NOT intellectual right
57
What Law shall cover Dacion en Pago?
Law on Sales
58
Legal life or duration of right of the following: 1. Capiright 2. Patent 3. Trademark
1. Pipti 2. Patwo 20 years 3. T=Ten years

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