RFBT 2 Flashcards by SOLIVEN, MARIANNE CHRISLYN

A corporation created for charitable purposes:
a. Ecclesiastical corporation
b. Lay corporation
c. Eleemosynary corporation
d. Public corporation

c. Eleemosynary corporation

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Which of the following is not within the express powers of a foreign corporation:
a. To enter into a merger or consolidation
b. To enter into a partnership
c. To make donations for political partisan activities
d. All of the choices can be done by a foreign corporation

c. To make donations for political partisan activities

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In case of natural persons, these are required to be of legal age:
a. Corporators
b. Incorporators
c. Both Corporators and Incorporators
d. Neither Corporators nor Incorporators

b. Incorporators

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In the expiration of a director’s term, who will fill-up the vacancy?
a. The BOD if it still has a quorum
b. The BOD even if it no longer has a quorum
c. The Stockholders if the BOD no longer has a quorum
d. The Stockholders even if the BOD still has a quorum

d. The Stockholders even if the BOD still has a quorum

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In the event of a director’s death or resignation, the vacancy must be filled-up
within __ days from the time the vacancy arose:
a. 15
b. 30
c. 45
d. 60

c. 45

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Which committee has the responsibility of monitoring and evaluating the adequacy
and effectiveness of the corporation’s internal control system?
a. Remuneration Committee
b. Audit Committee
c. Executive Committee
d. Nomination Committee

b. Audit Committee

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Under the Revised Corporation Code, corporations vested with public interest are
required to have independent directors which shall be at least __ of such board:
a. 1/10
b. 20%
c. 1/3
d. 50%

b. 20%

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This attribute of the corporation describes the Corporate Entity Theory
a. Artificial Being
b. Created by Operation of Law
c. Having the Right of Succession
d. None of the choices

a. Artificial Being

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This includes insurance against lightning, windstorm, tornado and earthquake
a. Life Insurance
b. Fire Insurance
c. Casualty Insurance
d. Microinsurance

b. Fire Insurance

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In this kind of insurance, insurable interest is required to exist both at the time
the insurance was taken out and when the loss occurs:
a. Property insurance
b. Life insurance
c. Both Property and Life Insurance
d. Neither Property nor Life Insurance

a. Property insurance

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H and W are married, with X and Y as their legitimate children, and Z an illegitimate
child of H prior to marrying W. In this case, H has no insurable interest over the
life of:
a. W
b. X and Y
c. Z
d. H has insurable interest over the lives of all

d. H has insurable interest over the lives of all

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First Statement: A Laboratory Cooperative has a juridical personality separate and
distinct from its Guardian Cooperative.
Second Statement: Reaching the age of 18 is a valid ground to terminate membership
in a Laboratory Cooperative
a. Both statements are correct
b. Both statements are incorrect
c. Only the first statement is correct
d. Only the second statement is correct

d. Only the second statement is correct

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In special meetings of the General Assembly of a cooperative a notice is required
ot be provided ______ prior to the meeting:
a. 1 day
b. 2 days
c. 1 week
d. 2 weeks

c. 1 week

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Vacancies arising from the removal of a cooperative director would be filled-up by:
a. The Board of Directors, if they still constitute a quorum
b. The Board of Directors, even if they don’t constitute a quorum
c. The General Assembly, if the remaining directors do not have a quorum
d. The General Assembly, whether or not the remaining directors constitute a quorum

a. The Board of Directors, if they still constitute a quorum

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Granting compensation to the directors would necessitate _ vote of the General
Assembly:
a. 25%
b. Majority
c. 2/3
d. 3/4

b. Majority

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A cooperative has an Authorized Share Capital of P1,000,000. The highest
shareholding that a member may have is:
a. P10,000
b. P100,000
c. P20,000
d. P200,000

b. P100,000

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Mr. X maintains the following accounts with ABC Bank: Savings Account – P300,000;
Joint account with Mr. Y – P500,000; Joint account with Z Corporation – P200,000.
How much is his insured deposit?
a. P500,000
b. P550,000
c. P650,000
d. P1,000,000

b. P550,000

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The period within which to file a claim with the PDIC is ____ from the actual
takeover of the closed bank:
a. 1 year
b. 2 years
c. 3 years
d. 5 years

b. 2 years

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Mr. T, the treasurer of the Local Government of Guiguinto, Bulacan, syphoned the
municipality’s money into his own deposit account amounting to P10,000,000. His
bank account may be examined as an exception to the secrecy of bank deposits on the
which ground?
a. Impeachment cases
b. Upon lawful order of the court in cases involving dereliction of duty
c. Upon examination by the AMLC where there is probable cause that the money came
from an unlawful activity
d. None of the choices

c. Upon examination by the AMLC where there is probable cause that the money came
from an unlawful activity

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The following constitutes exceptions to the secrecy of foreign currency deposits,
except:
a. When there is a written consent from the depositor
b. When there is probable cause that the money came from an unlawful activity
c. When there is probable cause in cases involving persons suspected of the crime
of terrorism
d. None of the choices is an exception

d. None of the choices is an exception

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The following are information required to be indicated in the declaration statement
under the Truth in Lending Act:
a. Finance charge
b. Amount to be financed
c. Net proceeds of the loan
d. All of the choices

d. All of the choices

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If there is a violation of the Truth in Lending Act, which of the following may be
a consequence thereof:
a. The loan is deemed paid already
b. The goods purchased are deemed fully paid
c. The creditor may be civilly liable
d. The contract of loan is considered void

c. The creditor may be civilly liable

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The following are considered as unlawful activities under the Anti-Money Laundering
Act, except:
a. Theft
b. Robbery
c. Qualified Theft
d. Plunder

a. Theft

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At this stage of money laundering, the money re-enters mainstream economy in
legitimate-looking form, appearing to have come from legitimate transaction.
a. Placement
b. Layering
c. Integration
d. None of the choices

c. Integration

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Covered transactions for real estate brokers and/or developers involve a single cash transaction the amount of which is in excess of: a. P500,000 b. P5,000,000 c. P7,500,000 d. P10,000,000

c. P7,500,000

Suspicious transactions must be reported to the Anti-Money Laundering council within a. The next working day b. The next calendar day c. 5 working days d. 5 calendar days

a. The next working day

Tax Evasion is now considered an unlawful activity under the Anti-Money Laundering Council if the basic tax assessment is in excess of: a. P10M b. P15M c. P20M d. P25M

d. P25M

Tax Evasion is now considered an unlawful activity under the Anti-Money Laundering Council if the basic tax assessment is in excess of: a. P10M b. P15M c. P20M d. P25M

d. P25M

The freeze order issued by the Court of Appeals via an ex-parte application by the AMLC shall have a period not exceeding: a. 30 days b. 3 months c. 6 months d. 1 year

d. 1 year

Mr. X started working on his invention in 2010 and finished the same in 2022, where he filed the application for a patent on January 15. Mr. Z worked on the same invention separately, starting on the same in 2015 and finishing the same in 2021. He filed his application for patent on January 20, 2022. Who will have a better right over the patent on the invention? a. Mr. X b. Mr. Z c. Both of them equally d. None of X and Z

a. Mr. X

This means any visible sign capable of distinguishing goods of an enterprise: a. Trademark b. Patent c. Copyright d. Service mark

a. Trademark

Under the Ease of Doing Business Act, the maximum working days allowed to process complex transactions is: a. 3 b. 7 c. 20 d. 45

b. 7

A photograph with a data subject’s face may be considered: a. Personal Information b. Sensitive Personal Information c. Privileged Information d. All of the above

a. Personal Information

A photograph with a data subject’s face may be considered: a. Personal Information b. Sensitive Personal Information c. Privileged Information d. All of the above

a. Personal Information

The processing of personal data shall be adequate, relevant, suitable, necessary, and not excessive in relation to a declared and specified purpose. This pertains to what principle of data processing? a. Principle of Proportionality b. Principle of Legitimate Purpose c. Principle of Transparency d. All of the choices

a. Principle of Proportionality

First Statement: As a rule, no employee of the government shall have access to sensitive personal information on government property or through online facilities unless the employee has received a security clearance from the head of the source agency. Second Statement: If a request for off-site access to sensitive personal information in an agency is approved, the head of the agency shall limit the access to not more than 1,000 records at a time. a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

a. Both statements are correct

Under the Ease of Doing Business Act, a business permit issued by the Local Government Unit shall be valid for a period of: a. 1 year b. 2 years c. 5 years d. 10 years

a. 1 year

S sold to B his iphone 14 pro max for P10,000, where the fair market value thereof is P80,000, and they did so through exchanges of sms. What is the status of the contract taking into account the E-Commerce Act? a. Valid b. Unenforceable c. Rescissible d. Voidable

First Statement: If the parties to an electronic document or electronic data message are both participants of the designated information system, the time of receipt shall be upon entry of the ED or EDM in the designated information system. Second Statement: If there are multiple places of business, the place of dispatch shall be that which has the closest relationship to the underlying transaction. a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

d. Only the second statement is correct

The proceedings under the FRIA are considered: a. In personam b. In rem c. Quasi in rem d. Quasi in personam

b. In rem

The following proceedings covered by the FRIA may be initiated also by the creditors, except: a. Rehabilitation b. Liquidation c. Suspension of payments d. None is an exception

c. Suspension of payments

In this proceeding, the creditors will be called to a meeting to propose and agree on a schedule of payments and to prevent the debtor from making any payment outside the necessary or legitimate expense of the business, and the issuance of a suspension order to prevent pending executions against the debtor. a. Rehabilitation b. Liquidation c. Suspension of Payments d. None of the choices

c. Suspension of Payments

First Statement: The preference of creditors will be retained during, and despite, the rehabilitation proceedings. Second Statement: Such secured creditors may proceed with the enforcement of their preference despite the stay order. a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

c. Only the first statement is correct

First Statement: An out-of-court rehabilitation plan that is approved pursuant to an informal workout framework shall have the same legal effect as confirmation of a plan under a court-supervised rehabilitation. Second Statement: The Rehabilitation Plan shall take effect upon the lapse of 15 days from the date of the last publication of notice thereof. a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

a. Both statements are correct

The Philippine Competition Act would apply to all of the following, except: a. A person engaged in trade, industry or commerce in the Republic of the Philippines b. International trade having direct, substantial and reasonable foreseeable effects in trade, industry or commerce in the Republic of the Philippines c. Combinations or activities of workers that are designed to facilitate collective bargaining in respect of conditions of employment d. None of the choices is an exception

c. Combinations or activities of workers that are designed to facilitate collective bargaining in respect of conditions of employment

The fixing of the price at an auction, like bid rotation, is what kind of an unlawful act under the Philippine Competition Act? a. Anti-Competitive Agreement b. Abuse of Dominant Position c. Anti-Competitive Merger d. None of the choices

a. Anti-Competitive Agreement

First Statement: In all stages of the preparation of the Bidding Documents, the Procuring entity shall ensure equal access to information. Second Statement: Prior to their official release, no aspect of the Bidding Documents shall be divulged or released on any prospective bidder or having direct or indirect interest in the project to be procured. a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

a. Both statements are correct

The Bid for consulting services with the highest calculated rating considering the evaluation criteria stated in the Bidding Documents shall be referred to as the: a. Highest Rated Bid b. Lowest Rated Bid c. Highest Calculated Bid d. Lowes Calculated Bid

a. Highest Rated Bid

The celebration of Manila Day every June 24 is considered a: a. Regular Day b. Regular Holiday c. Special Holiday d. None of the choices

c. Special Holiday

If an employee rendered overtime during a special holiday that is at the same time his rest day, the pay he shall be entitled to for such overtime is equivalent to: a. 130% of his regular wage b. 150% of his regular wage c. 169% of his regular wage d. 195% of his regular wage

d. 195% of his regular wage

The applicable minimum monthly pension for a permanently disabled member whose credited years of service is 15 years: a. P1,000 b. P1,200 c. P2,400 d. P3,600

b. P1,200

The period within which to file a claim with the PDIC is ____ from the actual takeover of the closed bank: a. 1 year b. 2 years c. 3 years d. 5 years

b. 2 years

This attribute of the corporation describes the Corporate Entity Theory a. Artificial Being b. Created by Operation of Law c. Having the Right of Succession d. None of the choices

a. Artificial Being

Vacancies arising from the removal of a cooperative director would be filled-up by: a. The Board of Directors, if they still constitute a quorum b. The Board of Directors, even if they don’t constitute a quorum c. The General Assembly, if the remaining directors do not have a quorum d. The General Assembly, whether or not the remaining directors constitute a quorum

a. The Board of Directors, if they still constitute a quorum

If there is a violation of the Truth in Lending Act, which of the following may be a consequence thereof: a. The loan is deemed paid already b. The goods purchased are deemed fully paid c. The creditor may be civilly liable d. The contract of loan is considered void

c. The creditor may be civilly liable

Mr. T, the treasurer of the Local Government of Guiguinto, Bulacan, syphoned the municipality’s money into his own deposit account amounting to P10,000,000. His bank account may be examined as an exception to the secrecy of bank deposits on the which ground? a. Impeachment cases b. Upon lawful order of the court in cases involving dereliction of duty c. Upon examination by the AMLC where there is probable cause that the money came from an unlawful activity d. None of the choices

c. Upon examination by the AMLC where there is probable cause that the money came from an unlawful activity

In the expiration of a director’s term, who will fill-up the vacancy? a. The BOD if it still has a quorum b. The BOD even if it no longer has a quorum c. The Stockholders if the BOD no longer has a quorum d. The Stockholders even if the BOD still has a quorum

d. The Stockholders even if the BOD still has a quorum

Under the Revised Corporation Code, corporations vested with public interest are required to have independent directors which shall be at least __ of such board: a. 1/10 b. 20% c. 1/3 d. 50%

b. 20%

Tax Evasion is now considered an unlawful activity under the Anti-Money Laundering Council if the basic tax assessment is in excess of: a. P10M b. P15M c. P20M d. P25M

d. P25M

c. Combinations or activities of workers that are designed to facilitate collective bargaining in respect of conditions of employment

a. Anti-Competitive Agreement

a. Both statements are correct

At this stage of money laundering, the money re-enters mainstream economy in legitimate-looking form, appearing to have come from legitimate transaction. a. Placement b. Layering c. Integration d. None of the choices

c. Integration

The following are considered as unlawful activities under the Anti-Money Laundering Act, except: a. Theft b. Robbery c. Qualified Theft d. Plunder

a. Theft

The applicable minimum monthly pension for a permanently disabled member whose credited years of service is 15 years: a. P1,000 b. P1,200 c. P2,400 d. P3,600

b. P1,200

Who of the following would be entitled to a monthly pension upon retirement? a. A member who is 60 years old but continued employment who made 36 monthly contributions to the SSS b. A member who is 60 years old who is separated from employment who made 36 monthly contributions to the SSS c. A member who is 60 years old but continued employment who made 120 monthly contributions to the SSS d. A member who is 60 years old who is separated from employment who made 120 monthly contributions to the SSS

d. A member who is 60 years old who is separated from employment who made 120 monthly contributions to the SSS

d. 195% of his regular wage

The following proceedings covered by the FRIA may be initiated also by the creditors, except: a. Rehabilitation b. Liquidation c. Suspension of payments d. None is an exception

c. Suspension of payments

The freeze order issued by the Court of Appeals via an ex-parte application by the AMLC shall have a period not exceeding: a. 30 days b. 3 months c. 6 months d. 1 year

d. 1 year

The celebration of Manila Day every June 24 is considered a: a. Regular Day b. Regular Holiday c. Special Holiday d. None of the choices

c. Special Holiday

A photograph with a data subject’s face may be considered: a. Personal Information b. Sensitive Personal Information c. Privileged Information d. All of the above

a. Personal Information

a. Mr. X

a. Principle of Proportionality

Mr. X maintains the following accounts with ABC Bank: Savings Account – P300,000; Joint account with Mr. Y – P500,000; Joint account with Z Corporation – P200,000. How much is his insured deposit? a. P500,000 b. P550,000 c. P650,000 d. P1,000,000

b. P550,000

In special meetings of the General Assembly of a cooperative a notice is required ot be provided ______ prior to the meeting: a. 1 day b. 2 days c. 1 week d. 2 weeks

c. 1 week

First Statement: A Laboratory Cooperative has a juridical personality separate and distinct from its Guardian Cooperative. Second Statement: Reaching the age of 18 is a valid ground to terminate membership in a Laboratory Cooperative a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct

d. Only the second statement is correct

This includes insurance against lightning, windstorm, tornado and earthquake a. Life Insurance b. Fire Insurance c. Casualty Insurance d. Microinsurance

b. Fire Insurance

RFBT 2 Flashcards

(78 cards)