New Central Bank Act

Answer No. Statement

1 How much should be the capital of the Bangko Sentral to be fully
subscribed by the Government, as amended?
A. Ten billion pesos
B. Fifty million pesos
C. Ten million pesos
D. Two hundred billion pesos
2 How much should be the capital of the Bangko Sentral to be fully
subscribed by the Government before the amendment?
A. Fifty billion pesos
B. Fifty million pesos
C. Ten million pesos
D. Two hundred billion pesos
3 What is the primary objective of the Bangko Sentral?
A. To uplift the quality of life of the people and develop the
economy
B. To maintain price stability conducive to a balanced and
sustainable growth of the economy
C. Provide policy directions in the areas of money, banking, and
credit
D. Supervision over the operations of banks and exercise such
regulatory powers
4 Which of the following is not one the corporate powers of the
Bangko Sentral?
A. To enter into contracts
B. To lease or own real and personal property, and to sell or
otherwise dispose of the same
C. To discard monetary stability and the convertibility of the peso
D. To sue and be sued
5 Who shall exercise the powers and functions of the Bangko Sentral?
A. Fiscal Board of the Bangko Sentral
B. Committee Board of the Bangko Sentral
C. Bangko Sentral Monetary Board
D. Bangko Sentral Finance Board
6 Who is not member of the board to exercise the powers and functions
of the Bangko Sentral, unless authorized?
A. Governor of the Bangko Sentral
B. Cabinet Member
C. Five (5) members from the private sector
D. Deputy Governor
7 How long is the term of the Governor of the Bangko Sentral?
A. 3 years
B. 2 years
C. 6 years
D. 8 years
8 How long is the term of two members coming from the private sector?
A. 6 years
B. 3 years
C. 2 years
D. 8 years
9 The President may remove a member of the board for any of the
following reasons, except:
A. If the member possesses minimum of the qualifications
B. If the member is subsequently disqualified
 C. If he is physically or mentally incapacitated that he cannot
properly discharge his duties and responsibilities and such
incapacity has lasted for more than six (6) months
D. If the member is guilty of acts or operations which are of
fraudulent or illegal character or which are manifestly opposed
to the aims and interests of the Bangko Sentral
10 Aside from the Governor of the Bangko Sentral, who may call the
board for a meeting?
A. Deputy Governor and the Cabinet member
B. Cabinet member and the Undersecretary
C. The 3 members from the private sector
D. Two members from the private sector
11 Who and how many members constitute a quorum?
A. 3 members from the private sector
B. 4 members, including the Governor and any of the members
C. A member which is the Deputy Governor
D. 2 members, the Deputy Governor and the Cabinet Member
12 He is known as the Chief Executive Officer of the Bangko Sentral.
A. Governor
B. Deputy Governor
C. Cabinet Member
D. President
13 Which of the following is not a duty of the CEO of the Bangko
Sentral?
A. direct and supervise the operations and internal administration
of the Bangko Sentral
B. appoint and fix the remunerations and other emoluments of
personnel below the rank of a department head in accordance with
the position and compensation plans approved by the board
C. exercise such other powers as may be vested in him by the Vice
President
D. sign contracts entered into by the Bangko Sentral, notes and
securities issued by the Bangko Sentral, all reports, balance
sheets, profit and loss statements, correspondence and other
documents of the Bangko Sentral
14 How long is the term of a Cabinet Member as appointed by the
President of the Philippines?
A. 3 years
B. 2 years
C. 7 years
D. 6 years
15 Which of the following statements is incorrect regarding the
members of the board?
A. The members are appointed by the President of the Philippines
B. The Governor of the Bangko Setral is the Chairman of the Board
C. Three members from the private sector have a term of 6 years
D. A member of the board may be reappointed more than once.
16 It means a corporation more than fifty percent (50%) of the voting
stock of which is owned by a bank or quasi-bank.
A. Ownership Interest
B. Affiliate
C. Subsidiary
D. Parent company
17 It means a corporation the voting stock of which to the extent of
fifty percent (50%) or less, is owned by a bank or quasi-bank.
A. Ownership Interest
B. Affiliate
 C. Subsidiary
D. Parent company
18 What is the punishment imposed to a person who wilfully makes a
false or misleading statement on a material fact to the Board or to
the examiners of the Bangko Sentral, as amended?
A. A fine of not less than Fifty thousand pesos (P50,000) but not
more than One hundred pesos (P100,000)
B. Imprisonment of not more than five (5) years
C. Imprisonment of not less than ten (10) years
D. A fine of not less than (P100,000) nor more (P300,000)
19 What is the penalty imposed to a person who, being required in
writing by the Board wilfully refuses to make reports or permit
examination, as amemded?
A. A fine of not less than (P50,000) but not more than (P2,000,000)
B. Imprisonment of not more than five (5) years
C. Imprisonment of not less than one (1) year nor more than Three
(3) years
D. A fine of not less than One hundred thousand pesos (P100,000) nor
more than Three hundred thousand pesos (P300,000)
20 What is the punishment imposed to a person or bank who wilfully
violates RA. 7653 or other banking laws enforced by the Bangko
Sentral or any order issued by the Board?
A. Administrative sanction is applied
B. Imprisonment of not less than 2 years nor more than 15 years
C. Imprisonment ranging from 2 years to 10 years
D. Imprisonment of not more than 5 years
21 When shall the Board publish and submit a report of a review of the
state of the financial system to the President and to the Congress?
A. Not later than ninety(90)days after the end of each quarter
B. One hundred twenty (120) days after the end of each semester
C. Within ninety (90) days after the end of the year
D. As soon as practicable
22 When shall the Board publish and submit a report of an analysis of
economic and financial developments, including the condition of net
international reserves and monetary aggregates to the President and
to the Congress?
A. Not later than ninety(90)days after the end of each quarter
B. One hundred twenty (120) days after the end of each semester
C. Within ninety (90) days after the end of the year
D. As soon as practicable
23 What report is published and submitted by the Board to the
President and the Congress within ninety (90) days after the end of
the year?
A. An analysis of economic and financial developments, including the
condition of net international reserves and monetary aggregates
B. A review of the state of the financial system
C. Abnormal movements in monetary aggregates and the general price
level
D. The preceding year's budget and profit and loss statement of the
Bangko Sentral showing in reasonable detail the result of its
operations
24 What report is published and submitted by the Board to the
President and the Congress as soon as practicable?
A. An analysis of economic and financial developments, including the
condition of net international reserves and monetary aggregates
B. A review of the state of the financial system
C. Abnormal movements in monetary aggregates and the general price
 level
D. The preceding year's budget and profit and loss statement of the
Bangko Sentral showing in reasonable detail the result of its
operations
25 When shall the Board publish and submit a report on the remedial
measures in response to abnormal movements in monetary aggregates
and the general price level to the President and the Congress?
A. Not later than seventy-two(72)hours after the report on the
remedial measures in response to abnormal movements in monetary
aggregates
B. Within ninety-six(96)hours after the report on the remedial
measures in response to abnormal movements in monetary aggregates
C. 3 days after the report on the remedial measures in response to
abnormal movements in monetary aggregates
D. Twenty-four(24)hours after the report on the remedial measures in
response to abnormal movements in monetary aggregates
26 Which of the following data is not presented in the statistical
appendix as part of the annual report?
A. The balance of payments of the Philippines
B. The 5 year movement of monetary aggregates and their components
C. The monthly movement, in summary form, of exports and imports, by
volume and value
D. The principal data on government receipts and expenditures and on
the status of the public debt, both domestic and foreign
27 Which of the following data is not presented in the statistical
appendix as part of the annual report?
A. The monthly movement of purchases and sales of foreign exchange
and of the international reserves of the Bangko Sentral
B. Monthly indices of consumer prices and of import and export
prices
C. The monthly movement of the accounts of the Bangko Sentral and of
other banks
D. The texts of the minor legal and administrative measures adopted
by aliens
28 Which of the following is not included in the annual report?
A. Statement of Retained Earnings of the Bangko Sentral
B. Statement of Financial Condition of the Bangko Sentral
C. A review of the policies and measures adopted by the Monetary
Board during the past year
D. Statistical appendix
29 How is the net profit of the Bangko Sentral allocated?
A. Sixty percent(60%) is carried to surplus and the remaining is
reverted back to the National Treasury
B. Fifty percent(50%) is carried to surplus and the remaining is
reverted back to the National Treasury
C. Seventy percent(70%) is carried to surplus and the remaining is
reverted back to the National Treasury
D. Fourty percent(40%) is carried to surplus and the remaining is
reverted back to the National Treasury
30 It refers to all Philippine notes and coins issued or circulating
in accordance with the provisions of RA. 7653.
A. Money
B. Legal Tender
C. Currency
D. Particular money
31 It means all those liabilities of the Bangko Sentral and of other
banks which are denominated in the Philippine currency and are
 subject to payment in legal tender upon demand by the presentation
of checks.
A. Certificate of deposit
B. Bank notes
C. Demand deposits
D. Bonds
32 Any remaining profit or loss shall be carried in a special frozen
account shall be named:
A. Revaluation of National Reserve
B. General Reserve
C. Special frozen reserve
D. Revaluation of International Reserve
33 It is an alternative form of obtaining funds from the public, other
than deposits, through the issuance, endorsement, or acceptance of
debt instruments fro the borrower’s own account, for the purpose of
relending or purchasing of receivables and other obligations.
A. Credit substitutes
B. Debit substitutes
C. Fund substitutes
D. Deposit substitutes
34 Who shall act as a banker of the Government, its political
subdivisions and instrumentalities?
A. Landbank of the Philippines
B. Bangko Sentral
C. Banco de Oro
D. Philippine National Bank
35 Where shall the liquid funds of the Government be deposited which
is to be opened by the Bangko Sentral for the Treasurer of the
Philippines?
A. Special cash account
B. National cash account
C. General cash account
D. Regular cash account
36 The Bangko Sentral shall administer this for the account of the
Government.
A. Securities Stabilization Fund
B. Revaluation of National Reserve
C. Sustainability of fund securities
D. Revaluation of International Reserve
37 How long is the Bangko Sentral exempt from all national,
provincial, municipal and city taxes, fees, charges and
assessments?
A. 3 years
B. 4 years
C. 6 years
D. 5 years
38 To what fund is the seventy-five(75%) of the net profits of the
Bangko Sentral remitted?
A. Revolving Fund
B. Sinking Fund
C. General Reserve Fund
D. Liquidating Fund
39 The Bangko Sentral may engage in foreign exchange transactions only
with the following entities or persons, except:
A. Banking institutions operating outside the Philippines only
B. Foreign governments and their instrumentalities
C. The Government, its political subdivisions and instrumentalities
 D. Foreign or international financial institutions
40 Which of the following is a not qualification for the position of
Governor?
A. Natural-born citizens of the Philippines
B. At least thirty-five(35) years old
C. He is of good moral character
D. He is with recognized competence in social and economic
disciplines
41 Which of the following is correct concerning the qualifications of
a member of the Board?
A. A person can be a member of the Monetary Board if he has been
connected directly with any multilateral banking or financial
institution prior to his appointment
B. All members of the board must be at least thirty-five(35) years
old
C. The members of the Monetary Board coming from the private sector
are allowed hold any other public office or public employment
during their tenure
D. No member of the Monetary Board shall be employed in any such
institution within two (2) years after the expiration of his term
except when he serves as an official representative of the
Philippine Government to such institution
42 Which of the following is not an authority given to the Board?
A. Appoint and fix the remunerations and other emoluments of
personnel below the rank of a department head in accordance with
the position and compensation plans approved by the board
B. Issue rules and regulations it considers necessary for the
effective discharge of the responsibilities and exercise of the
powers vested upon the Board and the Bangko Sentral
C. Direct the management, operations, and administration of the
Bangko Sentral, reorganize its personnel, and issue such rules
and regulations as it may deem necessary or convenient for this
purpose
D. Establish a human resource management system which shall govern
the selection, hiring, appointment, transfer, promotion, or
dismissal of all personnel
43 Who is the principal representative of the Board and of the Bangko
Sentral?
A. Deputy Governor
B. Cabinet member
C. Undersecretary
D. Governor
44 The principal representative of the Board and of the Bangko Sentral
is empowered to the following, except:
A. Represent the Board and the Bangko Sentral in all dealings with
other offices, agencies and instrumentalities of the Government
and all other persons or entities, public or private, whether
domestic, foreign or international
B. Sign contracts entered into by the Bangko Sentral, notes and
securities issued by the Bangko Sentral, all reports, balance
sheets, profit and loss statements, correspondence and other
documents of the Bangko Sentral
C. Appoint and fix the remunerations and other emoluments of
personnel below the rank of a department head in accordance with
the position and compensation plans approved by the Board, as
well as not to impose disciplinary measures upon personnel of the
Bangko Sentral
 D. Represent the Bangko Sentral, either personally or through
counsel, including private counsel, as may be authorized by the
Monetary Board, in any legal proceedings, action or specialized
legal studies
45 How many deputy governors can the Governor of the Bangko Sentral
appoint?
A. 5 deputy governors
B. 4 deputy governors
C. 3 deputy governors
D. 6 deputy governors
46 How long is the term of a conservator who has the power to overrule
or revoke the actions of the previous management and board of
directors of the bank or quasi-bank?
A. At least 1 year
B. Not more than 1 year
C. Not less than 2 years
D. Not less than 1 year but not more than 2 years
47 For a quasi-bank, a person of recognized competence in banking or
finance may be designated as:
A. Financial literate
B. Conservator
C. Trainer
D. Receiver
48 The following are administrative sanctions to be applied by the
board for any refusal to permit examination into the affairs of the
institution; any wilful making of a false or misleading statement
to the Board or the appropriate supervising and examining
department or its examiners; except:
A. A fine not exceeding Fifty thousand pesos(P50,000) a day for each
violation
B. suspension of rediscounting privileges or access to Bangko
Sentral credit facilities
C. suspension of interbank clearing privileges
D. revocation of quasi-banking license
49 He shall act as the ex officio auditor of the Bangko Sentral,
empowered and authorized to appoint a representative who shall be
the auditor of the Bangko Sentral.
A. Certified Public Accountant
B. Chief Executive Officer of the Bangko Sentral
C. Chairman of the Commission on Audit
D. Deputy Governor
50 What is the legal tender of coins fixed by the board?
A. Amounts not exceeding One hundred pesos (P100) for denominations
of twenty-five centavos and above, and in amounts not exceeding
Twenty pesos (P20) for denominations of ten centavos or less
B. Amounts for at least Fifty pesos (P50) for denominations of
twenty-five centavos and above, and in amounts not exceeding One
hundred pesos (P100) for denominations of ten centavos or less
C. Amounts for at least Twenty pesos (P20) for denominations of
twenty-five centavos and above, and in amounts not exceeding
Fifty pesos (P50) for denominations of ten centavos or less
D. Amounts not exceeding Fifty pesos (P50) for denominations of
twenty-five centavos and above, and in amounts not exceeding
Twenty pesos (P20) for denominations of ten centavos or less
No. NCBA
1 D
2 A
3 B
4 C
5 C
6 D
7 C
8 B
9 A
10 D
11 B
12 A
13 C
14 D
15 D
16 C
17 B
18 B
19 A
20 C
21 B
22 A
23 D
24 C
25 A
26 B
27 D
28 A
29 B
30 C
31 C
32 D
33 D
34 B
35 C
36 A
37 D
38 B
39 A
40 B
41 D
42 A
43 D
44 C
45 C
46 B
47 D
48 A
49 C
50 D