Revised Corporation Code

Answer No. Statement

1 It is an artificial being created by operation of law,
having the right of succession and the powers, attributes,
and properties expressly authorized by law or incidental
to its existence.
A. CORPORATION
B. SOLE PROPRIETORSHIP
C. COOPERATIVE
D. PARTNERSHIP
2 What is the corporate term under the revised corporation
code?
A. 50 YEARS, RENEWABLE FOR ANOTHER 50 YEARS
B. PERPETUAL EXISTENCE
C. 50 YEARS UNLESS THE ARTICLES OF INCORPORATION PROVIDES
OTHERWISE
D. 25 YEARS RENEWABLE FOR 50 YEARS
3 Corporations, which have capital stock divided into shares
and are authorized to distribute to the holders of such
shares, dividends, or allotments of the surplus profits
based on the shares held.
A. GOVERNMENT-OWNED AND CONTROLLED CORPORATIONS
B. STOCK CORPORATIONS
C. NON-STOCK CORPORATIONS
D. OPEN CORPORATIONS
4 When does a private corporation commence its corporate
existence and juridical personality?
A. DATE OF THE ISSUANCE OF THE BYLAWS
B. DATE OF THE ISSUANCE OF THE ARTICLES OF INCORPORATION
C. DATE OF THE ISSUANCE OF CERTIFICATE OF INCORPORATION
D. DATE OF THE ISSUANCE OF CERTIFICATE OF REGISTRATION
5 How many is the number of incorporators under the revised
corporation code?
A. 5 TO 15
B. AT LEAST 10
C. NOT MORE THAN 15
D. NOT MORE THAN 20
6 They are those who compose a corporation, whether as
stockholders or shareholders in a stock corporation or as
members in a nonstock corporation.
A. INCORPORATORS
B. BOARD OF DIRECTORS
C. BOARD OF TRUSTEES
D. CORPORATORS
7 Shares classified in the articles of incorporation, which
may be given certain rights, and privileges not enjoyed by
the owners of the stocks.
 A. OWNERSHIP SHARES
B. REDEEMABLE SHARES
C. FOUNDERS' SHARES
D. ORDINARY SHARES
8 These are shares which may be purchased by the corporation
from the holders of such shares upon the expiration of a
fixed period, regardless of the existence of unrestricted
retained earnings in the books of the corporation.
A. PREFERRED SHARES
B. ORDINARY SHARES
C. TREASURY SHARES
D. REDEEMABLE SHARES
9 Shares which have been issued and fully paid, but
subsequently reacquired by the issuing corporation by
purchase, donation or through some other lawful means.
A. PREFERRED SHARES
B. ORDINARY SHARES
C. TREASURY SHARES
D. REDEEMABLE SHARES
10 These corporations shall not be required to have a minimum
capital stock, except as otherwise specifically provided
by special law.
A. NONSTOCK CORPORATIONS
B. OPEN CORPORATIONS
C. CLOSE CORPORATIONS
D. STOCK CORPORATIONS
11 A name is not distinguishable even if it contains one or
more of the following, except:
A. PARTNERSHIP
B. COMPANY
C. LIMITED LIABILITY
D. LIMITED
12 A name is not distinguishable even if it contains one or
more of the following, except:
A. ARTICLES
B. DIFFERENT TENSES
C. FONT STYLE
D. SPACING
13 The shares or series of shares may or may not have a par
value, provided that the following except one, shall not
be permitted to issue no-par value shares of stock.
A. BANKS
B. PRIVATE UTILITIES
C. BUILDING AND LOAN ASSOCIATIONS
D. PRE-NEED COMPANIES
14 Which of the following is not one of the contents of the
articles of incorporation?
 A. NAME OF CORPORATION
B. TERM FOR WHICH THE CORPORATION IS TO EXIST
C. THE NAMES, NATIONALITIES, AND RESIDENCES OF THE
INCORPORATORS
D. THE NUMBER OF DIRECTORS OR TRUSTEES, WHICH SHALL BE
MORE THAN 15
15 It is a corporation with a single stockholder.
A. SOLE CORPORATION
B. ONE PERSON CORPORATION
C. SINGLE CORPORATION
D. PRIVATE CORPORATION
16 The certificate of incorporation shall be deemed revoked,
if it does not formally organize and commence its business
within how many years from the date of its incorporation?
A. 5 YEARS
B. 10 YEARS
C. 3 YEARS
D. 2 YEARS
17 What is the period given to a delinquent corporation to
resume operations and comply with all requirements
prescribed by the Commission?
A. 5 YEARS
B. 10 YEARS
C. 3 YEARS
D. 2 YEARS
18 When shall the extension of the corporate term take
effect?
A. THE DAY AFTER THE PLAN OF EXTENSION
B. THE DAY AFTER THE APPROVAL OF THE SECURITIES AND
EXCHANGE COMMISSION
C. EARLIER THAN 3 YEARS
D. THE DAY AFTER FOLLOWING THE ORIGINAL OR SUBSEQUENT
EXPIRY DATES
19 No application for revival certificate of incorporation of
banks, trust companies, pawnshops and other financial
intermediaries shall be approved by the Commission unless
accompanied by a favourable recommendation of the
appropriate ______
A. FOREIGN CORPORATION
B. PARENT CORPORATION
C. GOVERNMENT AGENCY
D. INSTITUTIONS
20 Under the Revised Corporation Code, what is the new
extension to the name of a corporation, as set forth in
the Articles of Incorporation
A. “INC.”
B. “CORPORATION”
C. “OPC”
 D. “LTD.”
21 Aside from directors, who shall not participate in the
determination of their own per diems or compensation?
A. SHAREHOLDERS
B. TRUSTEES
C. CORPORATE OFFICERS
D. MEMBERS
22 Under the revised corporation code, a contract of the
corporation with (1) one or more of its directors,
trustees, officers or their spouses and relatives within
the fourth civil degree of consanguinity or affinity is
voidable, at the option of such corporation, unless all
the following conditions are present, except:
A. THE PRESENCE OF SUCH DIRECTOR OR TRUSTEE IN THE BOARD
MEETING IN WHICH THE CONTRACT WAS APPROVED WAS NOT
NECESSARY TO CONSTITUTE A QUORUM FOR SUCH MEETING
B. THE VOTE OF SUCH DIRECTOR OR TRUSTEE WAS NOT NECESSARY
FOR THE APPROVAL OF THE CONTRACT
C. IN CASE OF AN OFFICER, THE CONTRACT HAS BEEN PREVIOUSLY
AUTHORIZED BY THE BOARD OF DIRECTORS
D. THE CONTRACT IS FAIR AND REASONABLE UNDER THE
CIRCUMSTANCES
23 In accordance with the Revised Corporation Code, no
articles of incorporation or amendment to articles of
incorporation shall be approved by the Commission in the
following entities except:
A. BANKS
B. PUBLIC UTILITIES
C. NSSLAS
D. PAWNSHOPS
24 Which of the following is not a requirement for the
election of directors?
A. STOCKHOLDERS, REPRESENTING A MAJORITY OF THE
OUTSTANDING CAPITAL STOCK OF THE CORPORATION MUST BE
PRESENT, EITHER IN PERSON OR BY PROXY
B. THE ELECTION MUST BE BY BALLOT
C. THE DIRECTORS MAY OR MAY NOT BE A SHAREHOLDER
D. NO DELINQUENT STOCK SHALL VOTE OR BE VOTED FOR
25 The certificate of incorporation is revoked if the
corporation does not organize commence its operations
within how many years?
A. 2 YEARS
B. 3 YEARS
C. 4 YEARS
D. 5 YEARS
26 He is an impartial person who is neither a stockholder nor
a creditor of the corporation or any of its subsidiaries
or affiliates, and whose further qualifications, if any,
 may be determined by the Commission.
A. PROVISIONAL DIRECTOR
B. INTERLOCKING DIRECTOR
C. RECEIVER OF THE CORPORATION
D. OUTSIDER
27 Who may not incorporate as One Person CorporationS?
A. NATURAL PERSON
B. BANKS
C. QUASI-BANKS
D. PUBLICLY LISTED COMPANIES
28 To whom does the power to remove directors exclusively
belongs to?
A. CORPORATORS
B. PRESIDENT
C. CORPORATE OFFICERS
D. STOCKHOLDERS
29 It is a corporation not required to have a minimum
authorized capital stock except as otherwise provided by
special law.
A. STOCK CORPORATION
B. OPEN CORPORATION
C. ONE PERSON CORPORATION
D. GROUP CORPORATION
30 Who among the following shall not receive any
compensation, except for reasonable per diems?
A. CORPORATORS
B. DIRECTORS
C. INCORPORATORS
D. CORPORATE OFFICERS
31 They are those who compose a corporation, whether as
stockholders or as members.
A. INCORPORATORS
B. CORPORATORS
C. TRUSTEES
D. FOUNDERS
32 Where should a corporation keep or preserve its important
information?
A. PRINCIPAL OFFICE
B. EITHER IN THE SUBSIDIARIES OR PARENT COMPANY
C. OFFICE OF THE TREASURER
D. ANYWHERE WITH THE BOARD OF DIRECTORS’ DISCRETION
33 These are the members of the board of directors in a
certain corporation who are also directors in another
corporation.
A. INTERLOCKING DIRECTORS
B. TRUSTEES
C. ACTIVE DIRECTORS
D. INDEPENDENT DIRECTORS
34 Under the Revised Corporation Code, consideration for the
issuance of stocks, may be through the following except:
A. CURRENT AND FUTURE INDEBTEDNESS OF THE CORPORATION
B. ACTUAL CASH PAID TO THE CORPORATION
C. AMOUNTS TRANSFERRED FROM UNRESTRICTED RETAINED EARNINGS
TO STATED CAPITAL
D. OUTSTANDING SHARES EXCHANGED FOR STOCKS IN THE EVENT OF
RECLASSIFICATION OR CONVERSION
35 He is a person who is independent of management and free
from any business or other relationship which could, or
could reasonably be perceived to materially interfere with
the exercise of independent judgment in carrying out the
responsibilities as a director.
A. INTERLOCKING DIRECTORS
B. TRUSTEES
C. INDEPENDENT DIRECTORS
D. EXCECUTIVE COMMITTEE
36 Which of the following is not a power and capacity of
corporation?
A. TO SUE BUT NOT TO BE SUED IN ITS CORPORATE NAME
B. TO ADOPT AND USE A CORPORATE SEAL
C. TO AMEND ITS ARTICLES OF INCORPORATION
D. TO ADOPT BYLAWS, NOT CONTRARY TO LAW, MORALS, OR PUBLIC
POLICY, AND TO AMEND OR REPEAL THE SAME
37 At each regular meeting of stockholders or members, the
board of directors or trustees shall endeavor to present
to stockholders or members the following, except:
A. A DETAILED, DESCRIPTIVE, BALANCED AND COMPREHENSIBLE
ASSESSMENT OF THE CORPORATION’S PERFORMANCE, WHICH
SHALL INCLUDE INFORMATION ON ANY MATERIAL CHANGE IN THE
CORPORATION’S BUSINESS, STRATEGY, AND OTHER AFFAIRS
B. DIRECTOR OR TRUSTEE PROFILES WHICH SHALL INCLUDE, AMONG
OTHERS, THEIR QUALIFICATIONS AND RELEVANT EXPERIENCE,
LENGTH OF SERVICE IN THE CORPORATION, TRAININGS AND
CONTINUING EDUCATION ATTENDED, AND THEIR BOARD
REPRESENTATIONS IN OTHER CORPORATIONS
C. THE PROFILES OF GOVERNMENT EMPLOYEES
D. DIRECTOR DISCLOSURES ON SELF-DEALINGS AND RELATED PARTY
TRANSACTIONS
38 Who cannot attend meetings and vote in behalf of the
stockholders or members without need of any written proxy
as duly appointed by the court?
A. RECEIVERS
B. EXECUTORS
C. DRAWERS
D. ADMINISTRATORS
39 Who among the following cannot attend or vote by proxy at
 board meetings?
A. ANY SHAREHOLDER
B. TRUSTEES
C. ANY MEMBER
D. CORPORATE OFFICERS
40 A notice of meeting is accompanied by the following,
except:
A. THE AGENDA FOR THE MEETING
B. A PROXY FORM WHICH SHALL BE SUBMITTED TO THE BOARD OF
DIRECTORS WITHIN A REASONABLE TIME PRIOR TO THE MEETING
C. WHEN ATTENDANCE, PARTICIPATION, AND VOTING ARE ALLOWED
BY REMOTE COMMUNICATION OR IN ABSENTIA, THE
REQUIREMENTS AND PROCEDURES TO BE FOLLOWED WHEN A
STOCKHOLDER OR MEMBER ELECTS EITHER OPTION
D. WHEN THE MEETING IS FOR THE ELECTION OF DIRECTORS OR
TRUSTEES, THE REQUIREMENTS AND PROCEDURE FOR NOMINATION
AND ELECTION
41 It is one where no part of its income is distributable as
dividends to its members, trustees, or officers.
A. STOCK CORPORATIONS
B. OPEN CORPORATIONS
C. PRIVATE CORPORATION
D. NONSTOCK CORPORATIONS
42 Under the Revised Corporation Code, the number of trustees
as fixed in the articles of incorporation or bylaws _____
A. SAME WITH NUMBER OF MEMBERS
B. MAY OR MAY NOT BE MORE THAN 15
C. ANY NUMBER
D. LIMITLESS
43 Which of the following is the new type of special
corporation as stated in the Revised Corporation Code?
A. EDUCATIONAL CORPORATION
B. ONE PERSON CORPORATION
C. CLOSE CORPORATION
D. RELIGIOUS CORPORATION
44 A stockholder or member who participates through _____ or
in absentia, shall be deemed present for purposes of
quorum.
A. REMOTE COMMUNICATION
B. REPRESENTATIVE
C. PUBLIC
D. PRESENTIA
45 A person shall be disqualified from being a director,
trustee, or officer of any corporation if, within five (5)
years prior to the election or appointment as such, the
person was convicted with the following final judgment
except:
 A. OF AN OFFENSE PUNISHABLE BY IMPRISONMENT FOR A PERIOD
EXCEEDING SIX (6) YEARS
B. FOR VIOLATION THE REVISED CORPORATION CODE
C. FOR VIOLATING REPUBLIC ACT NO. 8799, OTHERWISE KNOWN AS
“THE SECURITIES REGULATION CODE”;
D. FOR VIOLATING THE NATURAL LAWS
46 Which of the following is not a content of Bylaws?
A. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING
REGULAR OR SPECIAL MEETINGS OF THE DIRECTORS OR
TRUSTEES
B. THE TIME AND MANNER OF CALLING AND CONDUCTING REGULAR
OR SPECIAL MEETINGS OF THE STOCKHOLDERS OR MEMBERS
C. THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS OR
MEMBERS AND MANNER OF VOTING
D. THE NUMBER OF AUTHORIZED SHARES BY NONSTOCK
CORPORATIONS
47 Where should be the place of meeting be held whether
regular or special?
A. IN THE PHILIPPINES OR IN OTHER COUNTRIES
B. TO ANY MUNICIPALITY OR CITY WHERE THE SUBSIDIARIES ARE
LOCATED
C. PRINCIPAL OFFICE OF THE CORPORATION
D. ANYWHERE WITH THE DISCRETION OF THE BOARD OF DIRECTORS
48 if the total assets or total liabilities of the
corporation is ______, or such other amount as may be
determined appropriate by the Department of Finance, the
financial statements may be certified under oath by the
treasurer and the president.
A. LESS THAN P600,000
B. MORE THAN P500,000
C. LESS THAN P1,000,000
D. EXCEEDING P10,000,000
49 Which of the following is not a necessary information for
a corporation to keep or preserve?
A. ARTICLES OF INCORPORATION AND THE BYLAWS OF A
CORPORATION AND ITS AMENDMENTS
B. THE RELATIONSHIPS OF THE BOARD OF DIRECTORS AND THE
CORPORATE OFFICERS
C. A RECORD OF ALL BUSINESS TRANSACTIONS
D. THE MINUTES OF MEETINGS OF STOCKHOLDERS OR THE BOARD OF
DIRECTORS
50 When should the regular meeting be held if it is not fixed
in the Bylaws?
A. ANY DATE IN THE MONTH OF APRIL OF EVERY YEAR
B. ANYTIME MAJORITY OF THE BOARD OF DIRECTORS CALL FOR THE
MEETING
C. ANY DATE AFTER APRIL 15 OF EVERY YEAR
D. ANY DATE AFTER THE FIRST QUARTER EVERY YEAR
No. RCC
1 A
2 B
3 B
4 C
5 C
6 D
7 C
8 D
9 C
10 D
11 A
12 C
13 B
14 D
15 B
16 A
17 D
18 D
19 C
20 C
21 B
22 B
23 B
24 C
25 D
26 A
27 A
28 D
29 C
30 B
31 B
32 A
33 A
34 A
35 C
36 A
37 C
38 C
39 B
40 B
41 D
42 B
43 B
44 A
45 D
46 D
47 C
48 A
49 B
50 C