ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 43  May 2022 CPALE  10 Feb 2022  6:00 PM – 9:00 PM

REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS FIRST PRE-BOARD EXAMINATION

INSTRUCTIONS: Select the correct answer for each of the questions. Mark only one
answer for each item by shading the box corresponding to the letter of your choice on
the answer sheet provided. STRICTLY NO ERASURES ALLOWED. Use pencil no. 2 only.

1. Offspring of animals are considered as

A a. Natural fruits
b. Industrial fruits
c. Civil fruits
d. Juicy fruits
2. H, I and J are joint debtors. They obliged themselves to deliver a specific
rooster (worth P9,000) to P and Q, joint creditors. Assuming H is the only one
who does not want to comply with the obligation, how much is the total amount
that can be collected from him by the creditors?
C a. P9,000
b. P9,000 plus damages
c. P3,000 plus damages
d. None. He is not forced to comply.
3. A, B and C are solidary debtors for the amount of P45,000 from F. Mr. B has
already paid P20,000 to F. How much can F further collect from B?
A a. P25,000
b. None. It has already exceeded the share of B.
c. Another P20,000
d. P5,000
4. One-peso coins are considered to be legal tender up to
A a. One thousand pesos
b. One hundred pesos
c. One million pesos
d. Up to any amount
5. Five centavo coins are considered to be legal tender up to
B a. One thousand pesos
b. One hundred pesos
c. One million pesos
d. Up to any amount
6. Fifty-peso bills are considered to be legal tender up to
D a. One thousand pesos
b. One hundred pesos
c. One million pesos
d. Up to any amount
7. On January 1, Diego borrowed P20,000 from Cardo. On February 1, the former
borrowed another P10,000 from the latter, evidenced by an interest-bearing
promissory note. Both debts are now due. Upon demand by Cardo, Diego paid
P6,000 without designating the liability on which it would be applied. How will
the P6,000 be applied?
B a. It will be considered as payment for the January 1 debt only
b. It will be considered as payment for the February 1 debt only
c. It will be considered as payment for both debts, in the ratio of
1:1
d. It will be considered as payment for both debts, in the ratio of
2:1 respectively
8. On March 1, Desiree borrowed P100,000 from Cristine. On July 1, the former
borrowed another P500,000 from the latter. Both debts are now due. Upon demand
by Cristine, Desiree paid P40,000 without designating the liability on which it
would be applied. How will the P40,000 be applied?
D a. It will be considered as payment for the March1 debt only
b. It will be considered as payment for the July 1 debt only
c. It will be considered as payment for both debts, in the ratio of 1:1
d. It will be considered as payment for both debts, in the ratio of 1:5
respectively

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
9. The contract must bind both contracting parties and its validity or compliance
cannot be left to the will of one of them.
B a. Liberty to contract
b. Mutuality of contracts
c. Relativity of contracts
d. Consensuality of contracts
10. It is a remedy in equity by means of which a written instrument is made or
construed so as to express or conform to the real intention of the parties when
some error or mistake has been committed.
D a. Restitution
b. Rescission
c. Reparation
d. Reformation
11. Which among the following is considered to be the most defective?
B a. Voidable
b. Void
c. Rescissible
d. Unenforceable
12. Gary is the guardian of Monina, a minor. He sold Monina’s car with a fair value
of P 200,000 for just P 180,000. The contract entered into by Gary is
C a. Voidable
b. Void
c. Valid
d. Rescissible
13. Under a contract, Mr. X obligated himself to build a house for Mr. Z. In this
example, the object or the prestation is
D a. Mr. X
b. The house itself
c. Mr. Z
d. The construction of the house
14. An obligation to deliver a cat named Pussy is an example of
D a. Negative personal obligation
b. Generic real obligation
c. Positive personal obligation
d. Specific real obligation
15. During a strong typhoon, Mr. X saved the horses of Mr. Z, who is currently out
of town. Mr. X incurred expenses amounting to P5,000. This can be reimbursed
because of
B a. Solutio indebiti
b. Negotiorum gestio
c. Fortuitous event
d. Natural obligation
16. Juan received P20,000 from Pedro because the latter thought that Juan is his
creditor Juancho. Juan should return the money because of
B a. Contract
b. Solutio indebiti
c. Negotiorum gestio
d. Public policy
17. The civil liability arising from crimes may include the following, except:
C a. Reparation
b. Indemnification for consequential damages
c. Involuntary servitude
d. Restitution
18. After a strong storm, Pedro did not remove the broken branches of his mango tree.
Few days after, a passerby was hit by a branch that fell. Is Pedro liable?
D a. No, it is a fortuitous event.
b. Yes, he is liable for a crime.
c. No, it is a mere accident.
d. Yes, he is liable for a quasi-delict.

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
19. “I promise to deliver my dog Bruno to you next week.” The animal contemplated
in this obligation is a
D a. Generic object
b. Specific object
c. Determinate object
d. Both b and c
20. The diligence required from common carriers is
B a. Ordinary diligence
b. Extra ordinary diligence
c. Diligence of a good father of a family
d. No diligence at all
21. Mr. S sold a pig named Peachy to Ms. B for P5,000. No condition or period was
contemplated. After the perfection of the contract but before the delivery of
the pig, Peachy the pig gave birth to 5 piglets. Who is entitled to the 5
piglets?
B a. Mr. S
b. Ms. B
c. Peachy, because she is the mother of the piglets
d. None of the above
22. On December 1, 2018, Mr. S agreed to sell a car worth P1,000,000 to Mr. B. The
car will be delivered to Mr. B on December 31, 2018. Prior to December 31,
2018, what kind of right does Mr. B possess?
A a. Personal right
b. Real right
c. Both a and b
d. None of the above
23. Assume further that delivery has been made to Mr. B. What kind of right does he
now possess?
D a. Personal right binding against Mr. S
b. Real right binding against Mr. S
c. Personal right binding against the whole world
d. Real right binding against the whole world
24. Ownership over a property is transferred during the
B a. Perfection of the contract
b. Delivery of the subject matter
c. Payment of the price
d. All of the above
25. Mr. S obliged himself to deliver to Mr. B 50 sacks of sugar for P20,000. Mr. S
was not able to comply with his undertaking. Mr. B was now forced to find a new
seller of sugar. Mr. B was able to buy 50 sacks of sugar from Mr. T for P20,000
also. Is Mr. S still liable?
C a. No, because there was no damage on the part of Mr. B. The sugar
still costs P20,000.
b. No, because Mr. B was able to get a replacement.
c. Yes, Mr. S incurred a breach of contract.
d. Both a and b.
26. What principle is the basis of the rule that an indeterminate thing cannot be
the object of destruction?
C a. Force majeure
b. Negotiorum gestio
c. Genus nunquam perit
d. Compensatio morae
27. Bobby is contemplating whether to buy Susan’s car for P400,000. To give him
more time, he gave a P20,000 option money to Susan. He finally decided to buy
the subject matter after 2 days. How much should Bobby give to Susan at the
date of payment?
A a. P400,000
b. P380,000
c. P420,000
d. Cannot be computed

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
28. Holders of nonvoting shares shall nevertheless be entitled to vote on the
following matters, except:
D a. Amendment of the articles of incorporation
b. Adoption and amendment of bylaws;
c. Sale, lease, exchange, mortgage, pledge, or other disposition of
all or substantially all of the corporate property
d. None of the choices is an exception
29. Holders of nonvoting shares shall nevertheless be entitled to vote on the
following matters, except:
D a. Incurring, creating, or increasing bonded indebtedness
b. Increase or decrease of authorized capital stock
c. Merger or consolidation of the corporation with another corporation
or other corporations
d. None of the choices is an exception
30. No-par value shares must be issued for a consideration of at least
A a. Five pesos per share
b. One peso per share
c. Ten pesos per share
d. One hundred pesos per share
31. For founders’ shares, where the exclusive right to vote and be voted for in the
election of directors is granted, it must be for a limited period not to exceed
____ year/s from the date of incorporation
C a. One
b. Two
c. Five
d. Ten
32. These are shares of stock which have been issued and fully paid for, but
subsequently reacquired by the issuing corporation through purchase,
redemption, donation, or some other lawful means.
B a. Redeemable shares
b. Treasury shares
c. Watered stocks
d. Nominal shares
33. Any person, partnership, association or corporation, singly or jointly with
others but not more than __________ in number, may organize a corporation for
any lawful purpose or purposes:
C a. 5
b. 10
c. 15
d. None of the above
34. Under the Revised Corporation Code, a corporate term for a specific period may
be extended or shortened by amending the articles of incorporation: Provided,
That no extension may be made earlier than ________ years prior to the original
or subsequent expiry date(s) unless there are justifiable reasons for an
earlier extension as may be determined by the Commission:
B a. Two
b. Three
c. Five
d. Ten

35. Unless otherwise prescribed by the Corporation Code or by special law, and for
legitimate purposes, any provision or matter stated in the articles of
incorporation may be amended by a majority vote of the board of directors or
trustees and the vote or written assent of the stockholders representing at
least _______ of the outstanding capital stock, without prejudice to the
appraisal right of dissenting stockholders in accordance with the provisions of
this Code.
C a. 1/3
b. 1/2
c. 2/3
d. 3/4

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam

36. The due incorporation of any corporation claiming in good faith to be a

corporation under the Corporation Code, and its right to exercise corporate
powers, shall not be inquired into collaterally in any private suit to which
such corporation may be a party. Such inquiry may be made by the Solicitor
General in a ____________ proceeding.
B a. Impeachment
b. Quo warranto
c. Both A & B
d. None of the above
37. Under the Revised Corporation Code, if a corporation does not formally organize
and commence its business within _____ years from the date of its
incorporation, its certificate of incorporation shall be deemed revoked as of
the day following the end of such period
C a. Two
b. Three
c. Five
d. Ten
38. Under the Corporation Code, if a corporation has commenced its business but
subsequently becomes inoperative for a period of at least ________ consecutive
years, the Commission may, after due notice and hearing, place the corporation
under delinquent status.
B a. Three
b. Five
c. Ten
d. Twenty
39. A delinquent corporation shall have a period of __________ year/s to resume
operations and comply with all requirements that the Commission shall
prescribe.
B a. One
b. Two
c. Three
d. Five
40. Directors shall be elected for a term of one (1) year from among the holders of
stocks registered in the corporation’s books, while trustees shall be elected
for a term not exceeding ______ year/s from among the members of the
corporation.
C a. One
b. Two
c. Three
d. Six
41. Any director or trustee of a corporation may be removed from office by a vote
of the stockholders holding or representing at least ___________ of the
outstanding capital stock.
B a. 1/2
b. 2/3
c. 3/4
d. All
42. In the absence of any provision in the bylaws fixing their compensation, the
directors or trustees shall not receive any compensation in their capacity as
such, except for reasonable ________.
C a. Honorariums
b. Talent fee
c. Per diems
d. None of the above

43. Directors or trustees who willfully and knowingly vote for or assent to
patently unlawful acts of the corporation or who are guilty of gross negligence
or bad faith in directing the affairs of the corporation or acquire any
personal or pecuniary interest in conflict with their duty as such directors or
trustees shall be liable ______________ for all damages resulting therefrom
suffered by the corporation, its stockholders or members and other persons.

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
B a. Jointly
b. Solidarily
c. Both A & B
d. None of the above
44. Under the Revised Corporation Code, no management contract shall be entered
into for a period longer than _______ years for any one (1) term.
A a. Five
b. Ten
c. Twenty
d. Fifty
45. The owners of _________ of the outstanding capital stock may delegate to the
board of directors the power to amend or repeal the bylaws or adopt new bylaws.
C a. 1/2
b. Majority
c. 2/3
d. 3/4
46. Regular meetings of stockholders or members shall be held annually on a date
fixed in the bylaws, or if not so fixed, on any date after ______ of every year
as determined by the board of directors or trustees.
C a. January 15
b. March 15
c. April 15
d. December 15
47. Special meetings of stockholders or members shall be held at any time deemed
necessary or as provided in the bylaws: Provided, however, that at least ______
week/s written notice shall be sent to all stockholders or members, unless a
different period is provided in the bylaws, law or regulation.
A a. One
b. Two
c. Three
d. Ten
48. Each incorporator of a stock corporation must own or be a subscriber to at
least ______ share/s of the capital stock.
A a. One
b. Five
c. Ten
d. One hundred
49. A corporation shall have perpetual existence unless its ________________
provides otherwise.
A a. Articles of Incorporation
b. Stock Transfer Book
c. Treasurer’s Affidavit
d. None on the above

50. The board of corporations vested with public interest shall have independent
directors constituting at least _______________ of such board.
B a. 10%
b. 20%
c. 30%
d. 50%
51. A person shall be disqualified from being a director, trustee or officer of any
corporation if, within five years prior to the election or appointment as such,
the person was convicted by final judgment of an offense punishable by
imprisonment for a period exceeding _________ years.
B a. Five
b. Six
c. One
d. Ten

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
52. In no case shall the total yearly compensation of directors exceed ______ of
the net income before income tax of the corporation during the preceding year.
B a. 5%
b. 10%
c. 15%
d. 20%
53. 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 ____________, at the option of such corporation.
B a. Void
b. Voidable
c. Unenforceable
d. Rescissible
54. Stockholdings exceeding ______________ of the outstanding capital stock shall
be considered substantial for purposes of interlocking directors.
C a. 10%
b. 15%
c. 20%
d. 30%
55. If the bylaws so provide, the board may create an executive committee composed
of at least _________ directors.
B a. Two
b. Three
c. Five
d. Ten
56. A private corporation may extend or shorten its term as stated in the articles
of incorporation when approved by a __________ vote of the board of directors
or trustees, and ratified at a meeting by the stockholders or members
representing at least two-thirds (2/3) of the outstanding capital stock or of
its members.
C a. 1/3
b. 1/2
c. Majority
d. 2/2
57. Stock corporations are prohibited from retaining surplus profits in excess of
______________ of their paid-in capital stock.
D a. 5%
b. 10%
c. 20%
d. 100%
58. For the adoption of bylaws by the corporation, the affirmative vote of the
stockholders representing at least ______________of the outstanding capital
stock, shall be necessary
B a. 1/2
b. Majority
c. 1/3
d. 2/3
59. ABC Corporation has a principal office in Pacific Star Building, Makati City.
What is the proper venue of the stockholder’s meeting under the Revised
Corporation Code as a general rule?
A a. Pacific Star Building
b. Any venue in Makati City only
c. Any venue in Metro Manila
d. Any venue in Luzon
60. DEF Corporation has a principal office in Lancaster Tower Building, Pasig City.
What is the proper venue of the stockholder’s meeting in case it is impractical
to conduct the meeting in Lancaster Tower Building?
C a. Lancaster Tower Building only
b. Any venue in Pasig City
c. Any venue in NCR
d. Any venue in the Philippines

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
61. GHI Corporation has a principal office in Amparo Building, Kawit, Cavite. What
is the possible venue of the stockholder’s meeting in case it is impractical to
conduct the meeting in Amparo Building?
B a. Amparo Building only
b. Any venue in Kawit, Cavite
c. Any venue in the Cavite Province
d. Any venue in Calabarzon area
62. The chairman or, in his absence, the ________________ shall preside at all
meetings of the directors or trustees as well as of the stockholders or
members, unless the bylaws provide otherwise.
A a. President
b. Corporate Secretary
c. Treasurer
d. Both B&C
63. A subscription of shares in a corporation still to be formed shall be
irrevocable for a period of at least ________ month/s from the date of
subscription, unless all of the other subscribers consent to the revocation, or
the corporation fails to incorporate within the same period or within a longer
period stipulated in the contract of subscription.
D a. One
b. Two
c. Three
d. Six
64. A partnership is considered nominate because
B a. It is perfected by mere consent
b. It has a designation in law and specific rules applicable to it
c. It is entered into by two or more persons
d. Each of the parties is required to give something
65. A partnership is considered to be onerous because
D a. It is perfected by mere consent
b. It has a special name or designation in law
c. It is entered into by two or more persons
d. Each of the parties is required to give something
66. It means “choice of the person”. Due to this principle, no one can be a member
of the partnership association without the consent of all the other associates.
C a. Solutio indebiti
b. Negotiorum gestio
c. Delectus personae
d. Personae non grata
67. Who among the following can enter in a contract of partnership?
C a. Unemancipated minors
b. Insane or demented persons
c. Deaf mutes who know how to write
d. Persons who are suffering from civil interdiction
68. It is a kind of partnership where no time is specified and is not formed for a
particular undertaking
A a. Partnership at will
b. Partnership with a fixed term
c. De jure partnership
d. De facto partnership
69. One wherein the existence of certain persons as partners is not avowed or known
A a. Secret partnership
b. Open partnership
c. Notorious partnership
d. Commercial partnership

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
70. One whose liability to third persons is limited to his capital contribution
B a. General partner
b. Limited partner
c. Both A&B
d. None of the above
71. One who does not take an active part in the business and is not known or held
out as a partner
C a. Silent partner
b. Secret partner
c. Dormant partner
d. Both B and C
72. If the industrial partner violates the prohibition to engage in a business for
himself, the capitalist partners may
C a. Exclude him from the firm plus damages
b. Avail themselves of the benefits plus damages
c. Either A or B, but not both at the same time
d. Both A and B at the same time
73. As regards capitalist partners, the prohibition may extend to operation which
is of
A a. The same kind of business in which the partnership is engaged
b. A different kind of business in which the partnership is engaged
c. Both A and B
d. None of the above
74. J is the managing partner in JKL Partnership. Mr X, a third person, owe P10,000
from J personally. Likewise, Mr. X also owe P20,000 from the JKL Partnership.
One day, Mr. X paid P6,000 to Partner J. The managing partner issued a receipt
for Mr. X’s personal liability to him. How much of the P6,000 should go to the
partnership?
D a. P6,000
b. 0
c. P2,000
d. P4,000
75. J is the managing partner in JKL Partnership. Mr X, a third person, owe P10,000
from J personally. Likewise, Mr. X also owe P20,000 from the JKL Partnership.
One day, Mr. X paid P6,000 to Partner J. The managing partner issued a receipt
for Mr. X’s liability to the JKL Partnership. How much of the P6,000 should go
to Partner J?
B a. P6,000
b. 0
c. P2,000
d. P4,000
76. Three brothers inherited a condo unit from their deceased mother. It
continuously gave them rental income every month. As a result, a
_______________ was established among the partners.
B a. Partnership
b. Co-ownership
c. Suretyship
d. Friendship
77. Three sisters inherited a 4 door apartment from their deceased father. Due to
the fact that it continuously gave them rental income every month, they decided
to upgrade such to an 8 door apartment. As a result, a _______________ was
established among the partners.
A a. Partnership
b. Co-ownership
c. Suretyship
d. Friendship

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
78. A partnership, as a rule, may be constituted ________________.
C a. Orally
b. In writing
c. Both a & b
d. None of the above
79. Persons who consent to others representing him as a partner in an existing
partnership is liable as a _____________.
C a. Silent partner
b. Secret partner
c. Partner by estoppel
d. Dormant partner
80. The contributions of a limited partner may be _________
D a. Cash
b. Other property
c. Services or Industry
d. Both A & B only
81. The surname of a limited partner shall not appear in the partnership name
unless
C a. It is also the surname of a general partner
b. Prior to the time when the limited partner became such, the
business has been carried on under a name in which his surname
appeared.
c. Both a & b
d. None of the above
82. The losses and profits shall be distributed _______________
A a. in conformity with the agreement of the partners
b. equally
c. proportionately
d. none of the above
83. Partners P, Q, R and S are partners in a taxi business. On a stormy night,
Partner S (the only industrial partner) was negligent in driving their cab. His
negligence resulted to the death of Mr. Boyet (a passenger) and actual damages
of P40,000 was incurred for his funeral and medical expenses. How much can the
family of Mr. Boyet collect from innocent partner P in this case?
A a. P40,000
b. P10,000
c. Zero
d. P30,000
84. Which of the following has the least priority when it comes to the liquidation
of a limited partnership?
B a. Those to general partners in respect to profits
b. Those to general partners in respect to capital
c. Those to limited partners, other than capital or profits
d. Those to outside creditors
85. Which of the following is the top priority when it comes to the liquidation of
a limited partnership?
D a. Those owing to general partners in respect to profits
b. Those owing to general partners in respect to capital
c. Those owing to limited partners, in respect to capital
d. Those owing to outside creditors
86. Which of the following has the least priority when it comes to assets of a
general partnership?
A a. Those owing to general partners in respect to profits
b. Those owing to general partners in respect to capital
c. Those owing to general partners, other than capital or profits
d. Those to outside creditors

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
87. It is a corporation that was formed for a religious purpose.
A a. Ecclesiastical corporation
b. Lay corporation
c. Eleemosynary corporation
d. Civil corporation
88. It is a corporation organized for public charity.
C a. Ecclesiastical corporation
b. Lay corporation
c. Eleemosynary corporation
d. Civil corporation
89. These shares entitle the holder to payment not only of current dividend but
also those in arrears, when dividends are declared.
C a. Participating preferred stock
b. Non-participating preferred stock
c. Cumulative preferred stock
d. Non-cumulative preferred stock
90. These are shares that were issued without consideration or consideration below
par or stated value.
C a. Treasury stock
b. Delinquent stock
c. Watered stock
d. No par value stock
91. The voting rights of common shares may be limited by the existence of
C a. Preferred shares
b. Treasury shares
c. Founders’ Shares
d. Redeemable shares
92. What is the vote required in an amendment of the articles of incorporation?
C a. Majority vote of the BOD + Majority vote of the outstanding capital stock
b. 2/3 vote of the BOD + 2/3 vote of the outstanding capital stock
c. Majority vote of the BOD + 2/3 vote of the outstanding capital stock
d. None of the choices is correct
93. Under the Articles of Incorporation of DEF Corporation, it was stated that it
should have 15 directors. In order to have a quorum in their next meeting, what
is the minimum number of directors that should be able to attend?
B a. 7
b. 8
c. 10
d. 15
94. In relation to the preceding number, assuming 10 directors were present in the
BOD meeting of DEF Corporation, what is the minimum number of affirmative votes
that should be garnered if the corporation would like to push through with the
purchase of a certain asset?
B a. 5
b. 6
c. 8
d. 10
95. There are nine directors in GHI Corporation. One of them was validly removed as
a director. Who has the power to fill such vacancy?
A a. The stockholders only
b. The remaining eight directors
c. The remaining eight directors and the majority of the stockholders
d. The remaining eight directors and 2/3 of the stockholders
96. There are nine directors in JKL Corporation. Two of the directors died in a car
accident. Who has the power to fill such vacancies?
B a. The stockholders only
b. The remaining seven directors
c. The remaining seven directors and the majority of the stockholders
d. The remaining seven directors and 2/3 of the stockholders

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 REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 43 - May 2022 CPALE Batch
10 Feb 2022  6:00 PM to 9:00 PM RFBT First Pre-Board Exam
97. There are ten directors in MNO Corporation. Five of them resigned due to an
internal conflict. Who has the power to fill such vacancies?
A a. The stockholders only
b. The remaining five directors
c. The remaining five directors and the majority of the stockholders
d. The remaining five directors and 2/3 of the stockholders
98. The amount allocated to the community development fund of the cooperative shall
not be more than __ of the net surplus.
C a. 7%
b. 10%
c. 3%
d. 5%
99. In case of voluntary dissolution where creditors are affected, the petition for
dissolution shall be filed with:
A a. Cooperative Development Authority
b. Securities and Exchange Commission
c. Regional Trial Court
d. Municipal Trial Court
100. The share capital of a primary cooperative shall have a par value fixed to any
figure not more than:
B a. P500
b. P1,000
c. P5,000
d. P10,000

- END –

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