32:15

Quiz - ARC
Hi, 18-1187-680 Jaira Nassel. When you submit this form, the owner will see your name and email
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1.Under the Revised Corporation Code, what is the minimum paid-in capital for a corporation with an
authorized capital stock amounting to P1,000,000?
(1 Point)
P1,000,000
P250,000
P62,500
None of the choices
2.X filed an application for patent before the Bureau of patents of the IPO. He believes his invention
will not be appreciated and used at the moment by the public. However, he is very optimistic that it
will help the computer technology in the near future. If you were the Patent Examiner, how would
you act on X’s patent application?
(1 Point)
Grant the patent to X
Deny the application for lack of novelty
Deny the application for lack of “inventive step.”
Deny the application for lack of “industrial applicability.”
3.X is an engineer of a multi-national company. He was able to create an invention while in the
employ of his employer. Which of these statements relative to the patent of X’s invention is true?
(1 Point)
X owns the patent if the inventive activity is part of his regularly-assigned duties
X owns the patent if the inventive activity is not part of his regularly-assigned duties and only if he
did not use the time, facilities and materials of the company
X owns the patent if the inventive activity is not part of his regularly-assigned duties and whether or
not he used the time, facilities and materials of the company
X does not own the patent which legally belongs to his employer
4.Under R.A No. 1405, otherwise known as the Bank Secrecy Law, which of the following acts of a
bank official is covered by the Bank Secrecy Law?
(1 Point)
Disclosing the amount of deposit of a judgment debtor to the court sheriff who is executing a
garnishment order against him
Disclosing the name of the drawer of a check to the payee
Disclosing the amount of deposit of a taxpayer to a duly authorized BIR officer who is examining his
income tax liability
Disclosing the amount of deposit exceeding ₱500,000 in one banking day to the Anti-Money
Laundering Council
5.Which among the following is an element of an insurance contract?
(1 Point)
The insured is subject to a risk of loss upon the happening of the designated peril.
The assumption of risk is part of a general scheme to distribute actual losses among a large group or
substantial number or persons bearing similar risks.
Both A and B
None of the above
6.The contract of insurance is one of perfect good faith, not for the insured alone, but equally so for
the insurer. This relates to which characteristic of an insurance contract?
(1 Point)
Uberrimae fides contract
Contract of indemnity
Risk distributing device
Aleatory
7.FUJI Corporation has a principal office located on ELJ Building, Diliman, Quezon City. What are the
possible valid venues for the upcoming shareholder’s meeting?
(1 Point)
ELJ Building only
Any venue in Quezon City
Any venue in Metro Manila
Any venue in the Philippines
8.Which of the following vacancies in the Board of Directors can be filled up by the stockholders
only?
(1 Point)
Death of a director
Abandonment made by a director
Resignation of a director
Removal of a director
9.The obligation of the insurer to pay the proceeds of the insurance arises only upon the happening
of an event which is uncertain. It does not depend upon some contingent event.
(1 Point)
Uberrimae fides contract
Contract of indemnity
Risk distributing device
Aleatory
10.This suit or court action is one filed by a stockholder or stockholders for and in behalf of the
corporation against a third person or the corporation itself where the board of directors has refused
to take action –
(1 Point)
Derivative suit
Individual suit
Class suit
Representative suit
11.Henry Cruz maintains the following accounts with X Bank, Manila Branch: (1) Account

Name: Henry Cruz – savings account with a balance of P850,000; (2) Account Name: Henry

Cruz and Eric Cruz – savings account with a balance of P200,000; and (3) Henry Cruz or

Estong Cruz – time deposit for P1,000,000. How much is the total insured deposit of Harry
Potter?
(1 Point)
P500,000
P850,000
P1,000,000
P2,050,000
12.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
(1 Point)
One
Two
Five
Ten
13.Which of the following instance wherein non-voting shares is not allowed to vote:
(1 Point)
Issuance of additional Capital Stock
Payment of Bonded indebtedness.
Mortgaging substantially all of the corporate property
Investment of corporate fund in another corporation not for primary purpose of the corporation.
14.These are shares of stock which are issued at less than its par value or issue price.
(1 Point)
Redeemable shares
Treasury shares
Watered stocks
Nominal shares
15.R.A Act No. 3765, otherwise known as the Truth in Lending Act, applies to:
(1 Point)
Pawnshops
Small-loan money lenders
Both a and b
Neither a nor b
16.Under this theory, the nationality of a corporation is that of the under whose law it was formed.
(1 Point)
Control test
Incorporation test
Domiciliary test
Grandfather rule
17.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.

(1 Point)
Two
Three
Five
Ten
18.The following constitutes exceptions to the secrecy of foreign currency deposits, except:
(1 Point)
When there is a written consent from the depositor
When there is probable cause that the money came from an unlawful activity
When there is probable cause in cases involving persons suspected of the crime of terrorism
None of the choices is an exception
19.It is a cooperative which combines 2 or more of the business activities of the different type of
cooperatives
(1 Point)
Bi-purpose
Tri-purpose
Complex
Multipurpose
20.Subscriber X has a total 1,000 delinquent shares at P10 par value, to be sold at public auction
sale. Total amount recoverable includes: Total amount of the delinquent shares, P10,000 and total
expenses of the sale, P5,000. Who will be declared the highest bidder among the following bidders
in the public sale
(1 Point)
N who is willing to pay the P15,000 for 970 shares.
P who is willing to pay the P15,000 for 900 shares.
O who is willing to pay the P15,000 for 920 shares.
M who is willing to pay the P15,000 for 950 shares
21.Which of these tests for determining the nationality of a corporation is applicable under our
corporation Code?
(1 Point)
Incorporation test
Control test
Business domicile test
(a) for general rule and (b) as exception
22.Under the Anti-Money Laundering Act, a “covered transaction” and a “suspicious transaction”
must be reported by the “covered institutions”(those under the supervision and regulation of the
Bangko Sentral ng Pilipinas, the Insurance Commissioner and the Securities and Exchange
Commission) within five working days from the occurrence thereof. A “covered transaction” is a
transaction in cash or other equivalent monetary instrument with a total amount of:
(1 Point)
₱250,000 or more in one banking day
₱500,000 or more in one banking day
Over ₱500,000 in one banking day
₱1,000,000 or more in one banking day
23.Which of the following deposits is not insured by PDIC?
(1 Point)
Bank Deposit in Hong Kong Bank which is operating outside Philippine territory.
Savings Deposit in Banco de Oro
Certificate of Time Deposit in Philippine National Bank
Special Savings in Bank of Philippine Islands
24.The proceeds of the insurance shall be paid by the PDIC to the depositor whenever:
(1 Point)
the depositor files the claim with supporting documents
the insured bank submits the list of qualified depositors
the insured bank is closed on account of insolvency
the order from the BSP to pay is issued
25.Under R.A 9160, as amended, otherwise known as the Anti-Money Laundering Act (AMLA), the
Anti-Money Laundering Council’s membership does not include:
(1 Point)
Secretary of Finance
Governor of the Bangko Sentral ng Pilipinas
Insurance Commissioner
Chairman of the Securities and Exchange Commission
26.One of the following is not a function of the Philippine Deposit Insurance Corporation. Which is it?
(1 Point)
Co-regulator of banks
Deposit insurer
Engage in the lending of funds obtained from deposits
Receiver and liquidator of closed banks
27.These corporation are prohibited from issuing no par shares, except:
(1 Point)
Banks
Trust corporations
Stock exchanges
Insurance companies
28.Under the PDIC Law, a joint account held by a juridical person or entity jointly with a natural
person shall be presumed to belong to:
(1 Point)
natural person
both the juridical and natural persons
juridical person
one who first files the claim
29.No corporation under the Code, shall possess or exercise any corporate powers, except those
conferred by law, its Articles of Incorporation, those implied from express powers and those
necessary or incidental to the exercise of the powers so conferred.
(1 Point)
Business Entity Theory
Right of Succession
Doctrine of Limited Capacity
Piercing the Veil of Corporate Fiction
30.The minimum subscription of the authorized capital stock of a cooperative is:
(1 Point)
30% of the ACS
25% of the ACS
10% of the ACS
15% of the ACS
31.Generally, a corporation’s article of incorporation must include all of the following except the
(1 Point)
Name of the corporation
Number of authorized shares
Name of each incorporators
Quorum requirements
32.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:
(1 Point)
Two
Three
Five
Ten
33.Insured deposit means the net amount due to any depositor for deposits in an insured bank but
should not exceed:
(1 Point)
P1,000,000
250,000
300,000
500,000
34.In three of the following corporate proposals, a dissenting stockholder has the right to surrender
his shares of stock to the corporation and demand for the payment of their fair market value. Which
is the exception?
(1 Point)
Sale, mortgage or disposition of all or substantially all of the corporate assets
Shortening or extending the corporate term
Investment of corporate funds in another corporation or business
Entering into management contract with another corporation
35.An insurance contract is a ready-made form of contract, which the other party may accept or
reject, but which the latter cannot modify.
(1 Point)
Contract of adhesion
Personal
Voluntary
Synallagmatic
36.The Morlan Realty Development Corporation has a capital stock of P1,000,000 divided into 10,000
shares with par value of P100.00 each. 5,000 shares are common stock and 5,000 shares are 10%
preferred stock. In 2013 there was no declared dividends but in 2014 dividends in the amount of
P200,000 were declared. The holders of the preferred stock are entitled to receive:
(1 Point)
P50,000 if cumulative, non-participating
P125,000 if non-cumulative, participating
P125,000 if cumulative, participating
P100,000 if non-cumulative, non participating
37.X owns 99% of the capital stock of SSS Corporation. X also owns 99% of TTT Corporation. SSS
Corporation obtained a loan from VW Bank. On due date, SSS Corporation defaulted. TTT
Corporation is financially healthy. Which statement is most accurate?
(1 Point)
X being a controlling owner of SSS Corporation can automatically be held personally liable for the
loan of SSS Corporation.
TTT Corporation, owned 99% by X, can automatically be held liable.
SSS Corporation and TTT Corporation, although both are owned by X, are two (2) distinct
corporations with separate juridical personalities hence, the TTT Corporation cannot automatically be
held liable for the loan of SSS Corporation.
The principle of piercing the veil of corporate fiction can be applied in this case.
38.An act done by a corporation that is contrary to law shall be considered:
(1 Point)
Illegal
Ultra-Vires
Both Illegal and Ultra-Vires
Neither Illegal nor Ultra-Vires
39.A person is allowed by law to have two or more concurrent positions in the corporation, except –
(1 Point)
President and treasurer
Vice-president and corporate secretary
Corporate secretary and treasurer
Vice-president and secretary
40.The following are considered as unlawful activities under the Anti-Money Laundering Act, except:
(1 Point)
Theft
Robbery
Qualified Theft
Plunder
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