Final Pre-Board Examination 2021

Which of these options are correct regarding RA 7934 and premium pay?

Is the arrangement between Benito and the models allowed?

Can the e-mail messages regarding Angel Dela Cruz's tardiness be used as evidence?

Which statements regarding lemon law rights and worker compensation are true?

Which of the following regarding procurement methods and management prerogatives is true?

What is a useful reference for government office policies and procedures regarding business transactions?

Are the statements about transparency and primary beneficiaries true?

What describes a single common site for the Business Permit and Licensing System (BPLS)?

Are the statements regarding child labor and competitive bidding true?

What violation occurred involving the Cement Manufacturers’ Association (CMA)?

Are the statements about mixed procurements and compulsory SSS coverage accurate?

Under the SSS law, compulsory coverage of the employer takes effect on the first day of operation and that of the employee on the first day of employment.

Direct Contracting, otherwise known as Selective Procurement, requires elaborate bidding documents.

The sum to be paid to the Government during the default shall be ________________________.

What is true about the notice of dishonor under BP 22?

Which of the following is not one of the sources of liability for damages?

Annual Financial Statements need not need an independent CPA if total assets or liabilities are:

When the manner of management has not been agreed upon:

If the appointment of a manager is in the articles of partnership, the appointment is ____________.

Where the unanimity of action on the part of the managing partners is stipulated, the general rule is:

What is the period to transfer the shares to the heirs of the OPC?

Which is a condition that would make an obligation immediately demandable?

How much can B collect from X if X and Y are solidary debtors of A, B, and C?

After demand for payment, Y can demand from X the following if X obligated himself to pay Y P30,000 after 30 days with a penalty:

Regarding the transaction between A and B, who will be liable for the debt payment?

Is the oral sale of land valid after delivery and payment?

What type of defective contract refers to one that can be nullified by the courts?

To make a contract voidable due to fraud:

Is A guilty of violating the Bouncing Checks Law after issuing a check that was subsequently dishonored?

Which statement about partnerships is incorrect?

A partnership is not dissolved upon the death of which type of partner?

One of the following is not an alternative remedy available to a seller of personal property on installment if the buyer defaults:

If A delivered only 150 cavans of rice out of 200 ordered, what is B's right?

Can A be held liable for violating BP 22 after issuing a check with sufficient funds but was dishonored for being stale dated?

Which statement about penalties for hacking is correct?

Is the introduction of computer viruses categorized as hacking?

Can an employer ask employees to submit personal data declarations regarding COVID-19?

Is the Data Protection Office led by a Data Protection Officer?

Can a bank disclose information about a deposit?

What type of endorsement does an endorser increase his liability by waiving presentment and notice of dishonor?

Can David successfully collect from Ariel given the circumstances of failed consideration?

Which statement about the SEC's powers is not correct?

Which of the following will cause the automatic dissolution of a corporation?

What is a requirement for patentable inventions?

Jurisdiction over IP cases for infringement is lodged in which entity?

What is the act of creating artificial prices by controlling demand during shortages?

Is the bank correct in refusing to disclose A's name due to bouncing checks?

Can a person be charged with both money laundering and unlawful activity?

How much can A recover from PDIC if he has three accounts with X Bank totaling P750,000?

Which of the following must the prosecution show for the presumption of knowledge of insufficient funds?

Is Plunder considered an unlawful activity under AMLA if it is at least P75 Million?

Which of these options are correct regarding violation of Section 19 (A)(3) of Republic Act No. 10697?

What refers to a provisional remedy aimed at preserving monetary instruments or properties related to unlawful activity?

What is a bank that has no physical presence in the country in which it is incorporated?

Which of the following statements is correct regarding temporary restraining orders and petitions for freeze order?

What term describes a risk-based approach in customer relationships?

Which of the following statements regarding business permits is correct?

In a closed bank scenario, which statement regarding depositor claims is correct?

Which of the following accurately reflects the legal status of ratification and unenforceable contracts?

Which of the following does not fall under the Statute of Fraud?

How is the Latin term for 'one's personal choice to become or accept a partner' described?

Which of the following corporate acts does not require a 2/3 stockholder vote?

What describes a suit brought by one or more stockholders on behalf of a corporation?

In a limited partnership scenario, a creditor of a limited partner may charge the interest of the limited partner. How can this interest be redeemed?

Which of the following is not a requisite for consignation as a mode of payment?

What describes the right of a creditor to indemnity for damages due to a debtor's fault?

In the case of joint creditors A and B, what can be said about their collection rights?

What can be inferred about the contract where A, guardian of B, sold B’s property below market value?

Regarding the promise made by Y to give X land for services, which statement is correct under the Statue of Frauds?

Is Mr. CD’s demand for payment from Mr. AB valid considering the mortgage and subsequent loss?

What is the reason that a certificate of stock is not considered a negotiable instrument?

In the case of advanced payments by a debtor, which case is the exception?

If A owes B, and C pays B, what correct claim can be made about collection?

Which of the following is not a requisite for Pledge?

Which of the following is not an element of legal compensation?

What can be inferred about capital contributions and liabilities in a partnership?

Which characteristic applies only to a check among negotiable instruments?

Is the oral contract of partnership valid given that it was not registered with the SEC?

Is there a partnership between A and B, who share profits as co-heirs?

In case of loss in partnership, how much is C liable given equal profit-sharing?

Can A vote all his subscribed shares if only 25% is paid?

In the case of B selling pants delivered by A that were lost due to an accident, what is B's obligation?

Was the sale of property from A to C valid after B passed the CPA exam?

In three of the following corporate proposals, which is the exception regarding stockholder rights?

Which of the following is considered prima facie evidence of being a partner?

Under which circumstance must profits be distributed based on capital contributions?

Which right can a partner's assignee exercise?

Which of the following is not typically included in a corporation's articles of incorporation?

What is the nominal interest of an interlocking director in a corporation?

Is the refusal to issue a stock certificate valid if A has only paid 25% of his subscription?

An Associate member in a Cooperative is?

What is the number of Board of Directors of a bank, including independent directors?

Are both statements about PDIC correct?

When one of the parties has brought an action to enforce the contract, can he subsequently ask for its reformation?

Is X liable for the loan of SSS Corporation because of his ownership?

Is D liable for deficiency after the auction of the foreclosed car?

Can directors of a cooperative receive per diem if the cooperative reported a net loss?

The contract made by P, the president of X Corporation, to purchase machineries is?

The holders of non-voting shares are entitled to vote on matters, except:

What does the appraisal right mean?

What term refers to an individual or domestic corporation designated to receive legal processes for foreign corporations?

Which statement is correct?

Which statement is correct about issuing stocks and corporate actions?

Is it illegal to issue watered stocks?

What is the nature of the donation of the watch worth Php 25,000?

What should the Board of Directors of SUJU Corporation do regarding stock dividends?

Which of the following is NOT an indicator of a foreign corporation transacting business?

What is NOT a common requisite to pledge and mortgage?

What is false about Balingit's sale of the property?

Are both statements regarding the office term of BOD in a Cooperative correct?

Are both statements about the grounds for removal valid?

What are the requirements for a cooperative that has not commenced operations?

Under what grounds can a cooperative be dissolved?

A cooperative may be organized for the following, except?

What lesson does the story of the Indian father and his son convey?

What is the highest policy-making body of the cooperative?

What is the quorum of the general assembly?

Any vacancy in the board of directors may be filled by the vote of at least a majority of remaining directors, except?

Payment shall be made to, except:

Which of the following is not really a special payment?

The debtor who cedes or assigns his property to his creditor in payment of his debt shall be released from his obligation,

What is the effect of the new debtor’s default upon the original debtor?

Three of the following are requisites of cession in payment. Which is the exception?

Consignation alone extinguished obligation under the following, except:

To which of these modes of special payment is the law on sales applicable?

What happens when Sandy pays Drago's obligation to Carlo?

Which of the following is not a requisite of application for payment?

In the case of Toblerone's lease, which mode of payment should Toblerone avail himself of?

When the obligation consists of the delivery of a generic thing whose quality and circumstances have not been agreed upon:

A delinquent corporation shall have the period of ___ to resume operations and comply with all requirements prescribed by the Commission.

In case of continuous inoperation of the corporation, how long will it be allowed to comply?

Existing corporations prior to the effectivity of the Revised Corporation Code shall have how long to decide whether to retain their corporate term?

The vote required for existing corporations to decide on retaining the corporate term is?

When shall amendments to the Articles of Incorporation take effect?

What is the first step in the registration under the Revised Corporation Code?

The following are amendable provisions in the Articles of Incorporation, except:

Emergency Board is created upon the vote of:

What is the period to report non-holding of the election of BOD?

What is the right of a corporation to exist as a juridical person during its term despite the death of any of its stockholders?

Which one is a characteristic of treasury shares?

The holders of non-voting shares shall nevertheless be entitled to vote on which matter, except:

What corporate doctrine states that stockholders are not personally liable for corporate debts?

S1 - Redeemable shares may be taken up or purchased by the corporation, even in the absence of unrestricted retained earnings. S2 - Treasury shares may be reissued for a reasonable price even below par value. Which statement is true?

Vacancy in the board of directors can be filled up by the remaining directors in the following cases except:

Statement 1: If the partner is the sole manager of the partnership and he associates another person with him in his share in the partnership, the person associated automatically becomes a partner. Statement 2: A partner appointed as manager in a contract other than the articles of partnership may be removed with or without cause. Which is correct?

Statement 1: The conveyance of the whole interest of a partner in the partnership of itself dissolves the partnership. Statement 2: A partner has an interest in specific partnership property which he can assign to anybody, according to his will or discretion. Which is correct?

Statement 1: The contractual liability of the partners to third persons is joint and subsidiary. Statement 2: A person may become both a limited and an industrial partner in the same limited partnership. Which is correct?

What are the rights of partners when A, the managing partner, invites C to associate with him in his share in the partnership?

Statement 1: In case of loss of the business of the partnership, any partner who refuses to contribute an additional share to the capital of the partnership shall be obliged to sell his interest in the partnership. Statement 2: The partners are solidarily liable in case of contractual liability. Statement 3: The liability of the partnership for culpa aquiliana is solidary. Which is correct?

A profit or loss must be distributed based on capital contribution and not based on agreement between the partners under which except:

One of the following is not a characteristic of a contract of partnership.

Which of the following is not a requisite of a contract of partnership?

A and B put up a partnership to engage in the distribution of books and school supplies. A wants to put up a restaurant while B wants to have a bakery. Which of the following is correct?

A partnership formed for the exercise of a profession which is duly registered is an example of?

A owes B two debts. The first is secured by mortgage, the second is not. Which statement is correct?

The following are characteristics of a cooperative, except:

What is a legal writ authorizing a sheriff to take into custody property in litigation belonging to a defendant until compliance with court orders?

Who makes important decisions for the cooperative?

Which option refers to alteration of literary & artistic works, works derived from other existing sources?

S1 - Membership of banks to PDIC is mandatory. S2 - According to RA 9576, insured banks with branches outside the country may elect to include for insurance its deposit obligations payable at such branches. S3 - Foreign currency deposits are also insured by PDIC. Which option accurately describes these statements?

S1 - Bank accounts may not be garnished by creditors as this constitutes a violation of the Bank Secrecy Law. S2 - AMLC may inquire into deposits upon order of the court when there is probable cause related to unlawful activities. Which statement is true?

The Anti-Money Laundering Council is authorized to issue an ex parte order to freeze accounts without delay for a period of ___ days. Which duration is correct?

Under the Unclaimed Balances Law, if the president, cashier, or managing officer of the bank neglects or refuses to make and file the required sworn statement, what happens?

These corporations are prohibited from issuing no par shares, except:

The boards of Directors are allowed to fill up the following vacancies:

This corporation has for its basic purpose charity or charitable works.

When valid grounds exist, such as when a corporation is established to commit fraud, justify a wrong, defend a crime or defeat public convenience, the separate juridical personality of a corporation shall be considered as the same. This is known as:

Which of these is not an essential element of a de facto corporation?

Under the Revised Corporation Code, if the corporation opted for a fixed term, then the period of extension is:

The requirement for independent directors in corporations vested with public interest constituting at ____ of such board:

The non-holding of elections under the Revised Corporation Code and the reasons therefor shall be reported to the Commission ______ from the date of the scheduled election.

Based on the previous question, the report shall specify a new date for the election, which shall not be later than ____ days from the scheduled date.

The period to question the decision of the third person in partnership when its decision is manifestly inequitable as to the sharing of profits and losses:

Corporations governed by special laws must present before the Securities and Exchange Commission:

In the matter of management of the business affairs of the corporation, this is supreme:

A gratuitous issue of Treasury shares will result in:

A & B are partners in a real estate business. A & B were approached by X who offered to buy a parcel of land owned by the partnership. Thereafter, B sold to A, B’s share in the partnership. Then A sold the land to X at a big profit. A is liable to B for B’s share in the profits.

A is the capitalist partner and B is the industrial partner. A engaged personally in the same kind of business the partnership is engaged in.

A is the managing partner of ABC and Company. X owes A personally and ABC and Company P20,000 each. A collected and received from X P10,000 and he issued a receipt wherein it is stated that the amount is applied against his personal credit.

When cash or property worth P3,000 or more is contributed as capital, the Articles of Co-Partnership shall be in a public instrument and registered with the Securities and Exchange Commission. If the said requirements are not complied with:

Corporations organized by private persons performing public functions and for profit to private persons are:

Issued to those who in some way worked for incorporating the company or for services rendered in launching the welfare of the corporation is called:

Statement 1: De jure corporations are not subject to attack, not even by the government. Statement 2: De facto corporations are subject to direct attack by the government, although not subject to collateral attack by private individuals.

One of the characteristics of treasury shares is that:

The following are advantages of par value shares of stock, except one:

In order to commit causal fraud:

A contract which is onerous in nature is interpreted:

A contract must bind both parties, its validity cannot be left to one of the parties.

Contracts take effect only between the parties, their heirs and assigns.

Statement 1: Chattel mortgage is a consensual contract and the creditor gets possession of the thing mortgaged. Statement 2: Pledge is a consensual contract and gives a personal right. Statement 3: Real estate mortgage is a real contract and creates a real right if registered with the Registry of Property. Statement 4: Antichresis is an accessory and gives a real right.

Simulation of a contract may be absolute or relative. It is relative when:

Before acceptance is conveyed, an offer becomes ineffective upon the death, insanity, insolvency or civil interdiction:

Statement No. 1: A single act can give rise to several offenses, such as estafa under the Revised Penal Code and violation of B.P. 22. Statement No. 2: Unlike estafa, under B.P. 22 one need not prove that the check was issued in payment of an obligation or that there was damage; the damage done is to the banking system.

The vote required so that the maximum deposit insurance cover may be adjusted in such amount, for such period, and/or for such deposit products:

A feature or characteristic of a bill of exchange not found in a promissory note:

A promissory note is distinguished from a bill of exchange:

A Seller sold to a Buyer a piece of jewelry at a price of P20,000. The contract provides that the Buyer will pay the Seller cash of P15,000 and for the balance the Buyer will give the Seller a microwave oven worth P5,000. What is the nature of the contract?

A sold and delivered her diamond ring to B. It was agreed upon that within 10 days B will state and fix the price. On the 10th day, B called up by telephone A and stated the price at P20,000 which A agreed. Is the sale perfected?

S orally offered to sell a certain diamond ring to B for P50,000.00. B accepted the offer and to prove that he was in earnest, he gave S P1,000.00. The parties agreed that the delivery of the ring and the payment of the price would be made 30 days later. On due date:

Can future inheritance be the subject of a contract of sale?

B bought a refrigerator on installment from S and to secure his indebtedness, B executed a chattel mortgage on the refrigerator in favor of S. Upon default by B on his two (2) payments, the refrigerator was foreclosed and sold for P8,000 which was less than the balance due to S. How much can S still collect from B?

In one of the following cases, delivery of the goods to a carrier for the purpose of transmission to the buyer transfers ownership to the latter. Which one is it?

The following items pertain to either a contract of sale or a contract to sell. I. Ownership of the thing sold is transferred upon delivery II. Ownership of the thing is transferred to the buyer some future time. III. The risk of loss is on the buyer. IV. The risk of loss is on the seller. Based on the above data, which of the following is correct?

No merger or consolidation shall be valid unless:

Cooperatives may fall under any of the following types, except:

Which of the following is not correct?

Under the Philippine Cooperative Code of 2008 (R.A. 9520), which of the following complies with the minimum requirement of the law to form a cooperative?

Which of the following may be considered valid grounds for termination of membership of a primary cooperative?