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Quiz on Consumer Protection and Financing Laws in the Philippines

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Quiz on Consumer Protection and Financing Laws in the Philippines

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Questions and Answers

Which of the following is a characteristic of a cooperative?

Voluntary and Open Membership (correct)

Membership by Invitation Only

Exclusive Membership

Strict Membership Requirements

What is the primary purpose of a Financial Service Cooperative?

Promoting community development

Engaging in savings and credit services (correct)

Offering educational programs

Providing housing assistance

Which of the following is NOT a method used by Financing Companies (FCs) and Lending Companies (LCs) to promote their services?

Door-to-door marketing (correct)

Television advertisements

Social media platforms

Mobile applications

What is the purpose of registering Online Lending Platforms as business names with the SEC?

To ensure compliance with government regulations Signup and view all the answers

Which of the following is NOT a role of a real estate broker?

Acting as a mortgage lender Signup and view all the answers

What is the definition of a pawn in the context of a pawnshop?

The personal property delivered by the borrower to the pawnshop as security for a loan Signup and view all the answers

Which of the following businesses is NOT regulated by the Bangko Sentral?

Investment houses Signup and view all the answers

What is the primary activity of a lending company?

Granting loans to the public Signup and view all the answers

Which of the following is a primary source of funds in real estate?

Mortgage bankers Signup and view all the answers

Who acts as an intermediary between mortgage borrowers and mortgage lenders?

Mortgage brokers Signup and view all the answers

What is a bird dog in real estate investing?

A broker who spends time locating properties with investment potential Signup and view all the answers

Which of the following is NOT considered a financing company according to RA 8556 IRR?

Banks Signup and view all the answers

What is the minimum paid-up capital required for financing companies according to SEC issuances?

500k Signup and view all the answers

Which of the following powers do financing companies have with the prior approval of the Bangko Sentral ng Pilipinas?

Providing financial services similar to traditional banks Signup and view all the answers

What do financing companies do when they rediscount their paper with government financial institutions?

Sell their financial instruments to government financial institutions at a discount Signup and view all the answers