RFBT MIDTERM PDF

1. Which of the following documents is not required to invoke the Lemon Law? a. Warranty Booklet/Service Booklet b. Current Motor Vehicle Registration c. Proof of Purchase d. All repair/job order invoices 2. The initial step in resolving a Lemon Law complaint is: a.Adjudication b. Mediation d. Lega...

1. Which of the following documents is not required to invoke the Lemon Law? a. Warranty Booklet/Service Booklet b. Current Motor Vehicle Registration c. Proof of Purchase d. All repair/job order invoices 2. The initial step in resolving a Lemon Law complaint is: a.Adjudication b. Mediation d. Legal action. c. Arbitration 3. Qualified experts for assisting the DTI can include: a. Lawyers b. Accountants c. Technicians with TESDA certification d. All of the above 4. Under the implementing Rules and Regulations of Lemon Law, the consumer is responsible for keeping a copy of: a. The purchase agreement b. The vehicle registration c. Repair records d. All of the above 5. Under the Implementing Rules and Regulations of Lemon Law, the consumer's responsibilities are putlined ina a. The owner's manual b. The warranty booklet c. The consumer protection code d. The Lemon Law 6. According to the of e-commerce under its Implementing Rules and Regulations, what should be the primary role of the government in promoting electronic commerce? a. Directly overseeing and managing all electronic commerce activities b. Creating a supportive legal and regulatory environment c. Directly competing with the private sector in electronic commerce d. Restricting access to electronic commerce to protect public interests 7. Under the E-Commerce Implementing Rules and Regulations, what is the government's approach to res electronic commerce disputes? a. Relying solely on court proceedings b. Encouraging the use of self-regulatory mechanisms c. Restricting access to dispute resolution services d. Ignoring disputes related to electronic commerce 8. Under the E-Commerce Implementing Rules and Regulations, what is the government's stance on taxation of electronic commerce transactions? a.Transactions should be heavily taxed to generate revenue b.Taxation should be discriminatory against electronic commerce c.Taxation should be neutral compared to non-electronic transactions d. Taxation should be avoided altogether 9. Under the E-Commerce implementing Rules and Regulations, how does the government plan to support small and medium sized enterprises (SMEs) in electronic commerce? a. By imposing higher taxes on large corporations b. By providing financial assistance and training c. By restricting SME access to electronic commerce d. By directly competing with SMEs in the market 10. An electronic data message" is equivalent to a. An electronic signature b. A computer c. An electronic document d. A service provider 11. An Electronic signature is primarily used to a. Encrypt electronic data b. Verify the identity of a sender c. Store electronic documents d. Transmit electronic messages 12. According to the text, electronic data messages and electronic documents have the same legal effect as. a.Verbal agreements b.Physical documents c.Electronic signatures d. None of the above 13. The use of electronic data messages, electronic documents, or electronic signatures is a. Mandatory for all transactions b. Optional, but consent can be inferred c. Prohibited in certain cases d. Only allowed for non-commercial purposes 14. The primary method of authenticating electronic documents, data messages, and signatures is by: a.Proving the physical location of the sender b. Verifying the identity of the sender c.Using a notarized document d. All of the above 15. The burden of proving the authenticity of an electronic document or data griessage lies with a.The court b.The opposing party c.The person introducing the document d. The government 16. The BAC shall send the RFQs to at least three (3) suppliers of known qualifications, and at least three (3) price quotations must be obtained in: a. Limited Source Bidding b. Small Value Procurement c. Shopping d. Competitive Bidding 17. The Bidding Documents shall contain the following information, except: a. Approved Budget of the Contract b. Brand required c. Eligibility requirements d. Form of contract 18. This stage of the bidding process is performed to assess the readiness of the procurement in terms of confirming the certification of availability of funds, as well as reviewing all relevant documents and the draft invitation to Bid, as well as consultants hired by the agency concerned and the representative of the end-user. a. Bid evaluation b. Post-qualification c. Pre-procurement conference d. Pre-bid conference 19. Which of the following statements is false regarding bid evaluation? a. Prior to Bid evaluation, the BAC shall examine first the technical components of the bids using "pass/fail" criteria to determine whether all required documents are present b. The BAC shall evaluate all bids on an equal footing to ensure fair and competitive bid comparison / C. c. The entire evaluation process for the procurement of Goods and Infrastructure projects shall be completed within seven (7) calendar days from the deadline for receipt of proposals. d. If the bid is higher than the Approved Budget of Contract, the BAC shall ask the bidder to amend it. 20. First Statement: A bidder may modify his bid even after the deadline for the receipt of bids Second Statement: The modification shall be submitted in a sealed envelope duly identified as a modification of the original bid and stamped received by the BAC a. Both statements are correct b. Both statements are incorrect c. Only the first statement is correct d. Only the second statement is correct 21. The procurement process from the opening of bids up to the award of contract generally shall not exceed: a. 1 month b. 3 months c. 6 months d. 12 months 22. Negotiated Procurement may be resorted to after how many failed biddings? a. One b. Two c. Three d. Five 23. In the procurement of Consultation Services, the bidder with the Highest Rated Bid shall be invited for negotiations. If negotiations fail, the second rank bidder shall be invited for negotiations. This process shall be repeated: a. Up to three times until the bid is awarded to the winning bidder b. Up to five times until the bid is awarded to the winning bidder c. Up to ten times until the bid is awarded to the winning bidder d. Until the bid is awarded to the winning bidder to the winning bidder 24. In the examination of the technical components: a. A Pass/Fail criteria is used b. The bids are ranked from highest to lowest c. The bids are ranked from lowest to highest d. Any of the choices 25. What is the purpose of a pre-bid conference? a. To clarify bidding requirements b. To allow bidders to ask questions c. To ensure fairness in the bidding process d. All of the above 26. If only one bidder submits a bid and meets the eligibility requirements, the BAC should: a. Reject the bid b. Consider the bid for award c. Re-advertise the procurement d. Negotiate with the bidder 27. A "responsive bid" is one that: a. Meets all the requirements of the bidding documents b. Is the lowest bidder c. Is the highest bidder d. Is submitted on time 28. What is the maximum percentage at which the ABC may be adjusted in case of two bid failures? a. 30% b. 20% c. 25% d. 10% 29. The number of signatories on a document is limited to: a. 1 b. 2 c. 3 d. 4. 30. Under Republic Act 11032, Government agencies should develop: a. Electronic versions of documents b. A paperless system c. A faster approval process d. All of the above 31. Under Republic Act 11032, Government offices should adopt working schedules to: a. Limit service hours b. Serve applicants even after regular hours c. Charge overtime fees d. Prioritize urgent requests 32. For renewals of licenses, clearances, permits, or authorizations, the government agency must act within: a. 3 days b. 7 days c. 20 days d. The prescribed processing time 33. Under Republic Act 11032, In cases of force majeure, the prescribed processing times: a. Are extended b. Are suspended c. Are reduced d. Remain uncharged 34. Under Republic Act 11032, the BFP should not: a. Issue fire safety certificates b. Sell fire extinguishers C. Inspect businesses for fire safety d. Collect fire safety inspection fees 35. If a government office fails to approve or disapprove all applications within the prescribed processing time: a. It shall be deemed approved b. It shall be deemed denied c. it shall be deemed approved only if all the required documents have been submitted and all required fees and charges have been paid d. It shall be deemed denied if all the required documents have not been submitted even if all required fees and charges have been paid 36. An application which requires the use of technical knowledge, specialized skill and/or training in the process and/or evaluation thereof. a. Simple Transaction b. Complex Transaction c. Highly-Technical Transaction d. None of the choices 37. A transaction that present only inconsequential issues for the resolution by an officer or employee of the concerned government office is known as: a. Simple transaction b. Complex transaction c. Highly-technical transaction d. A transaction that will require the approval of a local sanggunian 38. Which of the following is under the supervision of the Insurance Commission? a. Trust entities b. Entities dealing with financial derivatives c. Pawnshops d. Holding companies 39. Mr. X is a teacher in a high-school with a deposit account with M Bank for the past 10 years. One day, there was a remittance received in said deposit account purportedly for goods exported amounting to P490,000. In this case: a. Mr. X is guilty of money laundering b. M Bank is required to make a report for a suspicious transaction c. M Bank is required to make a report for covered transaction d. M Bank is not required to make a report of any kind 40. Mr. X is an avid collector of expensive watches. While going out of the house, encountered Mr. Y. The latter was offering an original Rolex watch, with a value of P120,000, for a very low price of P1,200. Mr. X bought the same and deposited it in his safety deposit box together with the rest of his collections. Upon inquiry by the Bank, Mr. X narrated how he came across the said watch. In this case: a. The bank is not required to prepare a suspicious transaction report since there is nothing irregular in Mr. X's transaction. b. Mr. X can be guilty of money laundering since he acquired the watch in violation of the Anti-Fencing Law. c. Mr. X is not guilty of money laundering since what is transacted is a watch and not "money". d. Only Mr. Y can be prosecuted for money laundering since he was the one who profited from the transaction with Mr. and violated the Anti-Fencing law 41. I. The AMLC may file an Ex Parte Application with the Regional Trial Court (RTC) for the Issuance of Bank Inquiry Order to examine or inquire into any particular deposit or investment account that is related an unlawful activity or ML offense. Il. Mere attempted transaction is reportable as a suspicious transaction if the circumstances exist. a. I and Il are true b. I and Il are false c. Only I is true d. Only ll is true 42. I. The covered person may be held liable for violation of the Data Privacy Act for reporting CTRs and STRs. II. Failure to report Covered Transaction Reports is a Money Laundering violation. a. l and ll are true b. l and Il are false c. Only l is true d. Only Il is true 43. Which of the following is a predicate offense? a. Cyber Libel b. Theft c. Rape d. Violation of Anti-Fencing Law 44. Which of the following is a suspicious circumstance that warrants filing of an STR? a. The client is a politically exposed person b. The client is a casino junket operator c. The client is not properly identified d. The client is a citizen of Afghanistan 45. It refers to a type of transaction that shall be reported by a covered person to the Anti-Money Laundering Council because the transaction breaches the quantitative threshold for reporting purposes. a.Covered transaction b.Suspicious transaction c. Reportable transaction d. Exempted transaction 46. Which of the following is not a suspicious transaction and therefore shall not be reported to Anti-Money a. Transaction that has no underlying legal or trade obligation, purpose or economic justification. b. Transaction in which the amount involved is not commensurate with the business or financial capacity of the client. C. Transaction in which the client is properly identified. d. Transaction that deviates from the profile of the client. 47. As a general rule, which court has original jurisdiction to try money laundering cases committed by private individuals? a. Municipal trial court b. Court of Tax Appeals c. Regional Trial Court d. Sandiganbayan 48. The Court of Appeals can issue a freeze order for a maximum period of: A. 10 days b. 20 days c. 6 months d. 1 year 49. The freeze order shall not apply to amount in excess of: a. The proceeds of the predicate offense b. The amount reported to the AMLC c. The amount determined by the court d. The amount requested by the person whose account is frozen 50. As a general rule, which type of bank deposit may not be subject to attachment, execution or garnishment? a. Philippine Peso Bank Deposit b. Foreign Currency Bank Deposit c. Both A and B d. Neither A nor B 51. Under the amendment to PDIC Charter, may PDIC pay the insured deposits of a depositor without netting out depositor’s loan obligation with the closed bank? a. No because it will violate of the right to due process of the bank. b. No because it will violate the principles of legal compensation. c. Yes but only using the closed bank’s records alone. d. Yes even based on evidence of deposits and not on the closed bank’s records alone. 52. May PDIC proceed directly to liquidation of a closed bank even without undergoing 90-day receivership period? a. No because it is violative of right to property of the owners of the bank. b. No because it is violative of right to procedural due process of the owners of the bank c. Yes because it would enhance the recovery rate for creditors of closed bank d. Yes because it would result to further dissipation of assets of a closed bank. 53. Which of the following deposits is not insured by PDIC? a. Savings Deposit b. Special Savings c. Negotiable Order of Withdrawal d. Telegraphic notes or Telegram Notes 54. Ellen Adarna has the following deposit accounts in a closed bank (BDO): Ellen Adarna and John Lloyd Cruz Savings Deposit BDO-Lipa City branch 600,000 Ellen Adarna and Tom Cruz Time Deposit BDO-Manila CIty branch 800,000 Ellen Adarna and Mark Cruz Checking Account BDO-Pasay City branch 900,000 What is the maximum deposit insurance coverage by PDIC in so far as Ellen Adarna is concerned? a. 1,000,000 b. 1,200,000 c. 500,000 d. 800,000 55. As a general rule, what is the threshold amount of the bank deposit to be required to file deposit insurance claims to PDIC? a. Balance of more than 100,000 b. Balance of more than 10,000 c. Balance of more than 100 d. Balance of more than 1,000 56. What is the effect of payment by PDIC of insured deposits to depositors? a. PDIC may recover from the assets of the closed bank in so far as the payment made by PDIC is beneficial to depositors b. PDIC shall be legally subrograted to all rights of depositor against the closed bank to the extent of such payment c. PDIC may not recover from the assets of the closed bank if the payment is without the knowledge or against the will of the closed bank d. PDIC may only recover from assets of the closed bank if the payment is with the consent of the closed bank. 57. Under Republic Act No. 1405, what is the nature of bank deposiut and investment in government bonds? a. As a general rule, they are absolutely confidential in nature b. As a general rule, they are generally subject to any type of inspection c. They are exempted from any type of injury d. None of the above 58. Colleen Garcia has the following deposit accounts in a closed bank (BDO): Colleen Garcia’s Business (Sole Proprietorship) Checking Account BDO-Pasay City branch 200,000 Colleen Garcia Savings Deposit BDO-Taguig City branch 300,000 Colleen Garcia and Billy Crawford Time Deposit BDO-Manila City branch 300,000 Colleen Garcia and John Pedro and Rex Juan and James Reid Savings Deposit BDO-Lipa City branch 600,000 What is the maximum deposit insurance coverage by PDIC in so far as Colleen Garcia is concerned? a. 1,000,000 b. 1,200,000 c. 500,000 d. 575,000 59. Which of the following inquiries will be considered a violation of Philippine Peso deposit secrecy law? a. Periodic inquiry or special examination of bank deposits by BSP to ensure compliance with the Anti-Money Laundering Law b. Inquiry of bank deposits by BIR Commissioner in relation to an application for compromise of taxable liability or determination of a decedent’s gross estate under National Internal Revenue Code. c. Inquiry of bank deposits by PDIC when there is finding of unsafe or unsound banking practices d. Inquiry of bank deposits by DOJ Secretary for the purpose of persecution of the members of the opposing political party 60. Which type of bank deposit of impeachable officer may be examined by impeachment cour without consent of the impeachable officer? a. Philippine Peso Bank Deposit b. Foreign Currency Bank Deposit c. Both A and B d. Neither A nor B 61. Which of the following is not a predicate crime of Money Laundering Offense? a. Swindling b. Adultery c. Fencing d. Illegal recruitment 62. Which of the following is a predicate crim of Money Laundering Offense? a. Violation of BP 22 a.k.a. Bouncing Check Law b. Violation of BP 68 a.k.a Corporation Code of the Philippines c. Violation of Electronic Commerce Act of 2000 a.k.a RA No. 8792 d. Violation of Data Privacy Act 63. In the case of the Land Registratin Authority and all Registry of Deeds, what is the quantitative threshold for any real estate transactions to be considered reportable transactions to the Anti-Money Laundering Council? a. A transaction with amoun exceeding 1,000,000 b. A transaction with amoun exceeding 100,000 c. A transaction with amoun exceeding 500,000 d. A transaction with amoun exceeding 5,000,000 64. Asset forfeiture proceedings can be initiated: a. Only after a criminal conviction b. Regarding of whether a criminal case is pending or has been resolved c. Only if the AMLC has evidence of a crime d. Only with the permission of the President 65. The petition for civil forfeiture must be filed through: a. The Office of the Solicitor General b. The Department of Justice c. The National Bureau of Investigation d. The Philippine National Police 66. An asset preservation order can be issued by: a. The AMLC b. The Regional Trial Court c. The Court of Appeals d. The Supreme Court 67. To discharge an asset preservation order, a covered person may submit: a. A written explanation b. A bribe c. A bond or security d. None of the above 68. Y is the creditor of X. Upon demand, X failed to pay Y, thus the latter filed a case against the former. X had a savings count with Z bank. Subsequently, the court ordered that X’s account be garnished the amount of 100,000 to satisfy the judgement in favor of Y. X complained that the garnishment violated the Secrecy of Bank Deposit Act. Decide. a. X is not correct because peso deposits may be garnished and Y bank can comply with the order of garnishment without violating the Secrecy of Bank Deposit Act. b. X is correct because in the process of garnishment, the information about his savings accountis divulge to the public. c. X is correct because the Bank Secrecy Law protects the disclosure of the existence of bank accounts of depositors. d. X complaint is meritorious because peso deposits may not be garnished 69. According to the Truth in Lending Act, prior to the consummation of the transaction, the creditor shall furnish all of the following information, except: a. Service charges incident to the extension of credit b. Down payment to be credited c. Percentage that the finance charges bear to the amount to be financed d. Place and manner where and how payment should be made by the borrower 70. Before extending credit, a creditor must provide the consumer with a: a. Written statement b. Verbal explanation c. Estimate d. Contract