Question 1

Answer saved
Marked out of 1.00

Flag question

Question text

XYZ is a close corporation. Can the stockholders manage the business of the corporation?
Select one:
a. Cannot be determined
b. Yes
c. Maybe
d. No
Clear my choice

Question 2

Answer saved
Marked out of 1.00

Flag question

Question text

Which statement describes a non-stock corporation?

Select one:
a. Income may be distributed in form of dividend
b. Voting by mail is not allowed
c. Established for lawful purposes, usually for profit
d. Cannot exercise appraisal rights
Clear my choice
Question 3

Answer saved
Marked out of 1.00

Flag question

Question text

Which statement describes a close corporation?

Select one:
a. Pre-emptive rights does not extend to treasury shares
b. Only to board of directors exercise corporate powers
c. Preemptive right extends to treasury shares
d. Powers to appoint corporate officers are exercised by the Board of directors
Clear my choice

Question 4

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following companies cannot become a close corporation?

Select one:
a. Insurance Company
b. Business Process Outsourcing Company
c. Financing Company
d. Mobile Company
Clear my choice
Question 5

Answer saved
Marked out of 1.00

Flag question

Question text

Which statement describes a non-stock corporation?

Select one:
a. Right and interest can be transferred as a matter of right
b. Board of Trustees may be more than 15
c. Each Member is entitled to multiple votes depending on their stocks owned
d. No correct answer
Clear my choice

Question 6

Answer saved
Marked out of 1.00

Flag question

Question text

Statement 1. A non-stock corporation can be converted into a stock corporation

Statement 2. A stock corporation can be converted to non-stock corporation
Select one:
a. Statement 1 is false: Statement 2 is true
b. Statement 1 is false: Statement 2 is false
c. Statement 1 is true: Statement 2 is false
d. Statement 1 is true: Statement 2 is true
Clear my choice
Question 7

Answer saved
Marked out of 1.00

Flag question

Question text

If the stockholders manage the business of a close corporation,

Select one:
a. The stockholders shall be liable to the directors
b. All of the answers correct
c. The stockholders shall be deemed directors
d. A meeting of stockholders needs to be called to elect directors
Clear my choice

Question 8

Answer saved
Marked out of 1.00

Flag question

Question text

Statement 1. In a close corporation, corporate powers may be exercised by stockholders

Statement 2. In a regular corporation, only to board of directors exercise corporate powers
Select one:
a. Statement 1 is false: Statement 2 is true
b. Statement 1 is false: Statement 2 is false
c. Statement 1 is true: Statement 2 is false
d. Statement 1 is true: Statement 2 is true
Clear my choice
Question 9

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following companies cannot become a close corporation?

Select one:
a. Farming company
b. Fishing company
c. No correct answer
d. Oil Company
Clear my choice

Question 10

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following companies cannot become a close corporation?

Select one:
a. Telecommunications Company
b. Multi-level Marketing Company
c. Publishing company
d. Mining Company
Clear my choice
Question 1

Answer saved
Marked out of 1.00

Flag question

Question text

Any foreign corporation lawfully doing business in the Philippines shall be bound by all laws,
rules and regulations applicable to __________________ of the same class, except such only as
provide for the creation, formation, organization or dissolution of corporations or those which fix
the relations, liabilities, responsibilities, or duties of stockholders, members, or officers of
corporations to each other or to the corporation.
Select one:
a. domestic corporations
b. non-stock corporations
c. foreign corporations
d. stock corporations
Clear my choice

Question 2

Answer saved
Marked out of 1.00

Flag question

Question text

Attached to the ______________ shall be a duly executed certificate under oath by the
authorized official or officials of the jurisdiction of its incorporation, attesting to the fact that the
laws of the country or state of the applicant allow Filipino citizens and corporations to do
business therein, and that the applicant is an existing corporation in good standing.
Select one:
a. application for license
 b. application for registration
c. Certificate of incorporation
d. Certificate of registration
Clear my choice

Question 3

Answer saved
Marked out of 1.00

Flag question

Question text

Doing business in the Philippines covers the appointing representatives or distributors domiciled
in the Philippines or who in any calendar year stay in the Philippines for a period or periods
totaling ________ or more.
Select one:
a. 264 days
b. 90 days
c. 120 days
d. 180 days
Clear my choice

Question 4

Answer saved
Marked out of 1.00

Flag question

Question text
A foreign corporation applying for a license to transact business in the Philippines shall submit
to the Securities and Exchange Commission a copy of its __________________, certified in
accordance with law, and their translation to an official language of the Philippines, if necessary
Select one:
a. by-laws
b. articles of incorporation or by-laws
c. articles of incorporation and by-laws
d. articles of incorporation
Clear my choice

Question 5

Answer saved
Marked out of 1.00

Flag question

Question text

A ________________ may be either an individual residing in the Philippines or a domestic

corporation lawfully transacting business in the Philippines.
Select one:
a. resident alien
b. resident stockholder
c. resident
d. resident agent
Clear my choice

Question 6

Answer saved
Marked out of 1.00

Flag question
Question text

Turkey Food Company is a foreign corporation who acquired license to operate in the
Philippines. Which of the following statements is true
Select one:
a. Turkey Food Company cannot sue
b. Turkey Food Company cannot be sued
c. Turkey Food Company cannot be sued and cannot sue
d. No correct answer
Clear my choice

Question 7

Answer saved
Marked out of 1.00

Flag question

Question text

Statement 1. SEC will issue a license after complying with the documentary requirements
Statement 2. Within 60 days from the issuance of the license, foreign corporation shall deposit
bonds at least one hundred thousand dollars

Select one:
a. Statement 1 is true: Statement 2 is false
b. Statement 1 is true;: Statement 2 is true
c. Statement 1 is false: Statement 2 is true
d. Statement 1 is false: Statement 2 is false
Clear my choice

Question 8

Answer saved
Marked out of 1.00
 Flag question

Question text

Which of the following is a requirement for the withdrawal of a foreign corporation?

Select one:
a. Payment of taxes in countries other than the Philippines
b. All of the answers correct
c. Letter intent to withdraw
d. Settlement of all claims accrued in the?Philippines?
Clear my choice

Question 9

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following is/are requirements in acquiring license to do business in the Philippines?
Select one:
a. Certificate that the laws of their incorporation allows Filipino citizens and corporation to
business in their country and that the corporation is in good standing
b. Application, under oath, filed in SEC including Articles of Incorporation and by-laws:
c. All of the answers correct
d. Certification that the corporation is solvent and in sound financial condition: and
Clear my choice

Question 10

Answer saved
Marked out of 1.00

Flag question

Question text

Under the Foreign Investment act of 1991, doing business covers the following, except
Soliciting orders
Select one:
a. Appointing representatives or distributors domiciled in the Philippines or who in any
calendar year stay in the Philippines for a period or periods totaling 180 days or more
b. An act that implies continuity of commercial dealings or arrangements , and contemplate
to that extent, performance normally incident to, and progressive prosecution of, commercial
gain or of the purpose and object of the business organization
c. No correct answer
d. Participating in the management, supervision or control of any business, firm or entity or
corporations outside the Philippines
Clear my choice

Question 1

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following is/are included in the company by-laws?

I. The time for holding the annual election of directors or trustees and the mode of manner of
giving notice thereof
II. The manner of election of all officers other than directors or trustees
Select one:
a. II. The manner of election of all officers other than directors or trustees
 b. I. The time for holding the annual election of directors or trustees and the mode of manner
of giving notice thereof
c. No correct answer
d. I. The time for holding the annual election of directors or trustees and the mode of manner
of giving notice thereof and II. The manner of election of all officers other than directors or
trustees
Clear my choice

Question 2

Answer saved
Marked out of 1.00

Flag question

Question text

No proxy shall be valid and effective for a period longer than _________ years at any one time.
Select one:
a. 10
b. 5
c. 20
d. 15
Clear my choice

Question 3

Answer saved
Marked out of 1.00

Flag question

Question text
Stockholders may vote in person or by proxy in all meetings of stockholders or members.
_______ shall in writing, signed by the stockholder or member and filed before the scheduled
meeting with the corporate secretary.
Select one:
a. Proxies
b. No correct answer
c. Administrator
d. Executor
Clear my choice

Question 4

Answer saved
Marked out of 1.00

Flag question

Question text

upposing that the court duly appointed Jenny to attend at the meeting. Which of the following
statements is correct?
I. Jenny does not need a written proxy
II. Jenny may vote on behalf of a stockholder
Select one:
a. Statement I and II are correct
b. statement II is correct
c. Statement I is correct
d. Statement I and II are incorrect
Clear my choice

Question 5

Answer saved
Marked out of 1.00
 Flag question

Question text

The following are statements describing the requisites of valid by-laws, which is not included?
Select one:
a. It is consistent with the Articles of Incorporation
b. It is uniform and general in application and directed against a particular individual
c. They must be consistent with the morals and public policies
d. They must not impair the obligations of contracts
Clear my choice

Question 6

Answer saved
Marked out of 1.00

Flag question

Question text

Luzviminda borrowed from Noejen. In exchange for the money, Luzviminda guaranteed her
shares of stock to Noejen.
Who has the right to attend and vote at meetings of stockholders?
Select one:
a. Noejen
b. Luzviminda
c. No correct answer
d. Luzjen
Clear my choice

Question 7
Answer saved
Marked out of 1.00

Flag question

Question text

The trustee or trustees shall execute and deliver to the transferors

_____________________________________which shall be transferable in the same manner and
with the same effect as certificates of stock.
Select one:
a. certificate of ownership
b. all of the answers correct
c. voting trust certificates,
d. certificate of recognition
Clear my choice

Question 8

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following is/are included in the company by-laws?

I. Time of regular meeting of members
II. Manner of conducting special meeting of members
Select one:
a. I. Time of regular meeting of members and II.Manner of conducting special meeting of
members
b. I. Time of regular meeting of members
c. No correct answer
d. II. Manner of conducting special meeting of members
 Clear my choice

Question 9

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following statements may describes a voting trust?

Select one:
a. Agreement need not be notarized
b. The ownership is not transferred to the trustee
c. Agreement is revocable
d. The trustee votes as owner
Clear my choice

Question 10

Answer saved
Marked out of 1.00

Flag question

Question text

Which of the following is/are included in the company by-laws?

I. the manner of issuing stock certificates of a non-stock corporation
II. The manner of election of directors
Select one:
a. No correct answer
b. II. The manner of election of directors
 c. I. the manner of issuing stock certificates of a non-stock corporation and II. The manner of
election of directors
d. I. the manner of issuing stock certificates of a non-stock corporation
Clear my choice