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Team PRTC FPB May 2024 - RFBT

Bachelor of Science and Accoutancy (University of San Carlos)

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Excel Professional Services Inc.

Management Firm of Professional Review and Training Center (PRTC)
Online • Manila • Cavite • Laguna • Cebu • Cagayan De Oro • Davao
Since 1977
Regulatory Framework for
Business Transactions (RFBT)
FINAL PRE-BOARD EXAMINATION
CPA Review VILLEGAS/APRADO/MAGUMUN/CELIZ
May 4 & 5, 2024

Multiple Choice. Select the letter that corresponds to the best answer. This examination consists of 100 items and
the exam is good for three (3) hours. Good luck!
1. Which of the following pending cases against an b. It shall serve as the legal basis for rendering null
involving insolvent debtor is stayed or suspended by and void any setoff after the commencement date
the Suspension or Stay Order by Rehabilitation Court of any debt owed to the debtor by any of the
in a rehabilitation proceedings? debtor's creditors.
a. To cases already pending appeal in the Supreme c. It shall serve as the legal basis for rendering null
Court as of commencement date. and void the perfection of any lien against the
b. To the enforcement of claims against sureties and debtor's property after the commencement date.
other persons solidarily liable with the debtor, and d. It shall not consolidate the resolution of all legal
third party or accommodation mortgagors as well proceedings by and against the debtor to the
as issuers of letters of credit. rehabilitation court.
c. To any form of action of customers or clients of a
5. Which of the following disclosures will be considered a
securities market participant to recover or
violation of domestic bank deposit secrecy law?
otherwise claim moneys and securities entrusted
a. Reporting of unclaimed balances of a bank deposit
to the latter in the ordinary course of the latter's
to the Treasurer of the Philippines or Bureau of
business as well as any action of such securities
Treasury by authorized bank officials.
market participant or the appropriate regulatory
b. Using of insider information about the bank
agency or self-regulatory organization to payor
deposits by bank employees in order to determine
settle such claims or liabilities.
the credit rating or credit standing of their
d. To any civil action for damages arising from quasi-
depositors for purposes of offering credit cards.
contract against the debtor before Regional Trial
c. Turn-over by authorized bank officials to the BIR
Court.
Commissioner of the amount in bank accounts as
2. What is the minimum paid-up capital before a may be sufficient to satisfy the writ of garnishment
prospective primary cooperative be registered with issued to collect delinquent taxes.
CDA? d. Disclosure by a bank officer or employee upon
a. At least 25% of the actual total subscription or order of a competent court in connection with a
P5,000, whichever is higher. deposit in a closed bank that was used in the
b. At least 25% of the actual total subscription or perpetration of anomalies.
P15,000, whichever is higher.
6. This test of patent infringement means that
c. At least 15% of the actual total subscription or
infringement also takes place when a device
P5,000, whichever is higher.
appropriates a prior invention by incorporating its
d. At least 15% of the actual total subscription or
innovative concept and, although with some
P15,000, whichever is higher.
modification and change, performs substantially the
3. As a general rule, what is the term of copyright? same function in substantially the same way to achieve
a. The term of protection of copyright for original and substantially the same result.
derivative works is the life of the author plus (50) a. Literal test
years after his death. b. Doctrine of equivalents test
b. The term of protection of copyright for original and c. Dominancy test
derivative works is the life of the author plus (20) d. Holistic test
years after his death. e. Reciprocity test
c. The term of protection of copyright for original and
7. The following are corporate acts in which a stockholder
derivative works is the life of the author plus (10)
of a Corporation shall have the right to dissent and
years after his death.
demand payment of the fair value of his shares. Which
d. The term of protection of copyright for original and
is the exception?
derivative works is the life of the author plus (30)
a. In case of merger or consolidation
years after his death.
b. In case of incurring, creating or increasing bonded
4. Which of the following is not an effect of issuance by debts
the Regional Trial Court of Commencement Order in a c. In case of sale, lease, mortgage or other disposal
rehabilitation proceedings? of all or substantially able of the corporate assets.
a. It shall prohibit, or otherwise serve as the legal d. Amendment to the Articles of Incorporation which
basis for rendering null and void the results of any has the effect of changing or restricting the rights
extrajudicial activity or process to seize property, of any stockholder
sell encumbered property, or otherwise attempt to e. Shortening or extending corporate term
collect on or enforce a claim against the debtor
after the commencement.

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8. Under the Bank Deposit Secrecy Law, the bank d. In a contract of sale, the buyer becomes the owner
deposits and investment in government bonds may be of the thing sold upon full payment of the purchase
inquired into in the following exceptional instances, price.
except
13. If a person pays the creditor without the knowledge or
a. In cases of tax evasion cases filed by BIR
against the will of the debtor, the following are true,
Commissioner against a taxpayer.
EXCEPT:
b. Upon written permission or consent in writing by
a. He can recover only insofar as the payment has
the depositor.
been beneficial to the debtor.
c. In cases of impeachment of the President, Vice
b. He cannot recover the amount from the creditor as
President, members of the Supreme Court,
payment of what is not due.
members of the Constitutional Commission.
c. His remedy is only a simple personal action for
d. Upon order of a competent court in cases of bribery
reimbursement.
or dereliction of duty of public officials
d. He can be subrogated to the rights of the creditor
e. In cases where the money deposited or invested is
if the latter agrees.
the subject matter of the litigation.
14. D obliged himself to give C, object No. 1 valued
9. Which of the following is not an element of violation of
P15,000; or object No. 2 valued P10,000; or object 3
BP 22 for issuance of worthless check or no sufficient
valued P5,000. All the objects were lost due to DÕs fault
fund (NSF) check?
in the order as stated. Which is correct?
a. There must be making, drawing, and issuance of
a. DÕs obligation is extinguished.
any check to apply for account or for value.
b. DÕs obligation is to pay the value of object No.1
b. There must be knowledge of the maker, drawer, or
plus damages
issuer that at the time of issue he does not have
c. CÕs right to demand the value of any of the objects
sufficient funds in or credit with the drawee bank
plus damages
for the payment of the check in full upon its
d. DÕs obligation is to pay the value of object No. 3
presentment.
plus damages
c. There must be subsequent dishonor of the check
by the drawee bank for insufficiency of funds or 15. Nadine leased a house and lot from James.
creditor dishonor for the same reason had not the Subsequently, Nadine subleased this property to Issa.
drawer, without any valid cause, ordered the bank The contract of sublease contained a stipulation to the
to stop payment. effect that the rental payments of Issa should be paid
d. There must be criminal intent to defraud on the directly to James, the principal lessor. What is this
part of the drawer of the check stipulation called?
a. Forfeiture clause d. Third-party provision
10. The following may be the consideration of the shares
b. Stipulation pour autrui e. Acceleration clause
of stock of a corporation, except
c. Subrogation
a. Actual cash paid to the corporation
b. Previously incurred indebtedness of the 16. Toni saw the live selling of Mariel in Facebook. Mariel
corporation sells limited edition luxury bag. Through an exchange
c. Amounts transferred from unrestricted retained of messages, Toni and Mariel agreed that: (i) Mariel
earnings will sell to Toni the limited-edition luxury bag for
d. Services to be performed by a lawyer on the Php250,000.00; (ii) Toni will deposit the purchase
proposed increase in capital stock of the price in MarielÕs bank account; and (iii) Mariel will
corporation deliver the bag within 5 days from deposit. However,
e. Property necessary or convenient for the after ToniÕs payment, which Mariel acknowledged
corporation receipt, Mariel received an offer from Krissy to buy the
same bag for Php300,000.00. Mariel candidly tells Toni
11. S and G established a partnership by contributing
that she is selling the bag at a higher price to another
P200,000 each. F, a classmate allowed his name to be
buyer and sends this message: ÒMars, may iba pala
included in the firm name of the partnership. If the
akong buyer na mas malaki ang offer, sorry! Balik ko
partnership is solvent and there is a profit of P30,000,
na lang bayad mo, keri?Ó Mariel claims that since the
without any stipulation as regards profit sharing, the
bag has not yet been delivered to Toni, she can still
participation of the partners on the profit will be
withdraw the offer. Is Mariel correct?
a. The court will intervene
a. Yes, since delivery is required to pass on ownership
b. Equally P15,000 each between S and G
to Toni.
c. Equally, P10,000 each among S, G and F
b. No, since the offer has already been accepted by
d. Just and equitable share for F, and the remainder,
Toni and Toni has performed her end of the contract.
equally between S and G
c. Yes, since she communicated the return of the
12. Which of the following statements is correct: purchase price paid prior to receipt of the bag by Toni.
a. In a contract of sale, full payment of the price is in d. Yes, since there is no valid contract in the first place.
the nature of suspensive condition in that the seller
17. The following are solemn contracts (Contracts which
is obligated to transfer ownership of the thing sold
must appear in writing), except:
upon full payment.
a. Donations of real estate or of movables if the value
b. The seller need not be the owner of the thing sold
exceeds P 5,000.00
at the perfection of the sale.
b. Stipulation to pay interest in loans
c. Sale on trial is subject to a suspensive condition.

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c. Sale of land through an agent b. Right to participate in management
d. Construction contract of a building c. Interest in the partnership
d. Right to demand formal accounting
18. Jun, acting as president of RightRide Car Dealers
Incorporated (RCDI), entered into a contract of long- 22. Lino entered into a contract to sell with Ramon,
term lease with Rey over a large commercial property undertaking to convey to the latter one of the five lots
along Quezon Avenue owned by the latter. When Rey he owns, without specifying which lot it was, for the
received a better offer for the commercial property, price of P1 million. Later, the parties could not agree
and having learned that RCDI was not formally which of five lots he owned Lino undertook to sell to
incorporated with the SEC, he sought to have the Ramon. What is the standing of the contract?
contract of lease nullified. May Jun, acting on behalf of a. Unenforceable. d. Void
RCDI, which is in the process of incorporation, legally b. Voidable. e. Valid
insist on the enforceability and binding effect of the c. Rescissible.
contract of lease as against Rey?
23. A buyer ordered 5,000 baseball bats from the seller at
a. No, since the contract of lease was void for the lack
P200 per baseball bat. The seller delivered 6,000
of essential element of consent, since the lessee
baseball bats. What are the rights and obligations of
was not a juridical person with capacity to contract.
the buyer?
b. Yes, under the doctrine of corporation by estoppel.
a. He can accept all 6,000 baseball bats and pay the
c. No, since there was no consideration given yet.
seller at P200 per baseball bat.
d. Yes, since it RCDI is already in the process of
b. He can accept all 6,000 baseball bats and pay a
incorporation.
lesser price for the 1,000 excess baseball bats.
19. The Board of Directors of Bonifacio Corporation (BC) c. He can keep the 6,000 baseball bats without
unanimously adopted a resolution directing its paying for the 1,000 excess since the seller
management to issue as fully paid 10,000 common delivered them anyway.
shares to Atty. Apolinario for successfully prosecuting d. He can cancel the whole transaction since the seller
in favor of BC the derivative suit filed by a minority violated the terms of their agreement.
stockholder. If the issuance of the said 10,000
24. Amador obtained a loan of P300,000 from Basilio
common shares is by way of stock dividends to be
payable on March 25, 2022. As security for the
credited from unrestricted retained earnings of BC,
payment of his loan, Amador constituted a mortgage
would such issuance be valid?
on his residential house and lot duly registered in
a. Yes, since the issuance was approved unanimously
Basilio's favor. Amador sold the said land to Diego.
by Board of Directors.
Cacho, a good friend of Amador, guaranteed and
b. No, since stock dividend shall be issued with the
obligated himself to pay Basilio, in case Amador fails
approval of the stockholders representing 2/3 of
to pay his loan at maturity.
the outstanding capital stock.
a. Yes, Basilio can foreclose the real estate mortgage
c. Yes, since the payment was in connection with a
because real estate mortgage creates a real right
finished legal service for the corporation by Atty.
that attaches to the property.
Apolinario.
b. Yes, Basilio can foreclose the real estate mortgage.
d. No, since stock dividend shall be issued with the
It is binding upon Diego as the mortgage is
approval of the majority of the stockholders.
embodied in a public instrument.
20. China Telecommunication Company (CTC), a Chinese c. No, Basilio cannot foreclose the real estate
state-owned enterprise, sought to acquire 40% equity mortgage. The sale confers ownership on the
in Dragon Telecommunication Corporation (DTC), a buyer, Diego, who must therefore consent.
telecommunication company in the Philippines. When d. No, Basilio cannot foreclose the real estate
questioned by the two major telecommunication mortgage. To deprive the new owner of ownership
companies in the Philippines, Ching, the president of and possession is unjust and inequitable.
DTC, defended the proposed acquisition by saying that
25. Asiong borrowed P1 million from a bank, secured by a
CTC is allowed to own 40% equity pursuant to the
mortgage on his land. Without his consent, his friend
nationality requirement under the 1987 Constitution.
Boyong paid the whole loan. Since Asiong benefited
Is Ching correct?
from the payment, can Boyong compel the bank to
a. No, since a foreign corporation cannot be a part
subrogate him in its right as mortgagee of Asiong's
owner in a telecommunication business in the
land?
Philippines.
a. No, but the bank can foreclose and pay Boyong
b. Yes, since 60% of DTC still remains Filipino-
back.
owned, thus DTC is deemed to be 100% Filipino
b. No, since Boyong paid for AsiongÕs loan without his
corporation.
approval.
c. No, since a Chinese-state owned enterprise is a
c. Yes, since a change of creditor took place by
risk to the independence of the
novation with the bankÕs consent.
telecommunications company in the Philippines.
d. Yes, since it is but right that Boyong be able to get
d. Yes, since a foreign corporation is allowed to own
back his money and, if not, to foreclose the
up to 60% of the equity of a domestic company.
mortgage in the manner of the bank.
21. The following are property rights of the partner in a
Partnership, except:
a. Right in specific partnership property

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26. The right of a mortgagor in a judicial foreclosure to How much is the total insured deposit of Maharlika
redeem the mortgaged property after his default in the Sanchez?
performance of the conditions of the mortgage but a. P500,000.00 c. P1,500,000.00
before the sale of the mortgaged property or b. P1,000,000.00 d. P1,700,000.00
confirmation of the sale by the court, is known as
33. Maharlika Sanchez has the following deposits in her
a. Pre-emptive right d. right of redemption
bank:
b. equity of redemption. e. equity of pre-emption
Account No. 1 (Individually-owned): P600,000.00
c. pacto de retro.
Account No.2 (Maharlika Sanchez or Maligaya Cruz):
27. I. In PCA, The term of office of the Chairperson and the P500,000.00
Commissioners shall be five years without Account No. 3 (Maharlika Sanchez or Maligaya Cruz):
reappointment. P600,000.00
II. In PCA, in case a vacancy occurs before the
How much is the total uninsured deposit of Maharlika
expiration of the term of office, the appointment to
Sanchez?
such vacancy shall only be for the expired term of the
a. P150,000.00 c. P700,000.00
predecessor.
b. P200,000.00 d. P1,200,000.00
a. Both statements are correct.
b. Both statements are incorrect. 34. Under the Foreign Currency Deposit Act of the
c. Only statement 1 is correct. Philippines, what is the only exception provided herein
d. Only statement 2 is correct. from the absolute confidentiality of foreign currency
deposit?
28. It refers to the group of goods or services that are
a. Upon written permission or consent in writing by
sufficiently interchangeable or substitutable and the
the depositor.
object of the competition, and the geographic area
b. In cases where money deposited is the subject
where said goods or services are offered.
matter of the litigation.
a. Goods d. Warehouse
c. Upon order of a competent court in cases of bribery
b. Package e. Bulk sale
or dereliction of duty of public officials.
c. Market
d. In cases of impeachment of the President for
29. The making, drawing and issuance of the check out of violation of the Constitution, treason, bribery, graft
insufficient fund is deemed as prima facie evidence of and corruption, other high crimes.
knowledge of insufficiency of funds when presented
35. It refers to a person who in behalf of another person
within:
and with respect to a particular electronic document
a. 30 days from the date of the check
sends, receives and/or stores provides other services
b. 60 days from the date of the check
in respect of that electronic data message or electronic
c. 90 days from the date of the check
document.
d. 120 days from the date of the check
a. Intermediary c. Agent
e. 180 days from the date of the check
b. Middleman d. Authorized Representative
30. I. There is no prima facie knowledge of insufficiency of
36. Pretty Corporation (PC) has been manufacturing
funds when the drawer of the check received a notice
medicated facial creams with the brand name
of dishonor and within five days deposited the amount
ÒPorselanaÓ since 2010. The facial creams are
in the bank to cover the check.
contained in blue, circle containers. However, PC did
II. There is no prima facie knowledge of insufficiency
not secure a trademark registration for the brand name
of funds if within five banking days, the drawer of the
and the packaging. Later, upon discovering that there
check went to the bank and made arrangement for the
is no existing trademark registration in favor of PC,
amount necessary to cover the check.
Gorgeous Corporation (GC) manufactured its own
a. Both statements are correct.
facial creams using different ingredients and procedure
b. Both statements are incorrect.
but under the trademark ÒPorselanaÓ and sold the
c. Only statement 1 is correct.
facial creams in blue, circle-shaped containers similar
d. Only statement 2 is correct.
to those sold by PC. However, the label of GC
31. The following are the Cooperative Principles under the specifically indicates that it is manufactured by GC. Is
Cooperative Code, except: GC liable for unfair competition?
a. Voluntary and Closed Membership a. Yes, as GC is passing off or attempting to pass off
b. Democratic Member Control PCÕs facial cream to deceive the public.
c. Autonomy and Independence b. No, as GC is not passing off or attempting to pass
d. Concern for Community off PCÕs facial cream to deceive the public since its
product is properly labelled as made by them.
32. Maharlika Sanchez has the following deposits in her
c. Yes, as GC adopted the trademark ÒPorselanaÓ
bank:
after discovering that it is being used by PC in its
Account No. 1 (Individually-owned): P600,000.00
products.
Account No.2 (Maharlika Sanchez or Maligaya Cruz):
d. No, since GC registered the trademark
P500,000.00
ÒPorselanaÓ.
Account No. 3 (Maharlika Sanchez or Maligaya Cruz):
P600,000.00 37. Atty. Gabon prepared a deed of sale which contains all
the elements necessary to perfect the contract,
particularly a statement of the agreement to transfer

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TEAM PRTC
in an absolute manner the parcel of land that was c. Maria has a choice against whom she wants to
specifically described as well as the price certain. make her claim.
Impressed by his own draft deed of sale, Atty. Gabon d. Maria cannot claim under either under the ÒNo fault
wants to use the deed that he prepared as a template indemnity clauseÓ.
and to secure a copyright registration for the same.
41. I. No policy of fire insurance shall be pledged,
Can Atty. Gabon secure a copyright registration for the
hypothecated, or transferred to any person, firm or
template?
company who acts as agent for or otherwise represents
a. Yes, as the template for Deed of Sale was the
the issuing company, and any such pledge,
creation of his mind.
hypothecation, or transfer hereafter made shall be void
b. No, as the template for a Deed of Sale was not
and of no effect insofar as it may affect other creditors
listed among those covered under the Law on
of the insured.
Copyright.
II. An alteration in the use or condition of a thing
c. Yes, as the deed of sale contains unique and
insured from that to which it is limited by the policy,
original provisions.
which does increase the risk, does not affect a contract
d. No, as there is no need to secure a copyright to
of fire insurance.
protect his work.
a. Both statements are correct.
38. Henry secured a copyright registration for a drawing of b. Both statements are incorrect.
a light box. Henry used the drawing for his mall c. Only statement 1 is correct.
advertisements indicating the new internal electronic d. Only statement 2 is correct.
design features of the light box. Ten years after the
42. All of the following are deemed permanent total
registration of the copyright, Ramon decided to
disabilities, except:
manufacture and sell light box with the same internal
a. Complete loss of sight of both eyes
electric design features as the light box drawing
b. Loss of two limbs below the ankle or wrists
created by Henry. However, the physical appearance
c. Permanent complete paralysis of two limbs
of the light box manufactured by Ramon is different.
d. Brain injury resulting to incurable imbecility or
Henry objected to the manufacture by Julian of the
insanity
light box on the ground that he (Henry) is the inventor
of the light box design. Is the objection of Henry valid? 43. I. The amount of the memberÕs daily Sickness Benefit
a. Yes, as Henry has a valid and existing copyright allowance is equivalent to 75% of his Average Daily
over the drawing of the light box. Salary Credit.
b. No, as HenryÕs copyright has already expired. II. The Sickness Benefit is granted up to maximum of
c. Yes, as Ramon has not secured a copyright 120 days in one (1) calendar year.
registration over the light box. a. Both statements are correct.
d. No, as Henry has no patent over the light box. b. Both statements are incorrect.
c. Only statement 1 is correct.
39. I. If a debtor is insolvent, he cannot file a petition for
d. Only statement 2 is correct.
liquidation with the court.
II. If a juridical debtor is insolvent, three (3) or more 44. The following are exempted from the payment of the
of his creditors, the aggregate of whose claims is at salary differential, except:
least either One million pesos (Php1,000,000.00) or at a. Distressed establishments;
least twenty-five percent (25%) of the subscribed b. Those engaged in the sale of goods and/or services
capital stock or partner's contributions of the debtor, to end users for personal or household use and are
whichever is higher, may apply for and seek the regularly employing not more than ten (10) workers
liquidation of an insolvent debtor by filing a petition for (excluding owners for at least six (6) months in a
liquidation of the debtor with the court. year);
a. Both statements are correct. c. Microbusinesses engaged in production, processing,
b. Both statements are incorrect. trade or manufacturing of products and commodities
c. Only statement 1 is correct. whose assets are not more than PHP 3,000,000.00;
d. Only statement 2 is correct and
d. Those already providing similar benefits.
40. Maria is a passenger of a jeepney for hire driven by
e. All are exempted
Boy Tapang. The jeepney encountered a mishap with
another passenger jeepney being driven by Pedro 45. The covered credit transactions in RA 3765 are the
Penduko who was driving recklessly. Due to the following:
collision, Maria suffered physical injuries. Both I. Loan, mortgage, deed of trust, advance, and
passenger jeepneys are covered by comprehensive discount
motor vehicle insurance coverage. If Maria wants to II. Conditional sales contract, any contract to sell
claim under the ÒNo faut indemnity clauseÓ, her claim or contract of sale of property/service
will lie: III. Rental-purchase contract
a. Against the insurer of the jeepney being driven by IV. Contract or arrangement for the hire,
Pedro Penduko since he is the one driving bailment, or leasing of property
recklessly. V. Payment of any finance charge by the debtor
b. Against the insurer of the jeepney driven by Boy is not involved
Tapang because Maria was his passenger. VI. Debtor specifies definite and fixed set of credit
terms

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a. I, II, IV, V c. I, II, III, IV d. Non-filing of by laws within the period of time
b. I, II, III, V, VI d. I, III, IV, VI provided for by law results to automatic dissolution
of the corporation
46. The Board of Directors of XYZ Corp unanimously
passed a resolution approving the taking of steps that 51. PRTC Company (a domestic corporation) owns a beach
in reality amounted to willful tax evasion. On resort with several cottages. Mr. Emong, the president
discovering this, the government filed tax evasion of the company and owner of 30% of the companyÕs
charges against all the company's members of the outstanding capital stock, occupied one of the cottages
board of directors. The directors invoked the defense for residential purposes. After Mr. EmongÕs term
that they have no personal liability, being mere expired, PRTC Company wanted to recover possession
directors of a fictional being. Are they correct? of the cottage. Mr. Emong refused to surrender the
a. No, since as a rule only natural persons like the cottage. Is the refusal of Mr. Emong justified?
members of the board of directors can commit a. Yes, as a stockholder of PRTC Company, he has a
corporate crimes right to possess and enjoy the properties of the
b. Yes, since it is the corporation that did not pay the corporation.
tax and it has a personality distinct from its b. Yes, as a former president of PRTC Company, he
directors has a right to possess and enjoy the properties of
c. Yes, since the directors officially and collectively the corporation.
performed acts that are imputable only to the c. No, ownership of shares in PRTC Company does
corporation not entitle any stockholder to possession of any
d. No, since the law makes directors of the specific property of the corporation.
corporation solidarily liable for gross negligence d. Both A and B
and bad faith in the discharge of their duties
52. In which of the following corporate acts is non-voting
47. Which of the following meetings is NOT generally valid? preferred stocks disqualified from voting?
a. MemberÕs meeting held in Tagaytay where the a. Merger or consolidation of corporation
principal office is located in Makati, but by-laws b. Distribution of stock dividends
provide that membersÕ meeting may be held c. Incurring, creating or increasing bond
anywhere in the Philippines indebtedness
b. DirectorÕs meeting held in Singapore where d. Adoption or amendment of by-laws
principalÕs office is in Makati
53. If a Director acquires a business opportunity which
c. TrusteesÕ meeting held in Tagaytay where principal
should belong to the corporation, which of the
office is in Makati
following is correct:
d. ShareholderÕs meeting in Tagaytay where principal
a. He shall be liable to refund the profits derived
office is in Makati
therefrom
48. Which of the following is NOT CORRECT in a voting b. The transaction can be ratified by a 3/4 vote of the
trust agreement? stockholders
a. Trustee votes as owner of shares c. The transaction is valid as long as his vote was not
b. Trustee may vote in person but not by proxy required to approve the transaction
c. Beneficial owner of the shares ceases to be d. The transaction is not subject to ratification
shareholder of record
54. Which of the following would not require the existence
d. Trustee may vote at any meeting during duration
of unrestricted retained earnings?
of the trust
a. Appraisal right
49. A subscriber to shares of stock who has paid 50% of b. Acquisition of fractional shares resulting from stock
his subscription is dividends
a. entitled to the issuance of a certificate of stock c. Declaration of Stock or Cash dividends
covering the whole number of shares subscribed. d. Redemption of redeemable shares
b. entitled to the issuance of shares of stock covering e. Redemption of treasury shares
the portion (number of shares) he may have
55. Which of the following statements is false?
already correspondingly paid for
a. Contracts between corporations with interlocking
c. not entitled to the issuance of any stock certificate
directors are generally valid
d. entitled to the issuance of a stock certificate
b. Labor performed or services rendered can be a
corresponding to the number of shares already
consideration for stocks
paid for if agreed upon pursuant to a contract or
c. Minors can be corporators
allowed by the by-laws
d. A corporation is close corporation if 2/3 of the
50. Which of the following statements is false? voting rights is owned by another corporation.
a. By Laws may provide for additional qualification of
56. Which of the following general statements is not
a director
correct?
b. A director whose shares are declared delinquent
a. Foreign corporation doing business in the
does not automatically cease to be a director.
Philippines with license can sue before our courts.
c. Ultra Vires acts are subject to ratification of the
b. Foreign corporation not doing business in the
stockholders
Philippines and without license can sue before our
courts for the protection of its
trademarks/tradename.

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TEAM PRTC
c. Foreign corporation doing business in the
62. Which of the following statements is false?
Philippines and without license can sue in the
Philippines. a. The Commencement Order and consequently the
d. Foreign corporation not doing business in the Stay Order shall be effective for the entire duration
Philippines and without license cannot be sued in of the rehabilitation proceedings for as long as
the Philippine courts. there is a substantial likelihood that the debtor will
be successfully rehabilitated.
57. A has an individual savings account with Madaya Bank
b. The Rehabilitation Plan shall take effect upon the
with a balance of P1,200,000. He also has a
lapse of 15 days from the date of the last
P1,500,000 joint account with his mother in the same
publication of notice thereof.
bank. Madaya Bank declared bankruptcy and was
c. The Standstill period is good for a maximum of 120
subsequently closed. How much can A recover from
days from the date of the effectivity.
PDIC for deposit insurance?
d. Rehabilitation and Liquidation proceedings can be
a. P2,000,000 from both individual and joint accounts
initiated by creditors.
b. Only P500,000 from both individual and joint
accounts 63. H and W are married, with X and Y as their legitimate
c. P500,000 from his individual account and children, and Z an illegitimate child of H prior to
P250,000 from his joint account marrying W. In this case, H has no insurable interest
d. Only P500,000 from his individual account over the life of:
a. W
58. The Court of Appeals (CA) may issue a freeze order,
b. X and Y
upon determination by the AMLC that certain funds are
c. Z
from suspicious transactions, under the following
d. H has insurable interest over the lives of all
conditions, except:
a. There must be a verified ex parte petition filed by 64. The applicable minimum monthly pension for a
the AMLC permanently disabled member whose credited years of
b. CA must determine that probable cause exists that service is 15 years:
any monetary instrument or property is in any way a. P1,000 c. P2,400
related to an unlawful activity as defined in the b. P1,200 d. P3,600
AMLA
c. The freeze order shall be effective immediately and 65. Who among the following would be entitled to a
shall be for a period not exceeding six (6) months monthly pension upon retirement?
d. There is a finding that probable cause that the a. A member who is 60 years old but continued
predicate crime existed employment who made 36 monthly contributions
to the SSS
59. The stage where the bidder with the Lowest Calculated b. A member who is 60 years old who is separated
Bid, in the case of Goods and Infrastructure Projects, from employment who made 36 monthly
or the Highest Rated Bid, in the case of Consulting contributions to the SSS
Services, undergoes verification and validation c. A member who is 60 years old but continued
whether he has passed all the requirements and employment who made 120 monthly contributions
conditions as specified in the Bidding Documents. to the SSS
a. Post-qualification d. A member who is 60 years old who is separated
b. Pre bid conference from employment who made 120 monthly
c. Bid evaluation contributions to the SSS
d. Pre procurement conference
e. Answer not given 66. Which of the following statements is false?
a. Cooperatives are created by operation of law
60. Bid Rigging is considered: b. The required vote for amendment of the provisions
a. An anti-competitive agreement that is per se of Articles of Cooperation of a Cooperative is at
prohibited least 2/3 of all members with voting rights
b. An anti-competitive agreement that is prohibited if c. A Common Member is a type of a cooperative
it has the object of preventing, restricting or member who has complied with all the
lessening competition membership requirements and entitled to all the
c. An anti-competitive agreement that is prohibited if rights and privileges of membership.
it has the purpose of preventing, restricting or d. The highest policy-making body of the cooperative
lessening competition and shall exercise such powers as are stated in the
d. An anti-competitive agreement that is prohibited if Cooperative Code, in the articles of cooperation
it has the object or purpose of preventing, and in the bylaws of the cooperative is the General
restricting or lessening competition Assembly.
61. Insurable interest is required only at the time the 67. Which of the following covered person is not
contract was entered into: considered as a Designated non-Financial Business and
a. Life insurance Profession (DNFBPÕs)?
b. Property insurance a. Casino
c. Both life and property insurance b. Pawnshop
d. Neither life nor property insurance c. Real estate broker
d. Offshore gaming operator

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TEAM PRTC
68. Which of the following statements is true? 74. A obliges himself to give B P100,000 if B will marry C
a. For a woman to be entitled to maternity leave, she before B reaches the age of 23. Which of the following
must be living with her partner or husband statements is true?
b. For a man to be entitled paternity leave, he must i. If B marries C before he reaches the age of 23, A
have been legally married to the mother of the is liable.
child at the time of delivery ii. If B marries C at the age of 23 or after he
c. Maternity Leave in case of miscarriage is 90 days reaches the age of 23, A is not liable.
d. Unlike paternity leave, solo parent leave balance iii. If B dies at the age of 22 without having married
can be converted into cash. C, the obligation is extinguished.
a. Only i is correct
69. Which of the following leaves are not mandated by law
b. Only ii is correct
to be given by the employers to their employees?
c. Only iii is correct
a. Service Incentive Leave
d. Only statements i and ii are correct.
b. Sick or Vacation Leave
e. Statements i, ii, and iii are correct.
c. Maternity Leave
d. Solo Parent Leave 75. S1 Ð Rescission in reciprocal obligations is a principal
remedy.
70. This data privacy principles means that the processing
S2 Ð Notarial rescission is allowed even if there is no
of information shall be adequate, relevant, suitable,
demand to rescind since it was stipulated by the parties
necessary, and not excessive in relation to a declared
to be automatically rescinded.
and specified purpose.
S3 Ð Deficiency judgment is allowed against a third
a. Transparency c. Legitimate purpose
person mortgagor.
b. Proportionality d. Morality
S4 Ð Compensation is not allowed against the liability
71. S offers to sell his car to B for P350,000.00 cash. B of the partner to the partnership for the damages
accepts the offer but is willing to pay only incurred due to the failure of the said partner to
P300,000.00. contribute on the date agreed upon.
a. The contract was perfected at the price of S5 Ð Business advertisements are not definite offers.
P350,000.00. a. Only S1 and S2 are incorrect
b. The contract was perfected at the price of b. Only S2 and S3 are incorrect
P300,000.00. c. Only S3 and S4 are incorrect
c. The contract was perfected at the price of d. Only S1 and S3 are incorrect
P325,000.00, the average price of the offer and the e. Only S2 and S4 are incorrect
acceptance.
76. S1 Ð Minimum par value for the Cooperative is P100.00
d. The contract was not perfected because the
S2 Ð Minimum paid-up for a Tertiary Cooperative is
acceptance by B was qualified and it constituted a
P1M.
counter-offer.
S3 Ð Maximum ownership in capital share in a
e. The contract was not created since there is ineffective
Cooperative is 10%.
offer.
S4 Ð Period to submit the complete report in DPA is 72
72. Which of the following statements on general principles hours in case of security breach.
of contract is not true? S5 Ð Material disclosures are allowed as one of the
a. A contracting party is not bound by the exceptions in Bank Secrecy Law.
determination of a third person if it is evidently a. True, False, False, False, True
inequitable or unjust as when such third person b. True, False, False, True, False
acted in bad faith or by mistake. c. False, False, True, False, False
b. Compliance with a contract can be left to the will d. False, False, False, True, True
of one of the contracting parties. e. True, False, True, False, False
c. Determination of the performance of a contract
77. Problem 1 Ð Yolo Commercial Corporation (YCC), a
may be left to a third person, which shall bind the
publicly-listed company with the Philippine Stock
parties after it has been made known to both of
Exchange, is listed as one of the incorporators of Team
them.
Payaman Corporation (TPC). Is YCC qualified to be an
d. No party can renounce the terms of the contract
incorporator of TPC?
without the consent of the other.
Problem 2 - Michael Fermin, without the authority of
73. S obliged himself to deliver to B his car, or his racehorse. Pascual Lacas, owner of a car, sold the same car in the
S chose the car and properly informed B of his choice. name of Mr. Lacas to Atty. Buko. The contract between
Which of the following statements is correct? Atty. Buko and Mr. Lacas is void.
a. No effect Ð the obligation remains the same. Problem 3 - Amador obtained a loan of P300,000 from
b. The obligation becomes a simple Ð to deliver the Basilio payable on March 25, 2022. As security for the
car. payment of his loan, Amador constituted a mortgage
c. The obligation is extinguished. on his residential house and lot in Basilio's favor.
d. S can still the choice he made since he is given Cacho, a good friend of Amador, guaranteed and
the right of choice. obligated himself to pay Basilio, in case Amador fails
e. B can change the choice made by S since his to pay his loan at maturity. If Amador fails to pay
consent is likewise required. Basilio his loan on March 25, 2022, can Basilio compel
Cacho to pay?

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TEAM PRTC
Problem 4 - Cruz lent Jose his car until Jose finished a. S2, S3, S1, S5 d. S3, S2, S1, S2
his CPA licensure exam. Soon after Cruz delivered the b. S3, S2, S1, S5 e. S2, S3, S1, S7
car, Jose brought it to Mitsubishi Cubao for c. S2, S3, S1, S2
maintenance check-up and incurred costs of P8,000.
81. S1 Ð In excess of 1 Million
Seeing the car's peeling and faded paint, Jose also had
S2 Ð In excess of 7.5 Million
the car repainted for P10,000. After the licensure
S3 - In excess of 5 Million
exam, Cruz asked for the return of his car. Jose said
S4 Ð Maximum of P500,000.00
he would return it as soon as Cruz has reimbursed him
S5 Ð In excess of 500,000.00
for the car maintenance and repainting costs of P
S6 Ð At least 500,000.00
18,000. Is Jose's refusal justified?
S7 Ð Less than 500,000.00
a. No, Yes, Yes, No d. Yes, No, No, No
S8 Ð In excess of 4 Million
b. Yes, No, Yes, No e. No, Yes, No, No
c. Yes, No, No, Yes Select the correct threshold requirement.
78. In the World BankÕs 2020 Doing Business report, the Covered transaction under RA 9194
Philippines ranked ___ among 190 countries under the Covered transaction under RA 10365
ÒResolving InsolvencyÓ category for addressing Covered transaction under RA 10927
insolvency issues through judicial proceedings. Covered transaction under RA 9160
a. 60th d. 75th
b. 65 th
e. 95th a. S2, S3, S5, S8 d. S5, S1, S3, S8
c. 70 th b. S3, S2, S5, S8 e. S5, S2, S3, S4
c. S5, S2, S3, S1
79. S1 - The creditor must be at least two-thirds (2/3) of
the total liabilities of the debtor. 82. Under the New Civil Code, the following are the
S2 Ð Three fifths (3/5) of the creditors voting unite remedies of the separate judgment creditor of a
upon the same proposition. partner. Choose the remedies available to the separate
S3 - The claims represented by the said majority vote judgment creditor.
amount to at least three-fifths (3/5) of the total i. attach or levy the partnership property
liabilities of the debtor mentioned in the petition. ii. attach or levy the separate property of the
S4 - Two thirds (2/3) of the creditors voting unite upon partner concerned
the same proposition. iii. charging order subjecting the interest of the
S5 - The liabilities include secured creditors holding partner concerned
more than fifty percent (50%) of the total secured iv. garnishment of the bank account of the
claims of the debtor and unsecured creditors holding partnership
more than fifty percent (50%) of the total unsecured v. appointment of a receiver of his share of the
claims of the debtor. profits
S6 - Approved by creditors representing sixty-seven vi. compel the partner to give additional
percent (67%) of the secured obligations of the contribution to the partnership to satisfy the
debtor; approved by creditors representing at least claim the separate claim
seventy-five percent (75%) of the unsecured vii. rescission of the claim of the separate creditor
obligations of the debtor; and approved by creditors a. i only d. ii, iii, v
holding at least eighty-five (85%) of the total b. ii only e. ii, iii, v, vi, vii
liabilities, unsecured and secured, of the debtor. c. ii, iii, iv
The vote required/requirement in Pre-Negotiated 83. S1 - In absence of loss stipulation, the share in the
Rehabilitation Plan and in Suspension of Payment. losses of the partner is the amount of his capital
a. S4 and S5 / S1 and S2 contribution.
b. S1 and S2 / S4 and S5 S2 Ð If a partner contributed immovable property to
c. S1 and S2 / S4 and S5 the partnership, the law requires that the partnership
d. S4 and S5 / S1 and S3 must appear in public instrument and registered.
e. S1 and S5 / S4 and S3 S3 Ð An agreement to keep the thing undivided for
80. S1 Ð Maximum of P500,000.00 more than ten years is valid.
S2 Ð In excess of 500,000.00 S4 Ð A continuation of the business by the partners or
S3 Ð At least 500,000.00 such of them as habitually acted therein during the
S4 Ð Less than 500,000.00 term, with settlement or liquidation of the partnership
S5 Ð 500,000.00 or 1/5 of 1% of the total liabilities of affairs, is prima facie evidence of a continuation of the
the bank, whichever is higher. partnership.
S6 Ð In excess of 1 Million S5 Ð If the partners have agreed to intrust to a third
S7 Ð In excess of 7.5 Million person the designation of the share of each one in the
S8 - In excess of 5 Million profits and losses, such designation may be impugned
only when it there is bad faith or negligence on the part
Select the correct threshold requirement. of the third person.
Amount in Voluntary Liquidation of Individual Debtor a. Only S1 is correct.
Amount in Involuntary Liquidation of Individual Debtor b. Only S1 and S2 are correct.
Amount covered (MDIC) by PDIC c. Only S1, S2, S3 and S4 are correct.
Amount covered by AMLA (GR) d. All statements are correct.
e. All statements are incorrect.

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TEAM PRTC
Select the correct prescriptive periods mandated by
84. No corporate name shall be allowed by the Commission
law.
if it is not distinguishable from that already reserved
i. 10 days v. 4 years
or registered for the use of another corporation, or if
ii. 20 days vi. 5 years
such name is already protected by law, or when its use
iii. 1 year vii. 6 years
is contrary to existing law, rules and regulations. The
iv. 2 years viii. 10 years
following are the remedies in case of violation of this
a. viii, iii, vi, i, v d. vii, iii, vi, i, v
rule. Select the remedies.
b. viii, iii, vi, ii, v e. vii, iii, vi, ii, v
i. mandamus
c. viii, iii, vi, i, vi
ii. quo warranto
iii. derivative suit 88. The following are functions of GPPB, except:
iv. escheat a. Public restriction and education
v. cease and desist order b. Policy-Making
vi. register a new one c. Capacity Development
vii. removal of all visible signages d. Monitoring
viii. If the corporation fails to comply with the
89. Requirements under the Lemon Law, except:
CommissionÕs order, the Commission may hold
i. Brand new motor vehicles (BNMV) purchased in
the corporation and its responsible directors or
the Philippines
officers in contempt.
ii. reported by a consumer to be in nonconformity
a. i, iii, v, vii, viii d. v, vii, viii
with the vehicleÕs manufacturer or distributorÕs
b. v, vi, vii, viii e. iii, v, vii, viii
standards or specifications
c. ii, iii, v, vii, viii
iii. reported by a consumer to be in conformity with
85. After the formation of a limited partnership, additional the vehicleÕs manufacturer or distributorÕs
limited partners may be admitted upon, the standards or specifications
requirements, namely: iv. within 12 months from the date of the original
i. amendment must be in writing delivery to the consumer, or up to 10,000
ii. it must be signed and sworn to by all the kilometers of operation after such delivery,
members including the new members, and whichever comes first
the assigning limited partner in case of v. within 12 months from the date of the original
substitution or addition of a limited or general delivery to the consumer, or up to 20,000
partner. kilometers of operation after such delivery,
iii. the certificate, as amended, must be filed for whichever comes first
record in SEC. a. ii only d. v only
iv. approval of the Commission of the b. iii only e. iii and iv only
amendment is required. c. iv only
a. i and ii only d. i, ii, iii, and iv
90. The word ÒcreditÓ in TILA covers the following, except:
b. i and iii only e. i, ii and iv only
a. Any loan, mortgage, deed of trust, advance and
c. i, ii and iii only
discount;
86. Reportorial requirements for the corporation b. Any credit transactions in which the debtor is the
mentioned under RA 11232, except: one specifying a definite and fixed set of credit
i. Annual financial statements audited by an terms such as bank deposits, insurance contracts,
independent certified public accountant; sale of bonds, etc.
ii. A general information sheet; c. Any conditional sales contract, any contract to
iii. Social Audit Report; sell, or sale or contract of sale of property or
iv. Performance Audit Report; services, either for present or future delivery,
v. In case of corporations vested with public under which part or all of the price is payable
interest must also submit the following: (1) A subsequent to the making of such sale or
director or trustee compensation report; and contract;
(2) A director or trustee appraisal or d. Any rental-purchase contract;
performance report and the standards or e. Any contract or arrangement for the hire,
criteria used to assess each director or trustee. bailment, or leasing of property;
a. iii only d. iii and iv only
91. Under Proclamation No. 368, series of 2023, the
b. iv only e. ii, iii and iv only
following are Special days, except:
c. v only
a. Ninoy Aquino Day
87. S1 - Period for to claim for judgment of the court b. National Heroes Day
S2 Ð Period to file the claim in RA 3765 c. All SaintsÕ Day
S3 Ð Period to file the claim in RA 10667 d. Feast of the Immaculate Conception of Mary
S4 Ð Period to appoint the chairman and vice- e. Last day of the year
chairman in RA 9520
92. Under the Blue-Sky Law, the following are exempt
S5 Ð Period to file the case in BP 22
transactions, except:
a. Certificates issued by the receiver or by trustee in
a bankruptcy duly approved by proper
adjudicatory body

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b. Judicial sale by executor, administrator, d. Only S1, S3 and S4 are correct
guardian/receiver in insolvency or bankruptcy e. All are correct
c. Sale of pledged or foreclosed property to liquidate
97. Q1 -Who can issue a restraining order against an APO?
debts
Q2 - Who can issue restraining order against a freeze
d. Sale on isolated transaction by owner
order?
e. Distribution of stock dividends or other
Q3 - Effectivity of Freeze order (GR)
distribution out of surplus
Q4 - Maximum period to extend Freeze order.
93. A method of Procurement that does not require Q5 - Period to issue the FSEC and FSIC in case of
elaborate Bidding Documents because the supplier is renewal of business permit
simply asked to submit a price quotation or a pro- i. MTC
forma invoice together with the conditions of sale, ii. RTC
which offer may be accepted immediately or after iii. CA
some negotiations. iv. SC
a. Negotiated Procurement v. CA and SC
b. Selective Invitation vi. 10 days
c. Single Source Procurement vii. 20 days
d. Repeat Order viii. 6 months
e. Shopping ix. 3 days
x. 7 days
94. The following are instances when Tag price is not
a. iii, iii, vii, viii, ix
required, except:
b. iii, iii, vii, viii, x
a. If the amount is in excess of P100,000.00
c. v, iv, vii, viii, ix
b. Minute or tiny articles, e.g. drugs, medicinal
d. v, iii, vii, viii, x
instruments, hardware, plumbing fixture,
e. v, iii, vii, viii, ix
electrical supplies, pieces of jewelry
c. Perishable products, like vegetables, meat, and 98. S1 - Maximum par value in a Cooperative
poultry products S2 - Minimum par value in a Cooperative
d. Nature of the product makes it impractical to S3 - Maximum no par value in a Corporation
place a price tag S4 - Minimum no par for a Corporation
i. P5 pesos
95. The following are instances when mandatory
ii. P10 pesos
registration is required under RA 10173, except:
iii. P100
a. the PIC or PIP employs at least two hundred fifty
iv. P1,000
(250) employees
v. no requirement
b. the processing includes sensitive personal
a. iv, iii, v, i
information of individuals
b. iii, iv, v, i
c. the processing is likely to pose a risk to the rights
c. iv, iii, v, ii
and freedoms of data subjects
d. v, iii, v, i
d. the processing is not occasional
e. iv, ii, v, v
96. S1 Ð The Philippine Business Databank (PBD) will
99. Vote to ratify the act of the self-dealing director in a
contain information about the validity, status, or
corporation vested with public interest.
existence of all registered business entities.
a. 2/3 of the OCS
S2 Ð BOSS is a single common site or location, or a
b. unanimous consent of the entire BOD
single online website or portal designated for the
c. unanimous consent of the remaining BOD
Business Permit and Licensing System (BPLS) of an
d. 2/3 of the entire membership of the BOD plus
LGU to receive and process applications, receive
Majority of the independent directors
payments, and issue approved licenses, clearances,
e. Majority of the BOD plus Majority of the
permits, or authorizations.
independent directors
S3 Ð Online Central Business Portal (CBP) that will
serve as a central system to receive applications and 100. Vote create the Emergency Board.
capture application data involving business-related a. 2/3 of the OCS
transactions, including primary and secondary b. unanimous consent of the entire BOD
licenses, and business clearances, permits, c. unanimous consent of the remaining BOD
certifications, or authorizations issued by the LGUs and d. 2/3 of the BOD plus Majority of the
provide links to the online registration systems independent directors
established by various National Government Agencies e. Majority of the BOD plus Majority of the
(NGA). independent directors
S4 Ð PhilGeps serves the primary and definitive source
of information on all government procurement. End of Examination
a. Only S1 and S2 are correct
b. Only S3 and S4 are correct Thank you for participating in Team PRTC
c. Only S1, S2 and S3 are correct Nationwide Open Final Pre-Board Examination.

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