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  • Law MCQ 24

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    The document discusses various attributes of corporations. It provides multiple choice questions about the advantages of forming a corporation, attributes of a corporation, types of corporations such as stock corporations, de facto and de jure corporations, classifications of individuals within a corporation such as stockholders and incorporators, items that must be included in articles of incorporation except corresponding rights, types of shares such as redeemable shares and treasury shares, steps in the creation of a corporation except liquidation, the general rule of a corporation's existence as perpetual, and items that non-voting shares can vote on except increasing or decreasing profits.

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    The document discusses various attributes of corporations. It provides multiple choice questions about the advantages of forming a corporation, attributes of a corporation, types of corporations such as stock corporations, de facto and de jure corporations, classifications of individuals within a corporation such as stockholders and incorporators, items that must be included in articles of incorporation except corresponding rights, types of shares such as redeemable shares and treasury shares, steps in the creation of a corporation except liquidation, the general rule of a corporation's existence as perpetual, and items that non-voting shares can vote on except increasing or decreasing profits.

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    © All Rights Reserved
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    21 views3 pages

    Law MCQ 24

    Uploaded by

    nono
    The document discusses various attributes of corporations. It provides multiple choice questions about the advantages of forming a corporation, attributes of a corporation, types of corporations such as stock corporations, de facto and de jure corporations, classifications of individuals within a corporation such as stockholders and incorporators, items that must be included in articles of incorporation except corresponding rights, types of shares such as redeemable shares and treasury shares, steps in the creation of a corporation except liquidation, the general rule of a corporation's existence as perpetual, and items that non-voting shares can vote on except increasing or decreasing profits.

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    of 3

    C 1 Give an advantage of forming a corporation.

    A.IT ENTAILS RELATIVELY HIGH COST OF


    FORMATION AND OPERATION.
    B.THE CORPORATION IS RELATIVELY COMPLICATED
    IN FORMATION AND MANAGEMENT.
    C.THE SHAREHOLDERS HAVE LIMITED LIABILITY.
    D.THE STOCKHOLDERS HAVE LITTLE VOICE IN THE
    CONDUCT OF THE BUSINESS.
    A 2 Which of the following is not an attribute of
    a corporation?
    A.IT IS A NATURAL BEING.
    B.IT IS CREATED BY OPERATION OF LAW.
    C.IT HAS THE RIGHT OF SUCCESSION.
    D.IT HAS ONLY THE POWERS, ATTRIBUTES, AND
    PROPERTIES EXPRESSLY AUTHORIZED BY LAW OR
    INCIDENT TO ITS EXISTENCE.
    C 3 The following corporations are stock
    corporations, except:
    A.JOLLIBEE FOODS CORPORATION
    B.SAN MIGUEL CORPORATION
    C.SM FOUNDATION
    D.PUREGOLD
    C 4 It is a corporation that exists in fact and
    in law.
    A.DE FACTO CORPORATION
    B.QUASI-CORPORATION
    C.DE JURE CORPORATION
    D.CIVIL CORPORATION
    C 5 NCT is classified as a stock corporation.
    There are 15 people in the corporation, all
    of them are of legal age. One of the people
    involved in the corporation is Mark. However,
    he does not own a capital stock. Therefore,
    he is a:
    A.CORPORATOR
    B.MEMBER
    C.STOCKHOLDER
    D.INCORPORATOR
    A 6 The following must be included in the
    articles of incorporation, except:
    A.STATED NO PAR VALUE
    B.CLASSIFICATION OF SHARES
    C.PRIVILEGES
    D.CORRESPONDING RIGHTS
    D 7 This kind of shares may again be disposed of
    for a reasonable price fixed by the board of
    directors.
    A.REDEEMABLE SHARES
    B.CAPITAL SHARES
    C.FOUNDERS’ SHARES
    D.TREASURY SHARES
    C 8 Which of the following is not included in the
    creation of a corporation?
    A.PROMOTION
    B.INCORPORATION
    C.LIQUIDATION
    D.FORMAL ORGANIZATION AND COMMENCEMENT OF
    BUSINESS OPERATIONS
    A 9 General rule is corporation shall have this
    existence.
    A.PERPETUAL EXISTENCE
    B.FIXED EXISTENCE
    C.25 YEARS OF EXISTENCE
    D.LIMITED EXISTENCE
    C 10 Non-voting shares may vote on the following,
    except:
    A.ADOPTION AND AMENDMENT OF BYLAWS
    B.AMENDMENT OF THE ARTICLES
    C.INCREASE OR DECREASE OF PROFITS
    D.MERGER OR CONSOLIDATION OF THE
    CORPORATION WITH ANOTHER CORPORATION OR
    OTHER CORPORATIONS

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