3/31/22, 11:39 AM Quiz 3.

1: LAW 005-ACTCY22S2 - Business Laws and Regulations

Quiz 3.1
Due
Mar 31 at 11:59pm
Points
30
Questions
15
Available
Mar 30 at 7:30pm - Mar 31 at 11:59pm
1 day
Time Limit
30 Minutes

Instructions

Choose the correct answers.

Attempt History
Attempt Time Score
LATEST Attempt 1
21 minutes 30 out of 30

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Correct answers are hidden.

Score for this quiz:

30 out of 30
Submitted Mar 31 at 4:12pm
This attempt took 21 minutes.

Question 1 2
/ 2 pts

The following are attributes of the the corporation, which is the

exception?

 
right of succession

 
Created by agreement of the parties

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having the rights, powers and attributes imposed by law

 
Artificial being

Question 2 2
/ 2 pts

The following are advantages of the corporation, which is the

exception?

 
capacity to act as legal entity

 
continuity of life

 
greater source of capital

 
transferrabilty of shares with the consent of the other stcokholder

Question 3 2
/ 2 pts

A corporation created in strict compliance to the requirement of the law.

 
Stock corporation

 
Corporation Sole

 
De facto corporation

 
De jure corporation

Question 4 2
/ 2 pts

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A corporation in which no stock is issued.

 
Public corporation

 
Non Stock corporation

 
Stock corporation

 
Private Corporation

Question 5 2
/ 2 pts

Stockholders or members mentioned in the Articles of Incorporation as

originally forming and composing the corporation and who are
signatories thereof.

 
Member

 
Stockholder

 
Coporator

 
Incorporator

Question 6 2
/ 2 pts

The sum total specified by the Articles of Incorporation paid in, or to be

paid in, for carrying on the business of the corporation.

 
Capital Stock

 
Outstanding Capital Stock

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Stated Capital

 
Subscribe Capital Stock

Question 7 2
/ 2 pts

The aggregate sum  subscribed and paid in, or secured to be paid in,
by the shareholders, with the addition of all gains or profits realized in
the use and investment of sums, or, if losses have been incurred, then
it is the residue after deducting such losses. 

 
Paid up capital

 
Stated capital

 
Legal capital

 
Capital

Question 8 2
/ 2 pts

The ordinary stock of the corporation entitling the owner to pro-rata

dividends, without any priority or preference over any other shareholder
or class of shareholders but equally with all other stock holders except
preferred stock holders.

 
Preferred Stock

 
Common Stock

 
Formative Stock

 
Guaranteed Stock

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Question 9 2
/ 2 pts

Which of the following cannot issue a no par value share?

 
Bank

 
Public Utilities

 
Insurance Companies

 
All of them

Question 10 2
/ 2 pts

Shares of stock which have been issued and fully paid and
subsequently reacquired by the corporation is known as-

 
Treasury Shares

 
Redeemable Shares

 
Promoter's Shares

 
Founder's Shares

Question 11 2
/ 2 pts

Statement 1. Corporation has perpetual existence.

Statement 2. To form a corporation, a minimun capital stock is a

requirement.

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Statement 1 is correct; Statement 2 is incorrect

 
Both statements are correct

 
Both statements are incorrect

 
Statement 1 is incorrect; Statement 2 is correct

Question 12 2
/ 2 pts

Treasury shares may be acquired by:

 
Donation

 
All of them

 
Redemption

 
Purchase

Question 13 2
/ 2 pts

Statement 1.  If a corporation does not formally organize and

commence its business within five (5) year from the date of its
incorporation, its certificate of incorporation shall be deemed revoked
as of the day following the end of the five (5)-year period.

Statement 2. If a corporation has commence its business but

subsequently becomes inoperative for a period of at least five (5)
consecutive years, the Commission may, after due notice and hearing,
place the corporation under delinquent status.

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Both statements are incorrect

 
Both statements are correct

 
Statement 1 is correct; Statement 2 is incorrect

 
Statement 1 is incorrect; Statement 2 is correct

Question 14 2
/ 2 pts

Statement 1. The same person may hold two (2) or more positions
concurrently, except that no one shall act as president and secretary or
as president and treasurer at the same time.

Statement 2. An independent director is a person who apart from

shareholdings and fees received from any business or other
relationship which could, or could reasonable be received to materially
interfere with the exercise of independent judgment in carrying out the
responsibilities as a director.

 
Statement 1 is correct; Statement 2 is incorrect

 
Both statements are incorrect

 
Both statements are correct

 
Statement 1 is incorrect; Statement 2 is correct

Question 15 2
/ 2 pts

Which among the following is  not power of a corporation?

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to establish pension, retirement and other plans

 
to give unreasonable donations

 
to sue and be sued in its corporate name

 
to enter into partnership

Quiz Score:
30 out of 30

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