Professional Documents
Culture Documents
Merc Long Quiz
Merc Long Quiz
Question 1 (1 point)
Saved
Republic Act No. 10365 is an act further strengthening the anti-money laundering law, amending for the
purpose republic act no. 9160, otherwise known as the “anti-money laundering act of 2001”, as
amended.
Question 1 options:
True
False
Question 2 (1 point)
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‘Covered Persons’, natural or juridical, refer to insurance companies, pre-need companies and all other
persons supervised or regulated by the insurance commission.
Question 2 options:
True
False
Question 3 (1 point)
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Securities dealers, brokers, salesmen, investment houses and other similar persons managing securities
or rendering services as investment agent, advisor, or consultant, (ii) mutual funds, close-end
investment companies, common trust funds, and other similar persons, and (iii) other entities
administering or otherwise dealing in currency, commodities or financial derivatives based thereon,
valuable objects, cash substitutes and other similar monetary instruments or property supervised or
regulated by the securities and exchange commission, are also considered as covered persons.
Question 3 options:
True
False
Question 4 (1 point)
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Covered persons also include jewelry dealers in precious metals, who, as a business, trade in precious
metals, for transactions in excess of five hundred thousand pesos (P500,000.00).
Question 4 options:
True
False
Question 5 (1 point)
Saved
Jewelry dealers in precious stones, who, as a business, trade in precious stones, for transactions in
excess of one million pesos (p1,000,000.00) are not considered as covered persons.
Question 5 options:
True
False
Question 6 (1 point)
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Casinos, including internet and ship-based casinos, with respect to their casino cash transactions related
to their gaming operations are not covered persons.
Question 6 options:
True
False
Question 7 (1 point)
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‘Covered transaction’ is a transaction in cash or other equivalent monetary instrument involving a total
amount in excess of Five hundred thousand pesos (₱500,000.00) within one (1) banking day; for covered
persons under Section 3(a)(8), a single casino transaction involving an amount in excess of Five million
pesos (₱5,000,000.00) or its equivalent in any other currency.
Question 7 options:
True
False
Question 8 (1 point)
Saved
Question 8 options:
True
False
Question 9 (1 point)
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The Court of Appeals may issue a freeze order which shall be effective immediately, for a period of
twenty (20) days.
Question 9 options:
True
False
Question 10 (1 point)
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The total period of the freeze order issued by the Court of Appeals under this provision shall not exceed
six (6) months. This is without prejudice to an asset preservation order that the Regional Trial Court
having jurisdiction over the appropriate anti-money laundering case or civil forfeiture case may issue on
the same account depending upon the circumstances of the case, where the Court of Appeals will
remand the case and its records.
Question 10 options:
True
False
Question 11 (1 point)
Saved
Republic Act No. 10142 is an act providing for the rehabilitation or liquidation of financially distressed
enterprises and individuals.
Question 11 options:
True
False
Question 12 (1 point)
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It is the policy of the State to encourage debtors, both juridical and natural persons, and their creditors
to collectively and realistically resolve and adjust competing claims and property rights.
Question 12 options:
True
False
Question 13 (1 point)
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When rehabilitation is feasible, it is in the interest of the State to facilitate a speedy and orderly
liquidation of these debtor’s assets and the settlement of their obligations.
Question 13 options:
True
False
Question 14 (1 point)
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The proceedings under the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010” shall be in rem.
Question 14 options:
True
False
Question 15 (1 point)
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Jurisdiction over all persons under the FRIA affected by the proceedings shall not be considered as
acquired upon mere publication of the notice of the commencement of the proceedings in any
newspaper of general circulation in the Philippines in the manner prescribed by the rules of procedure
to be promulgated by the Supreme Court.
Question 15 options:
True
False
Question 16 (1 point)
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The proceedings under the FRIA shall be conducted in a summary and non-adversarial manner
consistent with the declared policies of this Act and in accordance with the rules of procedure that the
Supreme Court may promulgate.
Question 16 options:
True
False
Question 17 (1 point)
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When approved by the owner in case of a sole proprietorship, or by a majority of the partners in case of
a partnership, or in case of a corporation, by a majority vote of the board of directors or trustees and
authorized by the vote of the stockholders representing at least two-thirds (2/3) of the outstanding
capital stock, or in case of nonstock corporation, by the vote of at least two-thirds (2/3) of the members,
in a stockholder’s or member’s meeting duly called for the purpose, an insolvent debtor may initiate
voluntary proceedings under this Act by filing a petition for rehabilitation with the court and on the
grounds hereinafter specifically provided.
Question 17 options:
True
False
Question 18 (1 point)
Saved
A group of debtors cannot jointly file a petition for rehabilitation when only one of its members foresee
the impossibility of meeting debts when they respectively fall due, and the financial distress would likely
adversely affect the financial condition and/or operations of the other members of the group and/or the
participation of the other members of the group is essential under the terms and conditions of the
proposed Rehabilitation Plan.
Question 18 options:
True
False
Question 19 (1 point)
Saved
Any creditor or group of creditors with a claim of, or the aggregate of whose claims is, at least One
Million Pesos (Php1,000,000.00) or at least twenty-five percent (25%) of the subscribed capital stock or
partners’ contributions, whichever is higher, may initiate involuntary proceedings against the debtor by
filing a petition for rehabilitation with the court.
Question 19 options:
True
False
Question 20 (1 point)
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The creditor/s’ petition for rehabilitation shall be verified to establish the substantial likelihood that the
debtor may be rehabilitated,
Question 20 options:
True
False
Question 21 (1 point)
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If the court finds the petition for rehabilitation to be sufficient in form and substance, it shall, within five
(5) working days from the filing of the petition, issue a Commencement Order.
Question 21 options:
True
False
Question 22 (1 point)
Saved
If the court finds the petition deficient in form or substance, the court may, in its discretion, give the
petitioner/s a reasonable period of time within which to amend or supplement the petition, or to submit
such documents as may be necessary or proper to put the petition in proper order.
Question 22 options:
True
False
Question 23 (1 point)
Saved
The rehabilitation proceedings shall commence upon the issuance of the Commencement Order.
Question 23 options:
True
False
Question 24 (1 point)
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Unless lifted by the court, the Commencement Order shall be for the effective for the duration of the
rehabilitation proceedings for as long as there is a substantial likelihood that the debtor will be
successfully rehabilitated.
Question 24 options:
True
False
Question 25 (1 point)
Saved
A creditor whose claim is not listed in the schedule of debts and liabilities and who fails to file a notice of
claim in accordance with the Commencement Order but subsequently files a belated claim shall still be
entitled to participate in the rehabilitation proceedings but shall not be entitled to receive distributions
arising therefrom.
Question 25 options:
True
False
Question 26 (1 point)
Saved
Question 26 options:
True
False
Question 27 (1 point)
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The rehabilitation receiver shall be deemed an officer of the court with the principal duty of preserving
and maximizing the value of the assets of the debtor during the rehabilitation proceedings
Question 27 options:
True
False
Question 28 (1 point)
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The rehabilitation receiver may be removed at any time by the court either motu proprio or upon
motion by any creditor/s holding more than fifty percent (50%) of the total obligations of the debtor, on
such grounds as the rules of procedure may provide
Question 28 options:
True
False
Question 29 (1 point)
Saved
The rehabilitation proceedings upon motion by any stakeholder or the rehabilitation receiver may be
terminated by order of the court either declaring a successful implementation of the Rehabilitation Plan
or a failure of rehabilitation.
Question 29 options:
True
False
Question 30 (1 point)
Saved
Question 30 options:
True
False
Question 31 (1 point)
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An insolvent debtor, by itself or jointly with any of its creditors, may file a verified petition with the court
for the approval of a pre-negotiated Rehabilitation Plan which has been endorsed or approved by
creditors holding at least two-thirds (2/3) of the total liabilities of the debtor, including secured creditors
holding more than fifty percent (50%) of the total secured claims of the debtor and unsecured creditors
holding more than fifty percent (50%) of the total unsecured claims of the debtor.
Question 31 options:
True
False
Question 32 (1 point)
Saved
Within ten (10) days from the date of the first publication of the Order, the court shall approve the
Rehabilitation Plan of the insolvent debtor unless a creditor or other interested party submits an
objection to it.
Question 32 options:
True
False
Question 33 (1 point)
Saved
Any creditor or other interested party may submit to the court a verified objection to the petition or the
Rehabilitation Plan not later than eight (8) days from the date of the second publication
Question 33 options:
True
False
Question 34 (1 point)
Saved
An out-of-court or informal restructuring agreement or Rehabilitation Plan that meets the minimum
requirements is recognized as consistent with the objectives under the FRIA
Question 34 options:
True
False
Question 35 (1 point)
Saved
An insolvent debtor cannot apply for voluntary liquidation by the mere filing a petition for liquidation
with the court.
Question 35 options:
True
False
Question 36 (1 point)
Saved
Three (3) or more creditors the aggregate of whose claims is at least either One million pesos
(Php1,000,000,00) or at least twenty-five percent (25%0 of the subscribed capital stock or partner’s
contributions of the debtor, whichever is higher, may apply for and seek the liquidation of an insolvent
debtor by filing a petition for liquidation of the debtor with the court.
Question 36 options:
True
False
Question 37 (1 point)
Saved
An individual debtor who, possessing sufficient property to cover all his debts but foreseeing the
impossibility of meeting them when they respectively fall due, may file a verified petition that he be
declared in the state of suspension of payments by the court of the province or city in which he has
resides for six (6) months prior to the filing of his petition. He shall attach to his petition, as a minimum:
(a) a schedule of debts and liabilities; (b) an inventory of assess; and (c) a proposed agreement with his
creditors.
Question 37 options:
True
False
Question 38 (1 point)
Saved
Upon motion filed by the individual debtor, the court cannot issue an order suspending any pending
execution against the individual debtor.
Question 38 options:
True
False
Question 39 (1 point)
Saved
An individual debtor whose properties are not sufficient to cover his liabilities, and owing debts
exceeding Five hundred thousand pesos (Php500,000.00), may apply to be discharged from his debts
and liabilities by filing a verified petition with the court of the province or city in which he has resided for
six (6) months prior to the filing of such petition. He shall attach to his petition a schedule of debts and
liabilities and an inventory of assets.
Question 39 options:
True
False
Question 40 (1 point)
Saved
Within three (3) months from his assumption into office, the Liquidator shall submit a Liquidation Plan to
the court as required under the FRIA.
Question 40 options:
True
False
Question 41 (1 point)
Saved
Republic Act No. 10173 is an act protecting individual personal information in information and
communications systems in the government and the private sector, creating for this purpose a national
privacy commission, and for other purposes
Question 41 options:
True
False
Question 42 (1 point)
Saved
Under the “Data Privacy Act of 2012”, it is the policy of the State to protect the fundamental human
right of privacy, of communication while ensuring free flow of information to promote innovation and
growth
Question 42 options:
True
False
Question 43 (1 point)
Saved
Consent of the data subject refers to any freely given, specific, informed indication of will, whereby the
data subject agrees to the collection and processing of personal information about and/or relating to
him or her. Consent shall be evidenced by written, electronic or recorded means. It may also be given on
behalf of the data subject by an agent specifically authorized by the data subject to do so.
Question 43 options:
True
False
Question 44 (1 point)
Saved
Question 44 options:
True
False
Question 45 (1 point)
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Personal information refers to any information whether recorded in a material form or not, from which
the identity of an individual is apparent or can be reasonably and directly ascertained by the entity
holding the information, or when put together with other information would directly and certainly
identify an individual.
Question 45 options:
True
False
Question 46 (1 point)
Saved
Personal information controller refers to a person or organization who controls the collection, holding,
processing or use of personal information, including a person or organization who instructs another
person or organization to collect, hold, process, use, transfer or disclose personal information on his or
her behalf.
Question 46 options:
True
False
Question 47 (1 point)
Saved
Processing refers to any operation or any set of operations performed upon personal information
including, but not limited to, the collection, recording, organization, storage, updating or modification,
retrieval, consultation, use, consolidation, blocking, erasure or destruction of data.
Question 47 options:
True
False
Question 48 (1 point)
Saved
Privileged information refers to any and all forms of data which under the Rules of Court and other
pertinent laws constitute privileged communication.
Question 48 options:
True
False
Question 49 (1 point)
Saved
Sensitive personal information refers to personal information about an individual’s race, ethnic origin,
marital status, age, color, and religious, philosophical or political affiliations or about an individual’s
health, education, genetic or sexual life of a person, or to any proceeding for any offense committed or
alleged to have been committed by such person, the disposal of such proceedings, or the sentence of
any court in such proceedings
Question 49 options:
True
False
Question 50 (1 point)
Saved
The Data Privacy Act does not apply to to the processing of personal information of a natural and
juridical person involved not found or established in the Philippines
Question 50 options:
True
False
Question 51 (1 point)
Saved
The Data Privacy Act does not apply to information about any individual who is or was an officer or
employee of a government institution that relates to the position or functions of the individual
Question 51 options:
True
False
Question 52 (1 point)
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There is hereby created an independent body to be known as the National Privacy Commission to
administer and implement the provisions of the Data Privacy Act and to monitor and ensure compliance
of the country with international standards set for data protection
Question 52 options:
True
False
Question 53 (1 point)
Saved
The processing of personal information shall be allowed, subject to compliance with the requirements
and other laws allowing disclosure of information to the public and adherence to the principles of
transparency, legitimate purpose and proportionality.
Question 53 options:
True
False
Question 54 (1 point)
Saved
The processing of sensitive personal information and privileged information shall be prohibited even if
the data subject has given his or her consent.
Question 54 options:
True
False
Question 55 (1 point)
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The data subject is entitled to be informed whether personal information pertaining to him or her shall
be, are being or have been processed.
Question 55 options:
True
False
Question 56 (1 point)
Saved
Republic Act No. 11057 is an Act Strengthening The Secured Transactions Legal Framework In The
Philippines, Which Shall Provide For The Creation, Perfection, Determination Of Priority, Establishment
Of A Centralized Notice Registry, And Enforcement Of Security Interests In Personal Property, And For
Other Purposes
Question 56 options:
True
False
Question 57 (1 point)
Saved
It is the policy of the State under the Personal Property Security Act to promote economic activity by
increasing access to least cost credit, particularly for micro, small, and medium enterprises (MSMEs), by
establishing a unified and modern legal framework for securing obligations with personal property.
Question 57 options:
True
False
Question 58 (1 point)
Saved
Grantor refers to the person who grants a security interest in collateral to secure its own obligation or
that of another person.
Question 58 options:
True
False
Question 59 (1 point)
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The Personal Property Security Act shall apply to all transactions of any form that secure an obligation
with movable collateral, except interests in aircrafts and ships.
Question 59 options:
True
False
Question 60 (1 point)
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A security agreement must be contained in a written contract signed by the parties and shall likewise
provide for the language to be used in agreements and notices.
Question 60 options:
True
False
Question 61 (1 point)
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A security interest shall be perfected when it has been created and the secured creditor is in possession
of the collateral
Question 61 options:
True
False
Question 62 (1 point)
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A security interest cannot be perfected by registration of a notice with the Registry, Possession of the
collateral by the secured creditor; and Control of investment property and deposit account.
Question 62 options:
True
False
Question 63 (1 point)
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Any party who obtains, in the ordinary course of business, any movable property containing a security
interest shall take the same free of such security interest provided he was in good faith. No such good
faith shall exist if the security interest in the movable property was registered prior to his obtaining the
property.
Question 63 options:
True
False
Question 64 (1 point)
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The Registry shall be established in and administered by the Land Registration Authority and shall
provide electronic means for registration and searching of notices.
Question 64 options:
True
False
Question 65 (1 point)
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Any person who is entitled to receive a notification of disposition is not entitled to redeem the collateral
by paying or otherwise performing the secured obligation in full, including the reasonable cost of
enforcement.
Question 65 options:
True
False
Question 66 (1 point)
Saved
The right of redemption may be exercised, unless the person entitled to redeem has not, after the
default, waived in writing the right to redeem, the collateral is sold or otherwise disposed of, acquired or
collected by the secured creditor or until the conclusion of an agreement by the secured creditor for
that purpose and the secured creditor has retained the collateral
Question 66 options:
True
False
Question 67 (1 point)
Saved
Republic Act 10667 defines, prohibits and penalizes three types of anti-competitive conduct: anti-
competitive agreements, abuse of dominant position, and anti-competitive mergers and acquisitions.
Question 67 options:
True
False
Question 68 (1 point)
Saved
The Philippine Competition Act creates the Philippine Competition Commission (“PCC”), which will have
the original and primary authority to conduct inquiries or investigations and to hear and decide cases
involving violations of the said Act.
Question 68 options:
True
False
Question 69 (1 point)
Saved
The following agreements, between or among competitors, are per se prohibited: (1) Restricting
competition as to price, or components thereof, or other terms of trade and (2) Fixing the price at an
auction or in any form of bidding, including cover bidding, bid suppression, bid rotation and market
allocation, and other analogous practices of bid manipulation.
Question 69 options:
True
False
Question 70 (1 point)
Saved
Merger or acquisition agreements that substantially prevent, restrict, or lessen competition in the
Philippines in the relevant market or in the market for goods or services, as may be determined by the
Commission, shall be prohibited.
Question 70 options:
True
False
70 of 70 questions saved