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Re SA B43 RFBT Final PB Exam - Questions & Answers

Accounting (Zamboanga State College of Marine Sciences and Technology)

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ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 43  May 2022 CPALE  23 April 2022  1:00 – 4:00 PM

REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS FINAL PRE-BOARD EXAMINATION

INSTRUCTIONS: Select the correct answer for each of the questions. Mark only one
answer for each item by shading the box corresponding to the letter of your choice on
the answer sheet provided. STRICTLY NO ERASURES ALLOWED. Use pencil no. 2 only.

1. Non-compliance with this kind of obligation gives a right of action to compel

performance.
C a. Natural Obligations
b. Moral Obligations
c. Civil Obligations
d. All of the choices
2. Fluffy Iglesias is indebted to Marisol for P100,000. The debt became due and no
payment was made by Fluffy. Eventually, the right of action prescribed before Marisol
can initiate any court proceedings to compel performance. However, out of his own
conscience, Fluffy eventually paid the P100,000. In this case,
C a. Fluffy can ask for the return of the P100,000 since the debt already
prescribed.
b. Fluffy can ask for the return of the P100,000 on the ground of solutio
indebiti.
c. Fluffy cannot ask for the return of the P100,000 since Marisol has
the right to retain payment.
d. Fluffy cannot ask for the return of the P100,000 since ownership
passes upon delivery of the same.
3. When the debtor binds himself to pay when his means permit him to do so, the
obligation is deemed:
C a. Subject to a suspensive condition
b. Subject to a resolutory condition
c. One with a suspensive term
d. One with a resolutory term
4. Mark, while driving recklessly the cab of his employer, hit a Meralco post and
caused serious physical injuries to Mary, the passenger. Mary can sue Mark and make
him liable under:
I. Contract
II. Quasi-Contract
III. Delict
IV. Quasi-Delict

C a. All
b. All except III
c. III and IV only
d. I and IV only
5. First Statement: If an employer is sued for vicarious liability under quasi-delict,
he can validly raise the defense of diligence in the selection and supervision of
the employee.
Second Statement: If an employer is made subsidiarily liable on the criminal action
against his employee, he can validly raise the defense of diligence in the selection
and supervision of the employee.
C a. Both statements are true
b. Both statements are false
c. Only the first statement is true
d. Only the second statement is true
6. W, X, Y, Z are solidarily indebted to C for P40,000. When C demanded payment from
W, the latter raised the following defenses: X is a minor, Y’s share was already
condoned and that Z is insolvent. How much is W required to pay C?
C a. P40,000
b. P30,000
c. P20,000
d. P10,000
7. Which of the following is false regarding a facultative obligation?
B a. The right to substitute is with the debtor
b. The right to substitute can be expressly granted to the creditor
c. If the principal prestation is lost due to fortuitous events,
before substitution, the obligation is extinguished
d. If the substitute prestation is lost due to fortuitous events,
after substitution, the obligation is extinguished

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
8. D promised to deliver to C his car worth P250,000, his laptop worth P80,000 or his
diamond ring worth P40,000. All the objects were lost in the order they were
mentioned through the fault of D. Which of the following is correct?
C a. D is liable for P250,000, the value of the car
b. D is liable for P80,000, the value of the laptop
c. D is liable for P40,000, the value of the ring
d. D is liable for the value of whatever C chooses
9. Ms. Lessee rented an apartment unit from Mr. Lessor. They agreed that Ms. Lessee
would pay for a one-month deposit and one-month advance and would shoulder all
utility costs during the length of her possession. Ms. Lessee, without notice, left
the apartment unit and never returned, leaving an unpaid electric bill of P4,800.
From whom can the electric company collect?
B a. Ms. Lessee, because they stipulated in the contract that the Lessee
is liable to pay the utility bills
b. Mr. Lessor, because there was no valid substitution in the person of
the debtor
c. Ms. Lessee and Mr. Lessor, equally
d. Neither Ms. Lessee nor Mr. Lessor
10. Compensation is not proper in all of the following cases, except:
B a. Deposit on the part of the depositary
b. Bail as to the bailor
c. Support as to the one obliged to give support
d. Civil liability arising from a penal offense
11. Which of the following can validly give consent to a contract:
D a. Insane persons
b. Demented persons
c. Minors
d. Deaf-mutes
12. The following contracts are unenforceable if not in writing, except
C a. Sale of land worth P499
b. Sale of personal property for at least P500
c. Lease of a car with a term of more than 1 year
d. Contract for a piece of work not to be performed within a year
13. An action for annulment of a sale of registered land on the ground of fraud would
prescribe in 4 years from:
C a. Date of sale
b. Discovery thereof
c. Registration of the sale
d. Delivery
14. Juan obliged himself to deliver one of his five cars to Pedro, it was not specified
which car. In this case,
C a. The contract would be interpreted following the least transmission
of rights
b. The contract would be interpreted following the greatest reciprocity
of interests
c. The contract is void
d. They would need to undergo reformation to clarify which car.
15. Which of the following is false with regards the person who can institute annulment
of a contract?
B a. Only the incapacitated or injured party or his guardian can ask for
annulment.
b. Creditors of the incapacitated party can ask for the annulment of the
contract entered into by their incapacitated debtor
c. Those who are capacitated cannot allege the incapacity of the other
contracting party
d. None of the choices is false
16. To defraud his creditors, S sold his land to B. B now seeks to register the land
to which C, a creditor of S, objected on the ground that the sale is rescissible
for being entered into to defraud S’s creditors. Can B register the land?
B a. No, because the contract of sale is rescissible
b. Yes, because the contract of sale has not been rescinded yet
c. No, because the contract of sale was in fraud of creditors
d. Yes, because the contract of sale is valid and its validity cannot
be attacked collaterally in a land registration proceeding

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
17. Under this principle, the validity and compliance of a contract cannot be left to
the will of one party:
B a. Relativity
b. Mutuality
c. Obligatory Force
d. Autonomy
18. There is fraud:
B a. Usual exaggerations of in trade if the other party had an opportunity
to know the facts
b. An expression of an opinion, which turned out to be false, made by
an expert and the other party relied on it
c. A misrepresentation made in good faith
d. Failure to disclose facts when there is no duty to reveal them
19. Which of the following contracts of sale is generally void?
C a. Between two insane persons
b. Between a minor and an insane person
c. Between husband and wife
d. Between accountant and client
20. As a rule, a contract takes effect only between the parties, their assigns and
their heirs. Which of the following is not an exception to this rule?
D a. A contract of real estate mortgage that is registered
b. A creditor initiating an action to rescind the fraudulent contract
entered into by his debtor
c. A person who maliciously induces another person to violate the terms
of his contract
d. A third person who receives an incidental benefit from a contract
21. Juan offered to sell his house and lot to Pedro for P1,500,000. Pedro was convinced
and accepted the same. Pedro gave P500 and was given 30 days to make good the
balance of the price. Before the expiration of the 30 days, Juan withdrew from the
offer and returned Pedro’s P500 because he found a new buyer who would pay twice
the original price. In this case,
D a. Juan validly withdrew the offer since it is within the 30 day period.
b. Juan cannot validly withdraw the offer since there was an option
money of P500 that was given.
c. Juan validly withdrew the offer since he is still the owner of the
house and lot pending delivery.
d. Juan cannot validly withdraw the offer since there was already a
perfected contract of sale.
22. Jose entered into a Contract to Sell with Mary concerning the former’s house and
lot for P2,000,000. Immediately, Mary took possession of the house and lot but
under the Contract to Sell, ownership will not transfer until full payment of the
price. Mary was able to pay the full price 6 months after and accordingly, Jose
executed a Deed of Absolute Sale. Ownership transferred upon
D a. Execution of the Contract to Sell
b. Occupancy of Mary of the house and lot
c. Full payment of the price
d. Execution of the Deed of Absolute Sale
23. S delivered 1,100 sacks of rice to B, which is 100 sacks in excess of the quantity
agreed upon, the buyer has the following options, except:
C a. Accept the quantity agreed upon and reject the rest.
b. Accept the quantity delivered and pay at the contract rate.
c. Reject the whole and ask for damages.
d. None of the choices is an exception
24. In order to validly exercise this right of an unpaid seller, the buyer must be
insolvent:
B a. Possessory Lien
b. Stoppage in Transitu
c. Right of Resale
d. Right of Rescission

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
25. Any affirmation of fact or any promise by the seller relating to the thing, if the
natural tendency of such affirmation or promise is to induce the buyer to purchase
the same, and if the buyer purchased the thing relying thereon.
B a. Condition
b. Express Warranty
c. Advertisement
d. Marketing Disclosure
26. A sold his land to B with a right to repurchase the same within 10 years. A died,
leaving A1 and A2 as heirs, prior to the expiration of the 10 year redemption
period. Which of the following is incorrect?
B a. A1 can exercise of the right of redemption only as to half the land.
b. A2 can exercise of the right of redemption as to the whole land.
c. B can require the heirs to redeem jointly
d. If A2 wishes to exercise his right of redemption as to half of the
land, B cannot be compelled to accept a partial redemption
27. S sold to B a motorcycle worth P100,000, where B is required to pay P20,000 upon
execution of the sale and the balance payable at the end of 2022. B executed a
chattel mortgage on the motorcycle to secure his obligation. B, however, failed to
pay the balance of P80,000 on due date and S foreclosed the mortgage. In this case,
A a. If the proceeds of the foreclosure is P70,000, S can still collect
the deficiency.
b. If the proceeds of the foreclosure is P90,000, S is entitled to the
excess.
c. If the proceeds of the foreclosure is P60,000, S can no longer collect
the deficiency.
d. If the proceeds of the foreclosure is P100,000, S can cancel the sale
and demand the return of the motorcycle.
28. The following are essential to a contract of pledge and mortgage, except:
B a. That they be constituted to secure the fulfillment of a principal
obligation.
b. That the pledgor or mortgagor be the absolute owner of the thing
pledged at the time the obligation to deliver the same arises.
c. That the persons constituting the pledge or mortgage have the free
disposal of their property, and in the absence thereof, that they be
legally authorized for the purpose.
d. None of the above
29. Legendary Corporation (LC) borrowed money from Goliath Bank (GB) in the amount of
P100M. To secure the payment of the loan, LC executed a real estate mortgage over
its two parcels of land. On due date, LC failed to pay, and GB caused the
extrajudicial foreclosure of the mortgage. How long is the redemption period?
A a. Three months from the foreclosure sale or until registration of the
sale, whichever is earlier
b. Three months from the foreclosure sale
c. One year from the foreclosure sale
d. Ninety days to one hundred twenty days from the foreclosure sale or
until a judicial order of confirmation of the sale
30. Teddy pledged her diamond ring to secure her debt to Bobbie amounting to P20,000.
Teddy was not able to pay the said debt on due date and Bobbie caused the foreclosure
of the pledge. In this case, which of the following is false?
C a. The foreclosure sale will be conducted by a notary public.
b. If the ring sold for P25,000, Teddy would be entitled to the excess
if there is stipulation to that effect
c. If the ring sold for P18,000, Bobbie would be entitled to the
deficiency if there is stipulation to that effect
d. Whether or not the ring was sold for more or less than the amount of
the loan, the loan shall be extinguished.
31. D is indebted to C for P10,000 payable on November 30, 2021. To secure the
obligation, D negotiated a negotiable promissory note payable to him (D) for the
amount of P15,000 due on October 30, 2021. On October 30, 2021, C collected on the
promissory note and applied the P10,000 to the obligation of D to him. Who would
be entitled to the excess P5,000?
A a. D
b. C
c. Both, equally
d. Neither
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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
32. B received a check from A in payment of a pre-existing obligation. Without encashing
it, B indorsed and discounted the check to C, representing it to be a good check,
for which he received 80% of its face value. Eventually, when C deposited the check
within 90 days from its date, it was returned due to insufficiency of funds. Who
may be charged with the violation of BP Blg 22 assuming the required notice was
already provided?
A a. Mr. A
b. Mr. B
c. Both
d. Neither
33. Which of the following is not negotiable?
B a. I promise to pay to the order of B P10,000 in 5 equal monthly installments
due at the end of each month from issuance. However, if I miss one
installment, the whole remaining amount shall become due and demandable.
Sgd. A
b. I promise to pay B or order P10,000 or deliver 5 sacks of rice. Sgd. A
c. I promise to pay bearer P10,000, 60 days from issuance, subject to a
one-month extension at the option of the maker. Sgd. A
d. I promise to pay B or bearer P10,000 with 6% interest. Sgd. A
34. Two or more _________ can be validly named in the alternative:
A a. Payees
b. Drawees
c. Indorsees
d. All of the choices
35. M made a promissory note payable to A or bearer, for P10,000. A indorsed the note
to B. It was stolen by F, who forged B’s signature, when it was negotiated to C, C
then delivered the note to H, the current holder. Which of the following is true?
D a. M cannot be made liable on the instrument since he is a party prior
to the forgery.
b. A is liable to H since he can validly trace his title through A’s
indorsement.
c. A loses equity on the instrument if H is a holder in due course.
d. If H is not a holder in due course, M, A and B can validly raise the
defense of non-delivery of a complete instrument.
36. Which of the following is not a characteristic of a partnership?
A a. Formal
b. Bilateral or Multilateral
c. Nominate
d. Onerous
37. Partnerships and Corporations are the same in this matter:
D a. Number of persons required to organize
b. Liability of owners
c. Start of legal personality
d. None of the choices
38. A partnership contract is required to have an inventory, signed by the partners
and attached to a public instrument when:
C a. The capital is P3,000 or more
b. Majority of the partners are non-residents
c. An immovable is contributed
d. All of the partners are citizens of a foreign country
39. This type of partner is generally exempt from making additional contributions to
save the enterprise unless otherwise stipulated:
B a. Capitalist partner
b. Industrial partner
c. Managing partner
d. Ostensible partner
40. If a managing partner is appointed after the constitution of the partnership, what
is/are required to revoke his authority as such?
B a. Just and lawful cause
b. Vote of the controlling interest
c. Just and lawful cause and the vote of the controlling interest
d. Just and lawful cause and the unanimous vote of the partners

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
41. If a real property is in the name of all the partners, and the deed of conveyance
and the actual transfer was made also by all of the partners,
A a. There is a valid conveyance of partnership property
b. There is a valid conveyance, but the partnership may recover the same
c. It passes only equitable interest
d. There is no valid conveyance of partnership property
42. In the dissolution of a limited partnership, this is the least priority:
D a. Those owing to creditors other than partners
b. Those owing to the limited partners in respect of profits
c. Those owing to general partners in respect of profits
d. Those owing to general partners in respect of capital
43. If a partnership is established for a specific undertaking,
C a. No single partner may dissolve the partnership until the undertaking
is completed
b. A partner may dissolve the partnership without being liable for
damages
c. A partner may dissolve the partnership but he will be liable for
damages
d. The consent of all the partners is required to dissolve the
partnership before the undertaking is completed
44. The following may be exercised, even without the consent of the other partners,
if it is indicated in the Certificate of Limited Partnership, except:
D a. Limited partner’s right to substitute
b. Limited partner’s right to return of investment
c. General partners’ right to continue the business with partnership
property on the death, retirement, insanity, civil interdiction or
insolvency of a general partner
d. None of the choices is an exception
45. The interest of this kind of partner may be redeemed with partnership property
when attached or sold in execution:
A a. General Partner
b. Limited Partner
c. Both General and Limited Partner
d. Neither General nor Limited Partner
46. A corporation has a personality separate and distinct from its stockholders. This
exemplifies what attribute of a corporation?
A a. Artificial Being
b. Created by Operation of Law
c. Right of Succession
d. Has Powers, Attributes and Properties Expressly Authorized by Law
47. To sue and be sued in its own corporate name is an example of which kind of power
of a corporation?
A a. Express
b. Implied
c. Incidental
d. None of the choices
48. “To make reasonable donations, including those for the public welfare or for
hospital, charitable, cultural, scientific, civic, or similar purposes” is allowed
for
C a. Domestic corporations
b. Foreign corporations
c. Both Domestic and Foreign Corporations
d. Neither Domestic nor Foreign Corporations
49. In the following cases, a person is allowed to be a director after 5 years from
conviction, except:
D a. An offense punishable by imprisonment for a period exceeding 6 years
b. Violation of the Corporation Code
c. Violation of the Securities Regulations Code
d. Any offense involving fraud

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
50. The quorum required in the election of directors is _ of the outstanding capital
stock
B a. 1/3
b. Majority
c. 2/3
d. 3/4
51. Mr. X is a stockholder in XYZ Corporation holding 10,000 shares. The by-laws allow
for cumulative voting. If the number of directors to be elected is 10, how many
votes does Mr. X have?
D a. 1
b. 10,000
c. 50,000
d. 100,000
52. Mr. A is a director of XYZ Corporation who died during the monthly meeting of the
Board. Under the Revised Corporation Code, he must be replaced:
C a. In the same meeting where he died
b. No later than 30 days from the time the vacancy arose
c. No later than 45 days from the time the vacancy arose
d. On or before expiration of Mr. A’s term
53. ABC Corporation had gross income of P500,000,000 and operating expenses of
P400,000,000. It paid income tax amounting to P25,000,000. How much is the limit
to the compensation that the directors are entitled to?
B a. P100,000,000
b. P10,000,000
c. P7,500,000
d. P2,500,000
54. A subscriber is entitled to all the rights of a stockholder except:
D a. Right to vote
b. Right to receive dividends
c. Right to be elected as a director
d. Right to stock certificate
55. In which of the following instances may the appraisal right be exercised?
A a. Amendment of the Articles of Incorporation to change the principal
place of business
b. Mergers or Consolidation
c. Investment of corporate funds in another enterprise
d. Mortgage of all or substantially all the assets of the corporation
56. If the by-laws would be adopted prior to incorporation, it will require the
signature of _____ of the incorporators:
D a. 1/3
b. Majority
c. 2/3
d. all
57. The meetings of the directors can be validly held:
D a. In the principal place of business
b. In the city or municipality where the principal place is located
c. Anywhere in the Philippines
d. Anywhere
58. The stock and transfer book or the membership book must be closed at least __ days
before the regular meeting of the stockholders or members of the corporation:
D a. 3
b. 7
c. 15
d. 20
59. Under the Revised Corporation Code, the term of trustees of a non-stock corporation
is generally:
B a. 1 year
b. 3 years
c. 5 years
d. 10 years

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
60. XYZ Corporation is 40% foreign owned and 60% owned by ABC Corporation. ABC
Corporation in turn is 55% owned by foreigners and 45% by Filipinos. It was
incorporated under the Revised Corporation Code. XYZ Corporation will be
considered:
A a. Domestic Corporation
b. Foreign Corporation
c. Filipino Corporation
d. None of the choices

61. Which of the following is a requirement applicable to incorporators under the

Revised Corporation Code?
C a. They must be at least 5 but not more than 15
b. They must all be natural persons
c. Natural Persons must be of legal age
d. Majority of them must be residents of the Philippines
62. A and B are lovers, they want to incorporate “Wah! Me and My Jowa, Inc.”, for
general merchandising, under the Revised Corporation Code,
A a. They are now allowed to incorporate even if they are only two
incorporators
b. They must include at least 3 more, to reach the minimum number of 5
incorporations
c. They must include at least 12 more, to reach the minimum number of
15 incorporators
d. At least 20% of the board must be independent directors
63. A, B and C wanted to incorporate ABC Corporation under the Revised Corporation
Code. They have an authorized capital stock of P100,000. How much would be the
minimum paid-up capital requirement applicable to them?
D a. P25,000
b. P12,500
c. P5,000
d. P0
64. Which of the following corporate officer positions may be held concurrently by the
same person:
B a. President and Secretary
b. Treasurer and Secretary
c. President and Treasurer
d. None of the above
65. Which of the following is false with regards no-par value shares?
A a. The shares are deemed fully-paid and non-assessable, thus cannot
result to issuance of watered stocks.
b. The consideration should not be less than P5
c. The entire consideration constitutes capital, not available for
dividend declaration
d. Cannot be issued by banks, trust companies, insurance companies,
public utilities and buildings and loans associations.
66. To delegate the power to amend by-laws to the Board of Directors, the required
number of votes from the stockholders is ________; to revoke the same, the required
number of votes is ________.
C a. Majority; Majority
b. Majority; Two-thirds
c. Two-thirds; Majority
d. Two-thirds; two-thirds
67. A corporation can retain earnings in excess of 100% of the paid-up capital in the
following cases, except:
D a. For definite corporate expansion projects
b. When prohibited from declaring dividends by a loan agreement with any
financial institution or creditor
c. When necessary under special circumstances such as a special reserve
for probable contingencies
d. When declaring dividends would subject the individual stockholders
to a separate tax from the corporate tax already paid

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
68. Under the Revised Corporation Code, the place of stockholders’ meeting shall be:
A a. The principal office
b. The city or municipality where the principal office is located
c. Anywhere in the Philippines
d. Anywhere even outside the Philippines

69. The merger or consolidation of two corporations is deemed effective:

D a. On the date the parties agreed to a consolidation or merger
b. On the date the stockholders ratified the Board resolution for
consolidation or merger
c. Upon submission of the articles of merger or consolidation to the SEC
d. Upon issuance of the certificate of merger or consolidation

70. Under the Revised Corporation Code, the required number of votes in case of
voluntary dissolution of a corporation where creditors are affected:
C a. 25%
b. Majority
c. 2/3
d. 3/4

71. Which of the following is still required for a One Person Corporation?
A a. Articles of Incorporation
b. By-laws
c. Minutes of the Meeting
d. None of the choices is a requirement

72. Under the Revised Corporation Code, alternative certification of the financial
statements shall be allowed if:
D a. The paid-up capital is less than P50,000
b. The paid-up capital is less than P600,000
c. The total assets or liabilities is less than P50,000
d. The total assets or liabilities is less than P600,000

73. Which of the following is not applicable to close corporations?

C a. The number of stockholders cannot exceed 20
b. Shares of stock are required to have specified restrictions
c. The pre-emptive right may be denied in certain instances
d. The appraisal right may be exercised for any reason
74. The following are securities exempt from the coverage of the Securities Regulations
Code, except:
D a. Securities issued by the Philippine Government or Government of any
country
b. Certificates issued by a trustee or a receiver in bankruptcy
c. Securities or derivatives, the sale or transfer of which is under the
supervision or regulation of the Insurance Commission, the Housing
and Land Use Regulatory Board, or the Bureau of Internal Revenue.
d. Securities issued by a bank, including its own shares of stock.
75. A cooperative organized by workers, including the self-employed, who are at same
time the members and owners of the enterprise. Its principal purpose is to provide
employment and business opportunities to its members and manage it in accordance
with cooperative principle.
B a. Marketing Cooperative
b. Workers Cooperative
c. Service Cooperative
d. Multi-Purpose Cooperative

76. A cooperative that offers wide range of financial services to other cooperatives
and its members.
A a. Cooperative Bank
b. Credit Cooperative
c. Financial Services Cooperative
d. Insurance Cooperative

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
77. Which of the following is false with regards Laboratory Cooperatives
A a. A laboratory cooperative has a separate and distinct personality
b. A laboratory cooperative shall be affiliated with a duly registered
cooperative, to be known as the Guardian Cooperative.
c. A laboratory cooperative primarily composed of students from a
particular school may affiliate with the school’s cooperative, if
any, or select a cooperative of its choice within its area of
operation.
d. If the laboratory cooperative is composed primarily of out-of-school
minors, it shall be affiliated with a cooperative of its own choice
within or nearest its area of operation
78. All elective officials of the Government shall:
B a. be disqualified to be elected or appointed to any position in a
cooperative
b. be ineligible to become officers and directors of cooperatives
c. not be allowed to be members of any cooperative
d. All of the choices
79. A member may withdraw from the Cooperative with a valid reason provided he gives
a __ day notice to the Board of Directors
B a. 30
b. 60
c. 90
d. 120
80. The members of this committee are elected by the General Assembly and not the
Board of Directors
A a. Audit
b. Mediation and Conciliation
c. Ethics
d. All of the choices
81. As a rule, directors of a cooperative are not allowed to receive compensation,
except in the following cases (choose which one is not a valid exception)
C a. Reasonable per diems
b. There is a provision in the by-laws granting compensation
c. When they perform other duties such as being a cooperative officer
d. All of the choices are valid exceptions
82. Which of the following cooperatives does not have any VAT exemption under the Tax
Code?
B a. Credit Cooperative
b. Electric Cooperative
c. Agricultural Cooperative
d. All are entitled to exemption
83. The maximum share capital that a member may hold in a cooperative:
B a. 5%
b. 10%
c. 20%
d. 50%
84. Education and Training Fund may constitute __________ of the net surplus
B a. Minimum of 10%
b. Maximum of 10%
c. Minimum of 7%
d. Maximum of 7%
85. The duration of protection for a trademark, counted from the time of registration,
is:
D a. 10 years and non-renewable
b. 10 years and renewable for another 10 years once
c. 10 years and renewable for another 10 years twice
d. 10 years and renewable for another 10 years in perpetuity

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam
86. Grace commissioned Frankie to paint a portrait of her riding a horse. Frankie did
so and was paid P150,000. In this case, who shall have ownership of the copyright
and the painting?
Copyright Painting
C a. Grace Frankie
b. Grace Grace
c. Frankie Grace
d. Frankie Frankie
87. Unclaimed deposits shall be forfeited in favor of the
C a. Local Government having jurisdiction over the residence of the
depositor
b. Local Government having jurisdiction over the branch where the
deposit was made
c. National Government
d. Local Government and National Government equally
88. The following are exceptions to the Bank Secrecy Law, which one does not require
an order of a competent court?
D a. In cases of bribery or dereliction of duty of public officials
b. In cases where the money deposited or invested is the subject of
litigation
c. In cases involving unexplained wealth under the Anti-Graft and
Corrupt Practices Act
d. In cases of money laundering where the predicate crime is conspiracy
to commit terrorism
89. Yukihira Soma maintains the following accounts with Totsuki Bank, PH branch:

Account Name Type of Deposit Balance

Yukihira Soma Savings P800,000.00
Yukihira Soma AND Megumi Tadakoro Demand 600,000.00
Yukihira Soma OR Takumi Aldini Time 800,000.00

How much is the total insured deposit of Yukihira Soma?

C a. P250,000
b. P400,000
c. P1,000,000
d. P1,500,000
90. Assuming the PDIC made an actual takeover of the Bank on January 1, 2022 and
Eleanor Shellstrop filed her claim for insurance on February 5, 2024. Ms.
Shellstrop’s claim shall
C a. Be forfeited in favor of the bank.
b. Be forfeited in favor of the Government.
c. Become a claim against the asset of the closed bank.
d. Be against the PDIC but only as to the insured amount
91. This stage of money laundering involves sending money through various financial
transactions to change its form and make it more difficult to follow
C a. Placement
b. Integration
c. Layering
d. Money Laundering
92. Emily Sands is an english teacher in Moordale Secondary School according to her
profile with the Bank. One day, there was a remittance received in said deposit
account purportedly for goods exported amounting to P550,000. In this case,
D a. The Bank is not required to make any report
b. The Bank is required to make both a suspicious and covered
transaction report
c. The Bank is required to make a covered transaction report only
d. The Bank is required to make a suspicious transaction report only

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REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS

ReSA Batch 43 - May 2022 CPALE Batch
23 April 2022  1:00 PM to 4:00 PM RFBT Final Pre-Board Exam

93. _______ refers to those accounts and funds and sources of which originated from
and/or materially-linked to the monetary instruments or properties subject of the
freeze order or an order of inquiry:
B a. Materially-linked accounts
b. Related accounts
c. “For account of” accounts
d. “In trust for” accounts
94. Upon the AMLC’s petition after determination of probable cause, the Court of
Appeals may issue a freeze order which shall be effective immediately but not to
exceed __ days.
A a. 20
b. 60
c. 90
d. 120
95. Which of the following is one of the newest inclusion to “covered persons” under
the AMLA, as amended?

C a. Casino operators
b. Insurance companies
c. Real estate developers
d. Jewelry dealers
96. Under the Ease of Doing Business Act, the maximum working days allowed to process
complex transactions is:
B a. 3
b. 7
c. 20
d. 45
97. The time of receipt of the electronic document (ED) or electronic data message
(EDM) is upon retrieval by the addressee:
B a. When the ED/EDM enters the designated information system
b. When the ED/EDM enters an information system that is not the
designated information system
c. When there is no designated information system
d. All of the choices
98. Yoon Sae Bom asked Jung Hi-hyun to be the former’s agent in selling her land. The
authorization was made through e-mail. Jung Hi-hyun then sold the said land in
behalf of Sae Bom through a private written instrument. What is the status of the
contract of sale applying the provisions of the Civil Code and the E-Commerce
Act?
D a. Void
b. Unenforceable
c. Rescissible
d. Valid
99. The processing of this type of information is generally allowed under the Data
Privacy Act:
A a. Personal Information
b. Sensitive Personal Information
c. Privileged Information
d. All of the above
100. A photograph with a data subject’s face may be considered:
A a. Personal Information
b. Sensitive Personal Information
c. Privileged Information
d. All of the above

- END –

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