SECTION 1

The present Revised Corporation Code that took effect on February 23,2019 is also known as?
A. R.A. NO 11232-
B. R.A. NO 11111
C. R.A. NO 12222
D. R.A. NO 13333

SECTION 2
It is an artificial being created by operation of law, having the right of succession and the powers,
attributes, and properties expressly authorized by law or incidental to its existence.
A. SOLE PROPRIETORSHIP
B. PARTNERSHIP
C. CORPORATION-
D. COOPERATIVE

SECTION 3
It is a kind of corporation which have capital stock divided into shares and are authorized to distribute to
the holders of such shares dividends or allotments of the surplus profits on the basis of the shares held
are stock corporations.
A. STOCK CORPORATION-
B. PRIVATE CORPORATION
C. DE JURE CORPORATION
D. NON-STOCK CORPORATION

SECTION 4
Corporations created by special laws or charters shall be governed primarily by the provisions of what?
A. LAW OF THE LAND
B. SPECIAL LAW-
C. LEGAL LAW
D. CRIMINAL LAW

SECTION 5
These are persons who have agreed to take and pay for original, unissued shares of a corporation
formed or to be formed.
A. CORPORATORS
B. STOCKHOLDERS
C. PROMOTERS
D. SUBSCRIBERS-

SECTION 6
A class of stock entitling the holder to vote on corporate matters, to receive dividends after other claims
and dividends have been paid, and to share in assets upon liquidation.
A. COMMON STOCK-
B. PREFERRED STOCK
C. REDEEMABLE STOCKS
D. PAR VALUE STOCKS

SECTION 7
The exclusive right to vote and be voted for in the election of directors, if granted, it must be for a
limited period not to exceed how many years from the date of incorporation?
A. 3 YEARS
B. 4 YEARS
C. 5 YEARS-
D. 6 YEARS

SECTION 8
The following are the limitations on redeemable shares, except
A. IT MUST BE EXPRESSLY PROVIDED IN THE ARTICLES OF INCORPORATION
B. THE TERMS AND CONDITIONS AFFECTING SAID SHARES MUST BE STATED BOTH IN THE ARTICLES OF
INCORPORATION AND IN THE CERTIFICATE OF STOCK
C. IT MAY BE DEPRIVED OF VOTING RIGHTS IN THE ARTICLES OF INCORPORATION
D. REDEMPTION CAN BE MADE IF IT WILL CAUSE INSOLVENCY OF THE CORPORATION-

SECTION 9
These are stocks issued for a consideration less than the par or issued price thereof or in any other form
other than cash valued in excess of its fair value.
A. TREASURY STOCKS
B. WATERED STOCKS-
C. PAR VALUE STOCKS
D. NO-PAR VALUE STOCKS

TITLE II
SECTION 10
This includes activities done by promoter for the founding and organizing of the business or enterprise
of the issuer.
A. FORMATION
B. INCORPORATION
C. PROMOTION-
D. ADMISSION

SECTION 11
Unless its articles of incorporation provides otherwise, a corporation shall exist in what manner?
A. PERIODIC
B. PERPETUAL-
C. LIMITED
D. UNLIMITED

SECTION 12
Except as otherwise specifically provided by special law, stock corporations shall not be required to have
this kind of stock.
A. AUTHORIZED CAPITAL STOCK
B. UNAUTHORIZED CAPITAL STOCK
C. MAXIMUM CAPITAL STOCK
D. MINIMUM CAPITAL STOCK-

SECTION 13
In accordance with the Commission’s rules and regulations, the articles of incorporation and
applications for amendments thereto may be filed with the Commission in the form of?
A. HARD COPY
B. PUBLIC INSTRUMENT
C. WRITTEN DOCUMENT
D. ELECTRONIC DOCUMENT-

SECTION 14
The following are the three-fold nature of the articles of incorporation, except
A. A CONTRACT BETWEEN THE STATE AND THE CORPORATION
B. A CONTRACT BETWEEN THE INCORPORATORS AND STOCKHOLDERS-
C. A CONTRACT BETWEEN THE CORPORATION AND ITS STOCKHOLDERS
D. A CONTRACT BETWEEN THE STOCKHOLDERS INTER SE

SECTION 15
The amendment of Articles of Incorporation must be accompanied by favorable recommendation of
which appropriate government agency.
A. Pawnshops-
B. Loan institutions
C. Law firm
D. Court

SECTION 16
It is one of the grounds when Articles of Incorporation or Amendment may be disapproved.
A. THE ARTICLES OF INCORPORATION OR ANY AMENDMENT THERETO IS NOT SUBSTANTIALLY IN
ACCORDANCE WITH THE SUBSTANCE PRESCRIBED-
B. THE PURPOSE OR PURPOSES OF THE CORPORATION ARE PATENTLY UNCONSTITUTIONAL, ILLEGAL,
IMMORAL OR CONTRARY TO GOVERNMENT RULES AND REGULATIONS
C. THE CERTIFICATION CONCERNING THE AMOUNT OF CAPITAL STOCK SUBSCRIBED AND/OR PAID IS
FALSE
D. THE REQUIRED PERCENTAGE OF FILIPINO OWNERSHIP OF THE CAPITAL STOCK UNDER EXISTING LAWS
OR THE CONSTITUTION HAS NOT BEEN COMPLIED WITH

SECTION 17
It shall not be allowed by the Commission if it is not distinguishable from the already reserved for use of
another corporation.
A. TERMS OF INCORPORATION
B. CORPORATE NAME-
C. AGREEMENT OF INCORPORATION
D. ARTICLES OF INCORPORATION

SECTION 18
It is the certificate of incorporation that gives juridical personality to a corporation and places it under
the jurisdiction of?
A. DEPARTMENT OF TRADE AND INDUSTRY
B. DEPARTMENT OF FINANCE
C. SECURITIES AND EXCHANGE COMMISSION-
D. BANGKO SENTRAL NG PILIPINAS
SECTION 19
The filing of articles of incorporation and the issuance of the certificate of incorporation are essential for
the existence of this kind of corporation.
A. STOCK CORPORATION
B. DE FACTO CORPORATION -
C. DE JURE CORPORATION
D. CORPORATION BY ESTOPPEL

SECTION 20
It is a principle intended to avoid a clear case of injustice and whose term is hardly distinguishable from
a waiver of right.
A. DOCTRINE OF DE FACTO
B. DOCTRINE OF ESTOPPEL-
C. DOCTRINE OF DE JURE
D. DOCTRINE OF INCORPORATION

SECTION 21
A corporation’s certificate of incorporation shall be deemed revoked if it does not formally organize and
commence its business on what period?
A. END OF THE FIVE YEAR PERIOD
B. BEYOND FIVE YEARS FROM THE DATE OF OPERATION
C. START OF INCORPORATION
D. WITHIN FIVE YEARS FROM THE DATE OF ITS INCORPORATION-

TITLE III
SECTION 22
They execute the policies laid down by the board, but in practice often have wide latitude in
determining the course of business operations.
A. MANAGERS
B. STOCKHOLDERS
C. OFFICERS-
D. EMPLOYEES

SECTION 23
The following are some of the requirements for the election of directors/ trustees, except
A. IN STOCK CORPORATIONS, THE TOTAL NUMBER OF VOTES CASH SHALL EXCEED THE NUMBER OF
SHARES OWNED BY THE STOCKHOLDER AS SHOWN IN THE BOOKS OF THE CORPORATION MULTIPLIED
BY THE WHOLE NUMBER OF DIRECTORS TO BE ELECTED-
B. THE ELECTION MUST BE BY BALLOT, IF REQUESTED BY ANY VOTING STOCKHOLDER OR MEMBER
C. NOMINEES FOR DIRECTORS OR TRUSTEES RECEIVING THE HIGHEST NUMBER OF VOTES SHALL BE
DECLARED ELECTED
D. WHEN SO AUTHORIZED IN THE BYLAWS OR BY A MAJORITY OF THE BOARD OF DIRECTORS, THE
STOCKHOLDERS OR MEMBERS MAY ALSO VOTE THROUGH REMOTE COMMUNICATION OR IN ABSENTIA

SECTION 24
Majority of a quorom means?
A. FIFTY PERCENT ONLY
B. FIFTY PERCENT PLUS ONE-
C. FIFTY PERCENT PLUS ONE HALF
D. FIFTY PERCENT PLUS ONE STOCK

SECTION 25
The report of the non-holding of elections shall specify a new date for the election which shall not be
later than?
A. 30 DAYS FROM THE DATE OF THE SCHEDULED ELECTION
B. 30 DAYS FROM THE DATE OF INCORPORATION
C. 60 DAYS FROM THE DATE OF INCORPORATION
D. 60 DAYS FROM THE SCHEDULED DATE-

SECTION 26
If within 5 years prior to the election or appointment as such, the Directors, Trustees or Officers were
found administratively liable for any offense involving fraudulent acts, they are considered?
A. QUALIFIED
B. DISQUALIFIED-
C. LIABLE
D. NOT LIABLE

SECTION 27
The power to remove directors or trustees belongs to the?
A. GOVERNMENT
B. CLIENT
C. CEO
D. STOCKHOLDER-

SECTION 28
It shall take place no later than 45 days from the time the vacancy arises.
A. NOMINATION
B. ELECTION-
C. READMISSION
D. REASSIGNMENT

SECTION 29
They shall not participate in the determination of their own per diems or compensation.
A. DIRECTORS OR STOCKHOLDERS
B. GOVERNMENT OR INCORPORATORS
C. INCORPORATORS OR DIRECTORS
D. TRUSTEES OR DIRECTORS-

SECTION 30
Questions of policy or of management are left solely to the honest decision of whom as a business
manager or the corporation.
A. BOARD-
B. MANAGING STOCKHOLDER
C. PRESIDENT
D. INCORPORATOR
SECTION 31
A contract of the corporation with directors or trustees or officers may be ratified by the vote of the
stockholders representing at least what portion of the outstanding capital stock?
A. ONE-THIRDS
B. TWO-THIRDS-
C. ONE-HALF
D. THREE-FOURTH

SECTION 32
These are the members of the board of directors in a certain corporation who are also directors in
another corporation.
A. INTERIM DIRECTORS
B. INDEPENDENT DIRECTORS
C. EXTERNAL DIRECTORS
D. INTERLOCKING DIRECTORS-

SECTION 33
By virtue of his office, acquires for himself a business opportunity which should belong to the
corporation, thereby obtaining profits to the prejudice of such corporation, he must account to the
latter for all such profits by refunding the same.
A. DIRECTOR-
B. CHAIRMAN
C. SPOKESPERSON
D. CORPORATOR

SECTION 34
The following are the limitations on the powers of the executive committee, except
A. APPROVAL OF ANY ACTION FOR WHICH SHAREHOLDER’S APPROVAL IS NOT NECESSARY -
B. FILING OF VACANCIES IN THE BOARD
C. AMENDMENT OR REPEAL OF BY-LAWS OR THE ADOPTION OF NEW BY-LAWS
D. DISTRIBUTION OF CASH DIVIDENDS TO THE SHAREHOLDERS

SECTION 35
This kind of corporation shall not give donations in aid of any political party or candidate or for purposes
of partisan political activity.
A. NON-STOCK CORPORATION
B. STOCK CORPORATION
C. FOREIGN CORPORATION -
D. DOMESTIC CORPORATION

SECTION 36
In case of shortening or extension of corporate term, any dissenting stockholder may exercise which
right?
A. APPRAISAL RIGHT-
B. RIGHT OF SHARE
C. RIGHT OF RETURN
D. REFUND
SECTION 37
This kind of corporation may incur, create or increase bonded indebtness when approved by a majority
of the board of trustees and of at least two-thirds of the members in a meeting duly called for the
purpose.
A. STOCK CORPORATION
B. NON-STOCK CORPORATION-
C. PRIVATE CORPORATION
D. PUBLIC CORPORATION

SECTION 38
All stockholders of a stock corporation shall enjoy preemptive right to subscribe to all issues or
disposition of shares of any class in proportion to their respective?
A. NET ASSETS
B. SHAREHOLDINGS-
C. POSITION
D. SERVICE

SECTION 39
In this kind of corporation, no members have voting rights.
A. PRIVATE CORPORATION
B. STOCK CORPORATION
C. PUBLIC CORPORATION
D. NON-STOCK CORPORATION-

SECTION 40
The following are the instances when a corporation may acquire its own shares, except
A. TO ELIMINATE FRACTIONAL SHARES ARISING OUT OF STOCK DIVIDENDS
B. TO ACQUIRE TREASURY SHARES
C. REDEEMABLE SHARES REGARDLESS OF EXISTENCE OF SHAREHOLDER’S EQUITY-
D. TO EFFECT A DECREASE OF CAPITAL STOCK

SECTION 41
It includes any corporate property to be used in furtherance of business.
A. SHARES
B. CONTRIBUTIONS
C. FUNDS-
D. MONEY

SECTION 42
These are the accumulated earnings which have not been reserved or set aside by the board of directors
for some corporate purpose.
A. RETAINED EARNINGS
B. UNRESTRICED RETAINED EARNINGS-
C. PROFITS
D. FUNDS

SECTION 43
It is an agreement whereby a corporation delegates the management of its affairs to another
corporation for a certain period of time.
A. Incorporation contract
B. Management contract-
C. Stockholder contract
D. Corporate contract

SECTION 44
It refers to an act outside or beyond corporate powers, including those that may ostensibly be within
such powers but are, by general or special laws, prohibited or declared illegal.
A. INTER VIVOS
B. INTER VIRES
C. ULTRA VIVOS
D. ULTRA VIRES-

TITLE V
SECTION 45
It may be necessary for the “government” of the corporation but there are subordinate to the articles of
incorporation as well as to the Corporation code and related statutes.
A. CHARTER
B. STATUTORY PROVISIONS
C. ARTICLES OF INCORPORATION
D. BY-LAWS-

SECTION 46
A private corporation may provide the following in its bylaws, except
A. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING REGULAR OR SPECIAL MEETINGS OF
THE DIRECTORS OR TRUSTEES
B. THE MODES BY WHICH A STOCKHOLDER, MEMBER, DIRECTOR, OR TRUSTEE MAY ATTEND MEETINGS
OF VOTING
C. THE PENALTIES FOR NON-VIOLATION OF THE BYLAWS-
D. IN THE CASE OF STOCK CORPORATIONS, THE MANNER OF ISSUING STOCK CERTIFICATES

SECTION 47
In the binding effects of the by-laws, they are not bound unless they have knowledge of the by-laws.
A. INVESTORS
B. STOCKHOLDERS
C. THIRD PERSONS-
D. BOARD OF DIRECTORS

TITLE VI
SECTION 48
Meetings of directors, trustees, stockholders, or members may be?
A. REGULAR OR SPECIAL-
B. REGULAR AND SPECIAL
C. ACCORDING TO AGREEMENT
D. ACCORDING TO URGENCY
SECTION 49
The following are the requirements for stockholder’s or member’s meetings, except
A. IT MUST BE HELD AT THE PROPER PLACE
B. IT MUST BE CALLED BY THE PROPER PERSON
C. IN THE PRESENCE OF THE PROVISION IN THE BY-LAWS, IT MAY BE CALLED BY A DIRECTOR OR TRUSTEE
OR BY AN OFFICER ENTRUSTED WITH THE MANAGEMENT OF THE CORPORATION -
D. THERE MUST BE A PREVIOUS NOTICE

SECTION 50
At least how many days should a written notice of any meeting be sent to all stockholders or members?
A. 3-4 DAYS
B. 4-6 DAYS
C. ONE WEEK-
D. TWO WEEKS

SECTION 51
It is the total shares of stock issued under binding subscription contracts to subscribers or stockholders,
whether fully or partially paid, except treasury shares.
A. CAPITAL STOCK
B. OUTSTANDING CAPITAL STOCK-
C. PAID-IN CAPITAL STOCK
D. RETAINED EARNINGS

SECTION 52
Unless the bylaws provide otherwise, regular meetings of the board of directors or trustees of every
corporation shall be held how often?
A. WEEKLY
B. QUARTERLY
C. MONTHLY-
D. ANNUALLY

SECTION 53
In the absence of the chairman, he shall preside at all meetings of the directors or trustees as well as of
the stockholders or members.
A. PRESIDENT-
B. CEO
C. SECRETARY
D. INCORPORATOR

SECTION 54
He may grant security interest in his shares in stock corporation.
A. STOCKHOLDER-
B. INVESTOR
C. DIRECTOR
D. PRESIDENT

SECTION 55
When the shares are owned in an “and/or” capacity by the holders thereof, any one of the joint owners
can vote said shares or therefore appoint a?
A. RELATIVE
B. GUARANTOR
C. REPRESENTATIVE
D. PROXY-

SECTION 56
This kind of share shall not have voting rights as long as such shares remain in the treasury.
A. PREFERRED SHARES
B. OUTSTANDING SHARES
C. TREASURY SHARES-
D. REDEEMABLE SHARES

SECTION 57
It is a purpose of proxy.
A. FOR INCONVENIENCE
B. IT ASSURES THE ABSENCE OF A QUOROM-
C. IT ENABLES THOSE WHO DO NOT WISH TO ATTEND THE MEETING TO PROTECT THEIR INTEREST
D. IT SECURES VOTING CONTROL

SECTION 58
Its purpose is to confer upon a trustee or trustees the right to vote and other rights pertaining to the
shares for a period not exceeding 5 years at any time.
A. PREEMPTIVE RIGHT
B. VOTING TRUST-
C. BONDED INDEBTNESS
D. APPRAISAL RIGHT

SECTION 59
It is any contract for the acquisition of unissued stock in an existing corporation or a corporation still to
be formed shall be deemed a subscription notwithstanding the fact that the parties refer to it as a
purchase or some other contract.
A. SUBSCRIPTION CONTRACT-
B. CONTRACT OF INCORPORATION
C. MANAGEMENT CONTRACT
D. STOCKHOLDER CONTRACT

SECTION 60
A kind of subscription entered into after the incorporation for the acquisition of unissued stock.
A. PRE-INCORPORATION SUBSCRIPTION
B. POST- INCORPORATION SUBSCRIPTION -
C. PRE- TERMINATION SUBSCRIPTION
D. POST- TERMINATION SUBSCRIPTION

SECTION 61
Financial instruments such as notes, shares of stocks and bonds may be legally accepted as capital
contribution and may also be
classified as?
A. PERSONAL PROPERTY-
B. CURRENT ASSET
C. DONATION
D. ENTITY ASSET

SECTION 62
It is any act by which property of one person is vested in another.
A. SUCCESSION
B. DONATION
C. SHARE
D. TRANSFER-

SECTION 63
It shall not be issued to a subscriber until the full amount of the subscription together with interest and
expenses has been paid.
A. CERTIFICATE OF COMPLETION
B. CERTIFICATE OF STOCK-
C. CERTIFICATE OF PARTICIPATION
D. CERTIFICATE OF APPRECIATION

SECTION 64
In what manner are corporate directors and officers liable with the corporation for the termination of
employment of employees done with malice or in bad faith.
A. SOLIDARITY
B. SEPARATELY
C. SOLIDARILY-
D. JOINTLY

SECTION 65
If no rate of interest is fixed in the subscription contract, what shall apply?
A. PREVAILING PRIVATE RATE
B. PREVAILING MARKET RATE
C. PREVAILING CONVENTIONAL RATE
D. PREVAILING LEGAL RATE-

SECTION 66
SECTION 67
A bidder who offers to pay the full amount of the balance on the subscription together with accrued
interest, costs if advertisement and expenses of sale, for the smallest number of shares or fraction of a
share.
A. FIRST BIDDER
B. HIGHEST BIDDER-
C. LAST BIDDER
D. FINAL BIDDER

SECTION 68
When sale may be questioned, no action shall be maintained unless a complaint is filed within how
many months from the date of sale?
A. 1 MONTH
B. 3 MONTHS
C. 5 MONTHS
D. 6 MONTHS-

SECTION 69
SECTION 70
The holder of such stock is not included in the determination of quorom because he is not entitled to
vote; however, he is entitled to his right to dividends.
A. DELINQUENT STOCKS-
B. WATERED STOCKS
C. PAR VALUE STOCKS
D. OUTSTANDING STOCKS

SECTION 71
Holders of subscribed shares not fully paid which are not delinquent shall have all the rights of a?
A. DIRECTOR
B. PRESIDENT
C. INVESTOR
D. STOCKHOLDER-

SECTION 72
The following are the propriety rights of a stockholder, except
A. TO TRANSFER STOCK IN THE CORPORATE BOOK
B. TO PRE-EMPTION IN THE ISSUE OF SHARES
C. TO APPROVE CERTAIN CORPORATE ACTS-
D. TO PARTICIPATE IN THE DISTRIBUTION OF CORPORATE ASSETS UPON DISSOLUTION

TITLE VIII
SECTION 73
Regardless of the form in which they are stored, shall be open to inspection by any director, trustee,
stockholder or member of the corporation.
A. CORPORATE RECORDS-
B. INCOME STATEMENT
C. ARTICLES OF INCORPORATION
D. CERTIFICATE OF STOCK

SECTION 74
All the books and records of the corporation must be kept at the?
A. VENUE OF INCORPORATION
B. PRINCIPAL OFFICE OF THE CORPORATION-
C. HOUSE OF THE BOARD OF DIRECTOR
D. PLANT EXTENSION