1. The following are the attributes of a corporation, except*

1 point

A. It is an artificial being.

B. It is created as a product of the agreement of the incorporators.

C.It can enjoy perpetual existence.

D. It is functions within the limits granted to it by law.

2. The following corporations are governed by the Revised Corporation Code, except:*

1 point

A. Stock corporation

B. Close corporation

C. Public corporation

D. Government-owned and controlled corporations

3. In applying the doctrine of piercing the veil of corporate fiction, the following factors may be considered, except:*

1 point

A. The identity of controlling stockholders in two corporations

B. The identity of those who compose the governing body of the subject corporations

Option C.The identity of the stockholders3

D. The internal control system referring to the manner of keeping corporate books and records

4. These are corporations which have accepted from the State the grant of franchise or contract involving the performance of public duties even as they are created for generation of income.*

1 point

A. government-owned and controlled corporations

B. quasi-public corporations

C.de jure corporations

D.de facto corporations

5. The validity of the existence of a corporation can be inquired into by the this specific government agency.*

1 point

A. Securities and Exchange Commission

B.Department of Trade and Industry

C.Office of the Solicitor General

D. Banko Central ng Pilipinas

6. I. In non-stock corporations, the right to vote is not dependent membership. II. Members vote consistent with what is provided by law and the bylaws of the corporation.*

1 point

A.Only I is true.

B.Only II is true.

C.Both statement are false.

D. Both statement are true.

7. They refer to a class of stocks that enjoy privileges including but not limited to the distribution of dividends.*

1 point

A.common stock

B.preferred stock

C.treasury stock

D. watered stock

8. Carla, Maisie, Reese, Izo and Jae wanted to incorporate a non-stock corporation. They helped each other prepare the needed documents but still they overlooked indicating in the articles of incorporation the contribution of each of the pioneering members. Nonetheless, the Securities and Exchange issued a Certificate of Incorporation for which reason they started organize and do business already. What kind of corporation is created?*

1 point

A.de jure corporation

B.corporation by estoppel

C.general partnership

D.de facto corporation

9. Based on the facts in Number 8, in an instance when the corporation fails to comply with its obligations in favor of Macon for which reason Macon will seek redress to the courts for enforcement of her rights, what of the following defenses cannot be raised by the said corporation?*

1 point

A. The obligation in favor of Macon has already been paid.

B. Macon knew of the fact that we are not capacitated to comply with our obligation when it will fall due.

C. The corporation cannot be made liable as it has been incorporated irregularly.

D.The Securities and Exchange Commission should intervene because paying Macon could require the corporation to dissolve.

10. Based on the same facts in No. 8, in instance when Charles owes the corporation an obligations which Charles was not able to perform, should the corporation sue, what of the following defenses cannot be raised by Charles?*

1 point

A. The contract I entered into with the corporation is not valid because the director/trustee or corporate officer who represented the corporation was not authorized.

B. The corporation having been irregularly created cannot sue.

C. The obligation is not yet due because to demand from the corporation has been made just yet.

D. The corporation filed the case without conferring authority on the corporate officer to represent them in court.11.