25. One which commenced operation but later becomes in operative for five (5) years.

a. Stale Corporation

b. De Facto Corporation

c. Delinquent Corporation

d. Stagnant Corporation

26. The following are fraudulent practices under the Securities Regulations Code, which is the exception?

a. Market Manipulation

b. Insider Trading

c. Breach of Fiduciary Duty

d. Churning

e. Unauthorized Trading

f. Malpractice or Ineptitude

g. None of the above

h. All of the above

27. A contract providing for the making or taking delivery at a prescribed time in the future of a specific quantity and quality of a commodity or the cash value thereof, which is customarily offset prior to the delivery date, and includes standardized contracts having the indicia of commodities futures, commodity options and commodity leverage, or margin contracts.

a. Future sale

b. Option sale

c. Commodity futures contract

d. Contract of future goods

e. None of the above

28. It refers to shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instruments, whether written or electronic in character

a. Securities

b. Shares of stocks

c. Bonds

d. Investment Contracts

e. All of the above

f. None of the above

29. A person engaged in the business of buying and selling securities for the account of others.

a. Broker

b. Dealer

c. Originator

d. Associated person

e. Issuer

30. The following are qualifications of a Commissioner of the Securities and Exchange Commission (SEC), except:

a. Must be natural-born citizens of the Philippines;

b. At least thirty-five (35) years of age;

c. Of good moral character, or unquestionable integrity;

d. Of known probity and patriotism;

e. With recognized competence in social and economic disciplines:

f. None of the above