76. I. If a corporation does business in the Philippines without a license, it cannot sue before the Philippine courts.

II. If a corporation is not doing business in the Philippines, it still needs a license to sue before Philippine courts on an isolated transaction or on a cause of action entirely independent of any business transaction. A. Only I is true

B. Only II is true

C. Both are true

D. Both are false

77. It refers to any person who provides truthful information relating to the SEC or possible commission of any offense or violation under the Revised Corporation Code.

A. Whistleblower

B. Intermediary

C. Mediator

D. Conciliator

78. An independent auditor who, in collusion with the corporation's directors or representatives, certifies the corporation's financial statements despite its incompleteness or inaccuracy, its failure to give a fair and accurate presentation of the corporation's condition, or despite containing false or misleading statements, shall be punished with a fine ranging from,

A. P80,000 to P500,000

B. P20,000 to P200,000

C. P100,000 to P5,000,000

D. P200,000 to P2,000,000

79. I. A corporation that conducts its business through fraud shall be punished with a fine ranging from P200,000 to P2,000,000.

II.A corporation used for fraud, or for committing or concealing graft and corrupt practices as defined under pertinent statutes, shall be liable for a fine ranging from P100,000 to P5,000,000 A. Only I is true

B. Only Ii is true

C. Both are true

D. Both are false

80. It is one who has complied with all the membership requirements and entitled to all the rights and privileges of membership. A. Regular members

B. Associate members

C. All of the above

D. None of the above

81. It refers to a duly registered cooperative to which a Laboratory Cooperative is affiliated with. A. Guardian cooperative

B. Laboratory cooperative

C. Principal cooperative

D. Subsidiary cooperative

82. The general assembly shall have the following exclusive powers which cannot be delegated, except: A. To determine and approve amendments to the articles of cooperation and by laws.

B. To elect or appoint the members of the board of directors, and to remove them for cause.

C. To approve developmental plans of the cooperative.

D. To approve merger and consolidation.

83. It refers to the officers/individuals duly authorized by the cooperative to prepare, certify/approve the reports and in whose had the delay/failure has occurred.

A. General assembly

B. Committee members

C. Accountable officers

D. Board of trustees

84. It is a certificate issued by the CDA to the operating cooperative that have complied with the mandatory requirements.

A. Certificate of Incorporation

B. Certificate of Commendation

C. Certificate of Appreciation

D. Certificate of Compliance

85. Except one, every cooperative shall have the following documents ready and accessible to its members and representatives of the CDA for inspection during reasonable office hours at its official address: A. A copy of the Philippine Cooperative Code and all other laws pertaining to cooperatives.

B. A copy of the regulations of the SEC.

C. A copy of the articles of cooperation and by laws of the cooperative.

D. A register of members.

86. In case a cooperative is unable to fulfill its obligations to creditors due to insolvency, such cooperative may apply for such remedies as it may deem fit under the provisions of:

A. Financial Rehabilitation and Insolvency Act

B. Securities Regulation Code

C. Philippine Cooperative Code

D. Civil Code of the Philippines

87. The following are the effects of liquidation, except:

A. All debts are realized and assets are converted into cash.

B. Debts are settled in accordance with the provisions of the New Civil Code in the Preference and Concurrence of Credits or with the following claim of priorities.

C. Reserves are disposed of in accordance with the existing laws, rules and regulations, and the by-laws of the cooperative.

D. Remaining assets are returned to the board of directors.

88. It refers to the termination of the juridical personality of the cooperative through appropriate judicial proceedings, or by an order of the CDA, or through its own initiative.

A. Dissolution B. Liquidation

C. Termination

D. None of the above

89. I. The dissolution of a cooperative may either be voluntary or involuntary.

II. Dissolution is voluntary if it is initiated through the voluntary decision of the members of cooperatives. A. Only I is true

B. Only II is true

C. Both are true

D. Both are false

90. Cooperative may derive their capital from any or all of the following sources, except:

A.Member's share capital

B. Loans and borrowings including deposits

C. Revolving capital which consists of the deferred payment of patronage refunds, or interest on share capital D. Issued shares of stock

91. A cooperative may not invest its capital in one of the following: A. In shares or debentures or securities of any other cooperative.

B. In any reputable bank in the locality, or any cooperative.

C. In securities issued or guaranteed by the Government.

D. None of the above.

92. AN independent CPA accredited by the CDA, whose relationship to the client is to express an opinion on the financial statements.

A. Cooperative Internal Auditor

B. Cooperative External Auditor

C. Cooperative Inspector

D. Cooperative Examiner

93. I. The auditor shall submit to the board of directors and to the audit committee the financial audit report.II. The auditor is not liable to any person in an action for defamation based on any act, done, or any statement made by him in good faith in connection with any matter he is authorized or required to do. A. Only I is true

B. Only II is true

C. Both are true

D. Both are false

94. I. A member shall have the right to examine the records required to be kept by the cooperative.

II. Every cooperative shall, at its principal office, keep and carefully preserve the records required by the Philippine Cooperative Code to be prepared and maintained.

A. Only I is true

B. Only II is true

C. Both are true

D. Both are false

95. One if not correct. The net surplus of every cooperative shall be distributed as follows: A. An amount for the reserve fund which shall be at least 10% of net surplus.

B. An amount for the education and training fund, shall not be more than 10% of the net surplus.

C. An amount for the community development fund, which shall not be less than 7% of the net surplus.

D. An optional fund, a land and building, and any other necessary fund the total of which shall not exceed 7%.

96. I. Every cooperative shall determine its net surplus at the close of every fiscal year and at such other times as may be prescribed by the bylaws.

II. The net surplus shall be construed as profit.

A. Only I is true

B. Only II is true

C. Both are true

D. Both are false

97. A cooperative organized tor ender public services as authorized under a franchise or certificate of public convenience and necessity duly issued by the appropriate government agency.

A. Producers cooperative

B. Public service cooperative

C. Workers cooperative

D. Financial services cooperative

98. The CDA shall exercise lead regulatory powers and supervision over the operations of the financial service cooperatives, thus, it can:

A.Issue rules and regulations for the safe and sound conduct of operations of financial service cooperatives.

B. Establish standards of operation for uniform application to all financial service cooperatives.

C. Prescribe ratios, ceilings, limitations, or other forms of regulation cooperatives which shall, conform to internationally accepted standards. D. All of the above.

99. I. Existing cooperatives may organize themselves into a cooperative insurance entity for the purpose of engaging in the business of insuring life and property of cooperatives and their members.

II. The provisions of the Insurance Code and all other laws and regulations relative to the organization and operation of an insurance company shall apply to cooperative insurance entities organized under the Philippine Cooperative Code.

A.Only I is true

B. Only II is true

C. Both are true D. Both are false.

100. I. Disputes among members, officers, directors and committee members, and intra-cooperative, intercooperative, intra-federation of inter-federation disputes shall, as far as practicable, be settled amicably in accordance with the conciliation or mediation mechanisms embodied in the by-laws of cooperatives.

II. The conciliation and mediation committee of the cooperative shall facilitate the amicable settlement of intra-cooperative disputes and disputes among members, officers, directors, and committee members. A. Only I is true

B. Only II is true

C. Both are true

D. Both are false