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1. Iglesia ng Dios Kay CristoJesus, Haligi at Suhay ng Katotohanan is a non-stock religious corporation registered in 1936. A group headed by Eliseo Soriano disassociated themselves from such society and succeeded in registering in March 1977, a new religious corporation named Iglesia ng Dios Kay Kristo Hesus, Haligi at Saligan ng Katotohanan. When the first corporation filed a protest with teh SEC against the use of a similar name by the second corporation, the Soriano group caused the registration in April 1980 of a new corporation named Ang Mga Kaanib sa Iglesia ng Dios Kay Kristo Hesus, H.S.K., sa Bansang Pilipinas, Inc. Can the second corporation keep its registered name against the protest of the first corporation?

a. No, since the SEC has the authority to de-register at all times corporate names to spawn confusion.

b. Yes, since the second corporation was already registered with the SEC. A vested right was created.

c. Yes, since a corporate personality was created distinct from the first corporation having different incorporators.

d. NO, since it registered another corporation under a different name to avoid confusion.

2. Francisco, a government employee, borrowed money from GSIS, secured by a mortgage on her house. Upon failure to pay the instalments due, GSIS threatened to foreclose the security. Francisco answered that she could not keep up with the installments and she submitted a proposal whereby shoe could liquidate the debt. Said proposal was rejected by the GSIS Board. However, the Corporate Secretary erroneously sent her a wire that the proposal was accepted. Subsequently, when she received summons for foreclosure, she brought action for damages. Is the Corporate Secretary's act binding upon GSIS?

a.Yes, since the Corporate Secretary is clothed with apparent authority.

b. No, since there was no Bard Resolution authorizing the Corporate Secretary to perform such act.

c. No, since the Board rejected the proposal.

d. Yes, since the Corporate Secretary is a member of the Board.

3. In the event a search warrant be issued for purposes of searching the premises of X Hospital which is owned and operated by XYZ Corporation, what ground can the latter raise to quash or cancel the search warrant?

a. XYZ Corporation, as a corporation, is entitled as a matter of Constitutional right to be free from any and all unreasonable searches and seizures.

b. XYZ Corporation, as a corporation, is entitled to invoke its constitutional right against self-incrimination.

c. XYZ Corporation cannot be guilty of a crime and cannot therefore be subject of a search warrant.

d. None, since XYZ Corporation has a separate and distinct personality from X Hospital.

4. The following cannot issue no par value shares, which is the exception?

a. banks

b. trust

c. insurance, and pre-need companies

d. public utilities

e. None of the above

5. Which of following shares is considered an exemption to the trust fund doctrine?

a. Preferred Shares

b. Redeemable Shares

c. Common Stock

d. Spurious Stock

6. Shares of stock which have been issued and fully paid for, but subsequently reacquired by the issuing corporation through purchase, redemption, donation, or some other lawful means.

a. Common Shares

b. Preferred Shares

c. Redeemable Shares

d. Founders Shares

7. A special privilege conferred by governmental authority, and which does not belong to citizens of the country generally as a matter of common right.

a. Bill of Rights

b. Franchise

c. Corporate Privilege

d. Constitutional Freedom to Engage in Business

8. A body which actually exist, for all practical purposes, as a corporate body, but which because of failure to comply with some provisions of law, has no legal right to corporate existence as against the State.

a. De Facto Corporation

b. De Jure Corporation

c. Corporation by Estoppel

d. Incomplete Corporation

9. The action that can be filed by the Solicitor General in order to question the existence of a de facto corporation.

a. Certiorari

b. Mandamus

c. Petition for Correction

d. Quo Warranto

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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