Question 1 (1 point)

Saved

In a nonstock corporation, the number of trustees may be more than 15

Question 1 options:

	True
	False

Question 2 (1 point)

Saved

One who is engaged principally in the business of registering transfers of stocks in behalf of a stock corporation

Question 2 options:

	Corporate Secretary
	Corporate Counsel
	Stock Transfer Agent
	Certified Public Accountant

Question 3 (1 point)

Saved

A competitor of the corporation has the right to inspect or to demand copies of the corporate records

Question 3 options:

	True
	False

Question 4 (1 point)

Saved

In a nonstock corporation, trustee hold office for not more than one (1) year

Question 4 options:

	True
	False

Question 5 (1 point)

Saved

A contract for acquisition of unissued stock in an existing corporation or a corporation still to be formed

Question 5 options:

	Agreement for sale of shares by an existing shareholder
	Subscription Contract
	None of the given answers
	Purchase Contract for acquisition of issued shares

Question 6 (1 point)

Saved

At dissolution of the non-stock corporation, the assets are used to firstly pay back the members of the corporation.

Question 6 options:

	True
	False

Question 7 (1 point)

Saved

The corporation shall keep the record of all business transactions in:

Question 7 options:

	In the principal office of the Corp
	The residence of the Corp President
	None of the given answers
	In all branches of the Corp

Question 8 (1 point)

Saved

A stockholder makes a written request for the recent financial statements of the corporation. The corporation shall furnish that stockholder said financial statement within how many days?

Question 8 options:

	10 days
	5 days
	30 days
	None of the Above

Question 9 (1 point)

Saved

_________ contains a record of all stocks in the names of stockholders

Question 9 options:

	Corporate Records
	General Ledger
	Resolutions
	Stock transfer book

Question 10 (1 point)

Saved

Consideration for issuance of stock may not be:

Question 10 options:

	Property
	Services to be rendered
	None of the given answers
	Cash

Question 11 (1 point)

Saved

Educational Institutions may be registered as Closed Corporations

Question 11 options:

	True
	False

Question 12 (1 point)

Saved

In a nonstock corporation, the members receive dividends from the profits obtained incidental to its operations

Question 12 options:

	True
	False

Question 13 (1 point)

Saved

In a Close Corporation, the restrictions on the right to transfer must appear in:

Question 13 options:

	The Articles of Incorporation
	The Bylaws
	The Certificate of Stock
	All of the above

Question 14 (1 point)

Saved

In a nonstock corporation, any profits that the corp may obtain should be used for the furtherance of the purpose for which it was organized

Question 14 options:

	True
	False

Question 15 (1 point)

Saved

Consideration for issuance of stock may not be:

Question 15 options:

	Property
	Cash
	None of the given answers
	Services to be rendered