Question 21

1pts

These do not form part of the outstanding capital stock: (Phil CPA, 92-2; 96-1)

Group of answer choices

Redeemable Shares

Treasury Shares

Bonus Shares

Founder's Shares

Flag this Question

Question 22

1pts

A corporation is a legal or juridical person with a personality separate and apart from its individual stockholders or members and from any other legal entities to which it may be connected.

Group of answer choices

Doctrine of Limited capacity

Doctrine of Piercing the Veil of Corporate Entity

Doctrine of Corporate Entity

Doctrine of Limited Liability

Flag this Question

Question 23

1pts

The following are some of the requisites of a de facto corporation. Choose the exception: (Phil CPA, 86-2; 87-2-M)

Group of answer choices

Assumption of corporate power

Valid law under which it is incorporated.

Attempt to incorporate

No certificate of registration

Flag this Question

Question 24

1pts

The corporation's separate juridical personality may be disregarded when the corporate identity is used to defeat public convenience, justify wrong, protect fraud, or defend crime.

Group of answer choices

Doctrine of Corporate Entity

Doctrine of Piercing the Veil of Corporate Entity

Doctrine of Limited Liability

Doctrine of Limited capacity

Flag this Question

Question 25

1pts

Corporations governed by special laws have to submit a recommendation from the appropriate government agency to the effect that such articles are in accordance with law. These include the following, except:

Group of answer choices

Preneed companies

banks, banking and quasi-banking institutions,

pawnshops

insurance companies

telecommunication companies

Flag this Question

Question 26

1pts

The following constitutional guarantees are applicable to corporations, except:

i. right against unreasonable searches and seizure

ii. due process clause

iii. right against self-incrimination

iv. freedom to travel

Group of answer choices

i, ii, iii, iv

iii, and iv

i and iv

iv only

Flag this Question

Question 27

1pts

The Catholic Church of the Philippines may be regarded as an example of:

a. Stock corporation

b. Corporation sole

c. Corporation by prescription

Group of answer choices

Both of a and c

a, b, and c

Both of a and b

Both of b and c

Flag this Question

Question 28

1pts

The amendment of the Articles of Incorporation shall take effect upon their approval by the Commission or from the date of filing with the said Commission if not acted upon within ____________from the date of filing for a cause not attributable to the corporation.

Group of answer choices

twelve (12) months

three (3) months

one (1) month

six (6) months

Flag this Question

Question 29

1pts

X Corp. operates a call center that received orders for pizzas on behalf of Y Corp. which operates a chain of pizza restaurants. The two companies have the same set of corporate officers. After 2 years, X Corp. dismissed its call agents for no apparent reason. The agents filed a collective suit for illegal dismissal against both X Corp. and Y Corp. based on the doctrine of piercing the veil of corporate fiction. The latter set up the defense that the agents are in the employ of X Corp. which is a separate juridical entity. Is this defense appropriate?

Group of answer choices

No, the real employer is Y Corp., the pizza company, with X Corp. serving as an arm for receiving its outside orders for pizzas.

Yes, it is not shown that one company completely dominates the finances, policies, and business practices of the other.

No, since the doctrine would apply, the two companies having the same set of corporate officers.

Yes, since the two companies perform two distinct businesses.

Flag this Question

Question 30

1pts

A corporation, the sole purpose of which is to invest its capital in a specific property and afterwards consume that property or extract its value at a profit is called:

Group of answer choices

Open corporation

Quasi corporation

Wasting asset corporation

Eleemosynary corporation