Quizzer

Question 1

1. What is the nature of proceedings under the Financial Rehabilitation and Insolvency Act
   (FRIA) as described?
   a. In Personam, requiring direct notice to all creditors.
   b. In Rem, with jurisdiction acquired through publication.
   c. Criminal proceedings, focusing on debtor misconduct.
   d. Arbitration, requiring mutual agreement among parties
2. Who is considered an “individual debtor” under the Financial Rehabilitation and Insolvency
   Act (FRIA)?
   a. Any natural person, regardless of residency or citizenship, has become insolvent.
   b. A corporation that has filed for bankruptcy.
   c. A natural person who is a resident and citizen of the Philippines and has become
   insolvent.
   d. A foreign national residing in the Philippines temporarily.
3. Which of the following is an essential requisite for the creation of a pledge or mortgage?
   a. The debtor must be in default, the property must be movable, and the creditor must agree.
   b. The property must be owned by a third party, the obligation must be conditional, and the
   contract must be notarized.
   c. The obligation must be valid, the pledgor/mortgagor must be the owner or legally
   authorized, and free disposal of the property is required.
   d. The property must be immovable, the obligation must be monetary, and the contract must
   be registered.
4. What happens to the thing pledged or mortgaged property when the principal obligation is
   due and remains unpaid?
   a. The creditor can automatically appropriate the thing pledged or mortgaged property.
   b. The creditor must return the thing pledged or mortgaged property to the debtor.
   c. The thing pledged or mortgaged property may be alienated.
   d. The contract of pledge or mortgage is automatically terminated.
5. Rafael enters a contract with Miguel to sell him the entire mango harvest from his farm for
   P50,000. The contract is made in January, and the harvest is expected in June. Unfortunately,
   in May, a severe typhoon destroyed all the mango trees on Rafael’s farm, resulting in no
   harvest. In this case –
   a. Rafael is obligated to deliver the mangoes or pay damages to Miguel for non-fulfilment
   of the obligation.
   b. Rafael can substitute the mangoes with another fruit on his farm to fulfill the obligation.
   c. The contract is valid.
   d. The contract is void.

Answer 1

1. B
2. C
3. C
4. C
5. D

Question 2

6. Lucas verbally authorizes his friend Ethan to sell a piece of land he owns in Pangasinan.
   Ethan finds a buyer, Julian, and they agree on a sale price of 1 million pesos and the sale was
   made through a public instrument. Decide.
   a. The sale is voidable because the authority given by Lucas to Ethan was not in writing.
   b. The sale is perfectly valid because sale of land must be in writing as required in the
   statute of fraud.
   c. The sale is valid because the sale was made through a public instrument.
   d. The sale is void.
7. Incorporeal property may be delivered by –
   a. Mere pointing
   b. Execution of public instrument
   c. Symbolic delivery
   d. Cannot be delivered because it has no physical manifestation
8. What is the primary objective of R.A. no. 1405?
   a. To encourage people to invest in the stock market.
   b. To give encouragement to people to deposit their money in banking institutions.
   c. To increase the number of banking institutions in the country.
   d. To reduce the interest rates on loans.
9. A bank employee shares deposit information with a government agency without a court
   order or written request from the customer. What has the bank employee done?
   a. Complied with anti-money laundering regulations
   b. Protected the bank’s interests
   c. Assisted in a legitimate investigation
   d. Violated the confidentiality rule under R.A no. 1405.
10. What is the new Maximum Deposit Insurance Coverage (MDIC) per depositor, per bank,
    effective March 15, 2025?
    a. ₱500,000
    b. ₱1,000,000
    c. ₱2,000,000
    d. ₱5,000,000

Answer 2

6. D
7. B
8. B
9. D
10. B

Question 2

11. What are the functions of the Philippine Deposit Insurance Corporation (PDIC)?
    a. Deposit insurer, co-regulator of banks, and receiver/liquidator of closed banks
    b. Lender of last resort, bank regulator, and financial advisor
    c. Investment banker, financial analyst, and auditor
    d. Bank supervisor, monetary policy maker, and financial market regulator
12. According to the Per Depositor or Per Capacity Rule, how are deposits treated for insurance
    purposes?
    a. Each account is insured separately, regardless of ownership
    b. Deposits in the same right and capacity are aggregated and insured up to the maximum
    limit
    c. Only deposits in the depositor’s own name are insured
    d. Deposits are insured based on the type of account
13. What is the primary characteristic of the “Layering” stage in money laundering?
    a. Introducing dirty money into a financial institution
    b. Investing laundered money in legitimate businesses
    c. Using laundered money for personal expenses
    d. Moving funds through multiple transactions to disguise their origin
14. Which of the following is considered an unlawful activity under the Anti-Money Laundering
    Act (AMLA)?
    a. Tax avoidance
    b. Kidnapping for ransom
    c. Insider trading
    d. Environmental pollution
15. A bank employee files a suspicious transaction report (STR) on a customer’s account,
    believing in good faith that it may be related to money laundering. Later, it’s discovered that
    the transaction was legitimate, and no wrongdoing occurred. In this case,
    a. The bank employee is protected from administrative, criminal, or civil proceedings.
    b. The bank employee can be sued by the customer for damages.
    c. The bank employee must reveal the customer’s identity to the authorities
    d. The bank employee’s report is considered a breach of confidentiality.

Answer 2

11. A
12. B
13. D
14. B
15. A

Question 3

21. Statue of frauds is applicable only in
    a. Executed contract.
    b. Executory contract
    c. Executed and executory contract
    d. Executed or executory contract
22. Which of the following is a real contract?
    a. Loan contracts
    b. To make a deposit
    c. To make a pledge
    d. Commodatum to lend a car
23. Juan has a contract with Maria to buy goods exclusively from her. Pedro, a competitor of
    Maria, convinces Juan to buy goods from him instead. Who is liable for damages to Maria?
    a. Juan, for breaching the contract
    b. Maria, for failing to deliver goods
    c. Pedro, for inducing Juan to breach the contract
    d. Both Juan and Pedro
24. Which of the following individuals cannot give valid consent to a contract of sale?
    a. Minor
    b. An insane person
    c. A deaf-mute
    d. Civilly interdicted
25. Ana, who has a history of mental illness, enters into a contract with Ben during a period
    when her doctor confirms she is mentally competent. Later, Ana’s mental health deteriorates
    again. Is the contract valid?
    a. No, because Ana has a history of mental illness
    b. Yes, because Ana was in a lucid interval when she entered the contract
    c. No, because Ben took advantage of Ana’s condition
    d. Yes, because Ana’s doctor approved the contract

Answer 3

21. B
22. A
23. D
24. C
25. B

Question 3

16. A real estate developer receives a cash payment of ₱8,000,000 from a buyer for a property.
    What should the real estate developer do?
    a. Report the transaction as it’s a normal business practice
    b. File a covered transaction report (CTR) since the amount exceeds the threshold
    c. Refuse the cash payment and ask for a check instead
    d. Disclose the transaction to the buyer
17. A furniture store regularly offers installment plans to its customers, charging interest on the
    outstanding balance. Is the furniture store subject to the Truth in Lending Act?
    a. No, because it’s a retail store.
    b. No, because it only offers installment plans to existing customers.
    c. Yes, but only for large purchases exceeding a certain amount.
    d. Yes, because it extends credit and charges a finance charge.
18. What is the primary purpose of the disclosure requirements under the Truth in Lending Act?
    a. To inform the creditor about the borrower’s credit history
    b. To provide the borrower with a clear understanding of the credit terms and costs
    c. To allow the creditor to change the credit terms at any time
    d. To penalize creditors for non-compliance
19. A check is issued on January 1, and it is presented for payment on April 15, which is 105
    days after the date of the check. May the presumption of knowledge of insufficiency of
    funds still applicable under BP 22?
    a. Yes, because the check was presented for payment eventually
    b. No, because the check was not presented within 90 days from the date of the check
    c. Yes, because the holder of the check can still present it for payment at any time
    d. No, because the issuer of the check has no control over when it’s presented
20. A drawer receives a notice of dishonor for a check he issued. What must the drawer do
    within 5 banking days after receiving the notice to avoid criminal liability under BP 22?
    a. File a complaint against the holder of the check
    b. Issue a new check to replace the dishonored one
    c. Notify the bank to stop payment on the check temporarily
    d. Pay the holder the amount due or make arrangements for payment in full

Answer 3

16. B
17. D
18. B
19. B
20. D

Question 4

26. Juan is under hypnosis and agrees to sell his property to Maria. Once Juan regains
    consciousness, he claims he doesn’t remember agreeing to the sale. What is the status of the
    contract?
    a. Valid
    b. Void
    c. Voidable
    d. Unenforceable
27. Juan agrees to buy a car from Maria, thinking it’s a Toyota, when in fact it’s a Honda. Later,
    Juan discovers the mistake. Can Juan invalidate the contract due to mistake?
    a. Yes, because the mistake refers to the price of the car
    b. Yes, because the mistake refers to the substance of the car
    c. No, because Juan should have inspected the car more carefully
    d. No, because the mistake is minor
28. It is serious or irresistible force to wrest consent in a contract.
    a. Intimidation
    b. Undue influence
    c. Violence
    d. Fraud
29. What is the consequence of incidental fraud (dolo incidente) in a contract?
    a. The contract is voidable
    b. The contract is void
    c. The person employing it is obliged to pay damages
    d. The contract is unenforceable
30. What type of simulation occurs when parties enter into a contract but conceal their true
    agreement, hiding it behind a false contract?
    a. Absolute simulation
    b. Relative simulation
    c. Sham contract
    d. False contract

Answer 4

26. C
27. B
28. C
29. C
30. B

Question 5

31. What is the cause in a contract of sale where one party promises to deliver goods and the
    other promises to pay for them?
    a. The liberality of the seller
    b. The service or benefit being remunerated
    c. The prestation or promise of goods by the seller and payment by the buyer
    d. The contractual obligation itself
32. Ana, a guardian, sells a property of her ward, Juan, for P100,000. The property’s actual value
    is P140,000. Can Juan rescind the contract after reaching the age of majority?
    a. Yes, because Juan didn’t consent to the sale
    b. Yes, because Juan suffered lesion
    c. No, because the contract was validly entered into
    d. No, because Ana acted in good faith
33. A defective contract entered in the name of another without or in excess of the authority given.
    a. Rescissible
    b. Voidable
    c. Unenforceable
    d. Void
34. It is a stipulation in a contract, clearly and deliberately conferred by the contracting parties as
    a favor upon a third person, who must communicate his acceptance of the favor or benefit to
    the obligor before it is revoked.
    a. Contract of adhesion
    b. Contra bonos mores
    c. Stipulation pour autrui
    d. Stipulation au pair
35. An agreement for the leasing for a longer period than _____, or for the sale of real property
    or of an interest therein is an agreement covered by the statute of fraud.
    a. one month
    b. one year
    c. two months
    d. two years

Answer 5

31. C
32. B
33. C
34. C
35. B

Question 5

36. Statement 1: Negotiable instruments are a substitute for money thus shall extinguish the
    obligation upon acceptance by the creditor.
    Statement 2: Coins below 1 peso shall be considered legal tender up to the amount of P2,000.
    a. True; false
    b. False; true
    c. Both true
    d. Both false
37. Statement 1: In an obligation to deliver a generic thing, the loss or destruction of anything of
    the same kind does not extinguish the obligation.
    Statement 2: Consignation shall be made by depositing the things due or amount due at the
    disposal of judicial authority.
    a. True; false
    b. False; true
    c. Both true
    d. Both false
38. Statement 1: When a third person, not interested in the obligation, pays with the express or
    tacit approval of the debtor there is legal subrogation.
    Statement 2: When without the knowledge of the debtor, a person interested in the fulfillment
    of the obligation pays there is no legal subrogation.
    a. True; false
    b. False; true
    c. Both true
    d. Both false
39. Statement 1: Substituting the person of the debtor is a real novation.
    Statement 2: When a creditor pays another creditor who is preferred there is legal
    compensation.
    a. True; false
    b. False; true
    c. Both true
    d. Both false
40. Statement 1: The obligation to give a determinate thing includes that of delivering all its
    accessions and accessories only, if they have been mentioned.
    Statement 2: Obligation to deliver a determinate thing includes the delivery of the fruits.
    a. True; false
    b. False; true
    c. Both true
    d. Both false

Answer 5

36. D
37. C
38. A
39. D
40. D

Question 5

41. Negotiorum gestio (unauthorized management) will not arise in the following –
    a. When the property or business is neglected or abandoned
    b. When the manager has been tacitly authorized by the owner or when the property isn’t
    neglected
    c. When the owner has explicitly authorized the manager
    d. When the manager acts in good faith
42. What are the requisites of a quasi-delict?
    a. Act or omission, damages, and contractual relation
    b. Fault or negligence, causal connection, and no pre-existing contractual relation
    c. Act or omission, damages, fault or negligence, and causal connection, with no pre
    existing contractual relation
    d. Intent, damages, and contractual relation
43. What type of negligence arises from the breach of a contractual obligation?
    a. Culpa aquiliana
    b. Culpa criminal
    c. Culpa contractual
    d. Comparative negligence
44. Ana borrowed P100,000 from Ben, payable on December 31, 2025. Ana didn’t pay on the
    due date. Is Ana in delay?
    a. No, because Ben didn’t make a demand for payment
    b. Yes, because the obligation specifies a due date
    c. No, because there’s no proof of Ana’s intent to default
    d. Yes, because Ana has a history of late payments
45. What is the key difference between a condition and a period in a contract?
    a. A condition is certain to happen, while a period is uncertain
    b. A condition is uncertain event, while a period is a fixed or determinable point in time
    c. A condition is a fixed date, while a period is a future event
    d. A condition and period are interchangeable terms

Answer 5

41. B
42. C
43. C
44. A
45. B

Question 5

46. What is the effect of an impossible condition in a contract?
    a. The contract is valid, and the condition is ignored
    b. The contract is voidable at the option of the party who did not impose the condition
    c. The contract is void
    d. The contract is valid, and the party who imposed the condition is liable for damages
47. In alternative obligation if the right of choice has been expressly given to the creditor and one
    or some but not all were lost by reason of debtor’s fault, what is/ are the remedy?
    a. The creditor may claim for damages because the obligation was extinguished due to
    debtor’s fault.
    b. The creditor may claim any of the subsisting or remaining without damage.
    c. The creditor may claim the price of that which has disappeared, with a right to damages
    d. Either b or c
48. The following are true regarding Dacion en pago, except:
    a. The debt must be debt in money.
    b. It is governed by law on sales.
    c. The debtor must be insolvent.
    d. It involves one property of the debtor.
49. Mr. D is obliged to deliver a Toyota Land Cruiser with plate number YOU 888 to Mrs. B on
    June 1, 2025. Mr. D also promises to deliver the same car to the brother of Mrs. B. However,
    on May 30, 2025, a typhoon destroyed the said car prior to delivery. Is the obligation totally
    extinguished?
    a. Yes, because the loss of a determinate thing was due to fortuitous event.
    b. Yes, because the debtor must not have obligated himself to deliver the same thing to two
    or more persons who do not have the same interest.
    c. No, because the debtor must not have obligated himself to deliver the same thing to two or
    more persons who do not have the same interest.
    d. No, because the loss was due to fortuitous event and the thing is generic.
50. What is the effect when the insolvency of the proposed debtor was already existing and of
    public knowledge, but not known to the debtor, when he delegated his debt?
    a. The insolvency of the new debtor, who has been proposed by the original debtor and
    accepted by the creditor, shall not revive the action of the latter against the original obligor
    b. The insolvency of the new debtor, who has been proposed by the original debtor and
    accepted by the creditor, shall revive the action of the latter against the original obligor
    c. Both A and B
    d. None of the above

Answer 5

46. C
47. D
48. C
49. C
50. B

Question 6

51. Which of the following is not correct?
    a. A check must be presented for payment within a reasonable time after its issue or the
    drawer will be discharged from liability thereon
    b. Where a check is certified by the bank on which it is drawn, the certification is equivalent
    to acceptance
    c. Where the holder of a check procures it to be certified or accepted, the drawer and all
    indorsers are discharged from liability thereon
    d. A check of itself does not operate as an assignment of any part of the funds to the credit
    of the drawer with the bank, and the bank is not liable to the holder unless and until it
    accepts or certifies the check
52. In payment of his debt in favor of X, Y gave X a Manager’s Check in the amount of PHP
    100,000 dated May 30, 2022. Which phrase best completes the statement - A Manager’s
    Check
    a. Is a check issued by a manager of a bank for his own account
    b. Is a check issued by a manager of a bank in the name of the bank against the bank itself
    for the account of the bank
    c. Is like any ordinary check that needs to be presented for payment also
    d. Is better than a cashier’s check in terms of use and effect
53. The drawee bank may not refuse to pay checks drawn against it even
    a. If there is a “ stop payment “ issued by the drawer
    b. If the drawer is insolvent
    c. If the drawer’s deposit is insufficient
    d. When the bank receives notice of the drawer’s death
54. The following are the essential elements of the criminal violation of BP 22 for issuance of
    worthless checks, except
    a. There must be making, drawing, and issuance of any check to apply for account or for
    value
    b. The must be knowledge of the maker, drawer, or issuer that at the time of issue he does
    not have sufficient funds in or credit with the drawee bank for the payment of the check
    in full upon its presentment
    c. There must be subsequent dishonor of the check by the drawee bank for insufficiency of
    funds or creditor dishonor for the same reason had not the drawer, without any valid
    cause, ordered the bank to stop payment
    d. There must be intent of the drawer, maker, or issuer of the check to defraud the creditor
55. What is the prima facie evidence of knowledge of insufficiency of funds or credit by the maker,
    issuer, or drawer of checks?
    a. The making, drawing, and issuance of a check payment of which is refused by the drawee
    because of insufficient funds in or credit with such bank, when presented within 90 days
    from the date of the check
    b. The making, drawing, and issuance of a check payment of which is refused by the drawee
    because of insufficient funds in or credit with such bank, when presented within 120 days
    from the date of the check
    c. The making, drawing, and issuance of a check payment of which is refused by the drawee
    because of insufficient funds in or credit with such bank, when presented within 6 months
    from the date of the check
    d. The making, drawing, and issuance of a check payment of which is refused by the drawee
    because of insufficient funds in or credit with such bank, when presented within 1 year
    from the date of the check

Answer 6

51. A
    
    52. B
    53. B
    54. D
    55. A

Question 7

61. Which of the following securities is exempted from registration before the Securities and
    Exchange Commission?
    a. Insurance policy
    b. Bond indenture
    c. Share warrants and share options
    d. Fractional undivided interest in oil or mineral rights
    10
62. It means a publicly announced intention by a person acting alone or in concert with other
    persons to acquire outstanding equity securities of a public company, or outstanding equity
    securities of an associate or related company of such public company which controls the said
    public company
    a. Tender offer
    b. Insider trading
    c. Fraudulent practices
    d. Issuer tender offer
63. It refers to the act of an insider or selling or buying a security of the issuer, while in
    possession of material information with respect to the issuer or the security that is not
    generally available to the public
    a. Tender offer
    b. Manipulation of price
    c. Fraudulent practice
    d. Insider trading
64. Which of the following acts is not considered unlawful manipulation of security prices under
    Securities Regulation Code?
    a. To make false or misleading statement with respect to any material fact, which he knew or
    had reasonable grounds to believe was so false or misleading, for the purpose of inducing
    the purchase or sale of any security listed or traded in an exchange
    b. To effect, either alone or others, any series of transactions for the purchase and/or sale of
    any security traded in an exchange for the purpose of pegging, fixing or stabilizing the
    price of such security
    c. To use or employ, in connection with the purchase or sale of any security any manipulative
    or deceptive device or contrivance
    d. To sell securities in order to obtain gain on changes in fair value of the stocks
65. He refers to a corporate officer who must monitor compliance by the corporation with Revised
    Code of Corporate Governance and the rules and regulations of regulatory agencies and, if
    any violations are found, report the matter to the Board of Directors and recommend the
    imposition of appropriate disciplinary action on the responsible parties and the adoption of
    measures to prevent a repetition of the violation
    a. Independent director
    b. Compliance officer
    c. Controller
    d. Treasurer

Answer 7

61. A
    
    62. A
    63. D
    64. D
    65. B

Question 7

56. What is the defense or evidence to be presented by the issuer or drawer of a check in order to
    destroy the prima facie presumption of the law as regards to the knowledge of issuance of
    worthless checks?
    a. The maker or drawer pays the holder thereof the amount due thereon, or makes
    arrangements for payment in full by the drawee of such check within 5 banking days after
    receiving notice that such check has not been paid by the drawee
    b. The maker or drawer pays the holder thereof the amount due thereon, or makes
    arrangements for payment in full by the drawee of such check within 10 banking days
    after receiving notice that such check has not been paid by the drawee
    c. The maker or drawer pays the holder thereof the amount due thereon, or makes
    arrangements for payment in full by the drawee of such check within 15 banking days
    after receiving notice that such check has not been paid by the drawee
    d. The maker or drawer pays the holder thereof the amount due thereon, or makes
    arrangements for payment in full by the drawee of such check within 20 banking days
    after receiving notice that such check has not been paid by the drawee
    9
57. Under BP 22, it shall be the duty of the drawee-bank of any check, when refusing to pay the
    same to the holder thereof upon presentment, to cause to be written, printed, or stamped in
    plain language thereon, or attached thereto, the reason for drawee’s dishonor or refusal to pay
    the same: Provided, that where there are no sufficient funds in or credit with such drawee
    bank, such fact shall always be explicitly stated in the notice of dishonor or refusal.
    Notwithstanding receipt often order to stop payment, the drawee-bank shall state in the notice
    that there were no sufficient funds in or credit with such bank for the payment in full of such
    check, if such be the fact. In all prosecution’s under this act, the introduction and evidence of
    any unpaid and dishonored check, having the drawee’s refusal to pay stamped or written
    thereon or attached thereto, with the reason therefore as aforesaid, shall be prima facie
    evidence of the following, except
    a. The making or issuance of said check
    b. The due presentment to the drawee for payment of the check and the dishonor thereof
    c. The check was properly dishonored for the reason written, stamped, or attached by the
    drawee on such dishonored check
    d. The maker or issuer has intention to defraud the creditor
58. Upon winding up of the corporate affairs, any asset distributable to any creditor or
    stockholder or member who is unknown and cannot be found shall be escheated and
    forfeited in favor of the
    Old Corporation Code
    a. Barangay where such property is located
    b. Province where such property is located
    c.
    City or municipality where such property is located
    d. National government
    Revised Corporation Code
    Province where such property is located
    City where such property is located
    National government
    City or municipality where such property is located
59. They are contracts that give the buyer the right, but not the obligation, to buy or sell an
    underlying security at a predetermined price, called the exercise or strike price, on or before
    a predetermined date, called the expiry date, which can only be extended by SEC upon
    stockholders’ approval
    a. Option contract
    b. Subscription contract
    c. Contract of sale
    d. Bond indenture
60. Which government agency is entrusted with the administration of the Securities Regulation
    Code?
    a. Board of Accountancy
    b. Securities and Exchange Commission
    c. Bangko Sentral ng Pilipinas
    d. Insurance Commission

Answer 7

56. A
    
    57. D
    58. C
    59. A
    60. B

Question 8

66. What is the quantitative threshold to be considered a small entity under SRC Rule 68?
    a. Those with total assets between PHP 100M to PHP 350M are total liabilities of between
    PHP 100M to PHP 250M
    b. Those with total assets of more than PHP 350M or total liabilities of more than PHP
    250M
    c. Those with total assets between PHP 3M to PHP 100M or total liabilities of between PHP
    3M to PHP 100M
    d. Those with total assets below PHP 3M and total liabilities of below PHP 3M
    11
67. What is the quantitative threshold to be considered a micro entity under SRC Rule 68?
    a. Those with total assets between PHP 100M to PHP 350M are total liabilities of between
    PHP 100M to PHP 250M
    b. Those with total assets of more than PHP 350M or total liabilities of more than PHP
    250M
    c. Those with total assets between PHP 3M to PHP 100M or total liabilities of between PHP
    3M to PHP 100M
    d. Those with total assets below PHP 3M and total liabilities of below PHP 3M
68. 20 professional doctors are intending to establish an entity for the rendition of medical services.
    What is the maximum foreign investment in such entity?
    a. 0%
    b. 60%
    c. 40%
    d. 30%
69. This test of nationality of corporation is a three-level relationship test by which the percentage
    of Filipino equity is computed in a corporation engaged in fully or partly nationalized areas
    of activity provided in the Constitution and other nationalization laws, in cases where
    corporate shareholders are present in the situation, by attributing the nationality of the second
    or even subsequent tier of ownership to determine the nationality of the corporate shareholder
    a. Place of incorporation test
    b. Control test
    c. Dominancy test
    d. Grandfather rule test
70. Albay Corporation is 60% owned by Filipinos and 40% owned by Americans. Uranus
    Corporation is owned 55% by Albay corporation, 10% by other Filipino citizens and the
    remaining interest by Australians. Does Uranus Corporation, a public utility, comply with the
    minimum Filipino ownership?
    a. It cannot be determined
    b. Yes under grandfather rule test
    c. No under grandfather rule test
    d. No under incorporation test

Answer 8

66. C
    
    67. D
    68. A
    69. D
    70. B

Question 9

71. Venus corporation is 50% owned by Filipinos and 50% owned by Germans. Legaspi
    Corporation is owned 60% by Venus Corporation, 25% by other Filipino citizens and the
    remaining interest by Italians. Does Legaspi Corporation, a public utility, comply with the
    minimum Filipino ownership?
    a. It cannot be determined
    b. Yes under grandfather rule test
    c. No under grandfather rule test
    d. No under incorporation test
72. On January 1, 2019, Jasper invented the technology of cacao lamp and was using it already
    for three years. On January 1, 2022, Justin invented the same technology of cacao lamp.
    Justin made an application for registration with intellectual property office. Who has better
    right over the patent of the technology?
    a. Justin
    b. Jasper
    c. Justin, for 20 years and thereafter Jasper
    d. Jasper, for 20 years and thereafter Justin
    12
73. It means the unauthorized, replication or use of patented invention or process
    a. Patent laundering
    b. Patent infringement
    c. Patent misappropriation
    d. Patent destruction
74. This defense may be set up by a respondent in an action for patent infringement when the
    respondent is any prior user, who, in good faith was using the invention or has undertaken
    serious preparations to use the invention in his enterprise or business, before the filing date or
    priority date of the application on which a patent is granted
    a. Doctrine of fair use
    b. Doctrine of prior use
    c. Doctrine of good faith
    d. Doctrine of bad faith
75. It refers to the defense in a suit in a copyright infringement which pertains to a privilege to
    use the copyrighted material in a reasonable manner without the consent of the copyright
    owner or as copying the theme or ideas rather than their expression. It is an exception to the
    copyright owner’s monopoly of the use of the work to avoid stifling the very creativity which
    that law is designed to foster
    a. Doctrine of Fair use
    b. Doctrine of Unfair use
    c. Doctrine of Inappropriate use
    d. Doctrine of Authorized use

Answer 9

71. C
    
    72. A
    73. B
    74. B
    75. A

Question 10

76. What government services are covered by Ease of Doing Business and Efficient Government
    Service Delivery Act of 2018?
    a. Government services covering business transactions
    b. Government services covering non business transactions
    c. Both A and B
    d. Neither A nor B
77. They refer to applications or requests submitted by applicants or requesting parties of a
    government office or agency which only require ministerial actions on the part of the public
    officer or employee, or that which present only inconsequential issues for the resolution by an
    officer or employee of said government office
    a. Simple transactions
    b. Common transactions
    c. Ordinary transactions
    d. Normal transactions
78. It refers to the government agency, attached to the Office of the President, entrusted with the
    implementation of Ease of Doing Business and Efficient Government Service Delivery Act
    of 2018
    a. Anti-Fixer Authority
    b. Anti-Bureaucracy Authority
    c. Anti-Red Tape Authority
    d. Anti-Influencer Authority
    13
79. This is a policy that prohibits government officer or employee to have any contact with an
    application except (1) during the preliminary assessment of the request and evaluation of
    sufficiency of submitted requirements and (2) necessary with any requesting party concerning
    an application or request
    a. Zero-Contact Policy
    b. Online Policy
    c. Invisible Policy
    d. Intangible Policy
80. It shall serve as a central system to receive applications and capture application data involving
    business related transactions, including primary and secondary licenses, and business
    clearances, permits, certifications or authorizations issued by the local government units:
    (LGUs) Provided, that the such system may also provide links to the online registration or
    application systems established by National Government Agencies (NGAs)
    a. Central Business Portal
    b. Center Binding Program
    c. Cost Benefit Plan
    d. Control Brand Premium

Answer 10

76. C
    
    77. A
    78. C
    79. A
    80. A

Question 11

81. Any person who, having sufficient funds in or credit with the drawee bank when he makes or
    draws and issues at check shall not fail to keep sufficient funds or to maintain a credit to
    cover the full amount of the check, if presented within a period of – from the date appearing
    therein
    a. 30 days
    b. 60 days
    c. 90 days
    d. 120 days
82. Which of the following statements is correct?
    a. All obligations or loans of the depositor with the closed bank as of bank closure shall be
    deducted from the depositor’s total deposit with the said bank for purpose of computing
    the insured deposit
    b. In case a depositor maintains a simple account and joint accounts with a closed bank, his
    insured deposit is PHP 500,000 for simple account and PHP 500,000 for joint account
    c. PDIC shall pay deposit insurance on all valid deposits of PHP 500,000 per depositor of a
    closed bank
    d. In case of joint account involving a juridical person and a natural person, the maximum
    deposit of PHP 500,000 to such joint account shall be divided equally between the juridical
    person and the natural person
83. A married male employee may be able to avail a paternity leave of
    a.
    b. 10 days
    c. 12 days
    d. 14 days
84. The current partner of an unmarried woman who gave birth, may be able to avail a maternity
    leave of
    a. 0 days
    b. 7 days
    c. 10 days
    d. 12 days

Answer 11

81. C
82. A
83. D
84. B

Question 12

83-85. Georgia works as a legal researcher in a Gen. Prof. Pshp receives a daily rate of PHP 800.00
as compensation. How much will she receive as compensation if the particular day where she
reported for work is
83. A special holiday
a. PHP 1,000
b. PHP 1,040
c. PHP 1200
d. PHP 1600
84. A special holiday which is also her rest day
a. PHP 1000
b. PHP 1040
c. PHP 1200
d. PHP 1600
14
85. A regular holiday which is also her rest day
a. PHP 1600
b. PHP 2080
c. PHP 2000
d. PHP 2040
86-87. Using the facts in no. 33 but Georgia was required to render two additional hours of
overtime work, how much will she receive as compensation if the particular day were she
performed the overtime work is
86. An ordinary day
a. PHP 1000
b. PHP 1040
c. PHP 1050
d. PHP 1060
87. On her rest day
a. PHP 1060
b. PHP 1378
c. PHP 1352
d. PHP 1690

Answer 12

83. B
84. C
85. B
86. C
87. B