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Statement
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1 It is an artificial being created by operation of law,

having the right of succession and the powers, attributes,
and properties expressly authorized by law or incidental
to its existence.

CORPORATION

SOLE PROPRIETORSHIP

COOPERATIVE

PARTNERSHIP

2 What is the corporate term under the revised corporation

code?

50 YEARS, RENEWABLE FOR ANOTHER 50 YEARS

PERPETUAL EXISTENCE

50 YEARS UNLESS THE ARTICLES OF INCORPORATION PROVIDES

OTHERWISE

25 YEARS RENEWABLE FOR 50 YEARS

3 Corporations, which have capital stock divided into shares

and are authorized to distribute to the holders of such
shares, dividends, or allotments of the surplus profits
based on the shares held.

GOVERNMENT-OWNED AND CONTROLLED CORPORATIONS

STOCK CORPORATIONS

NON-STOCK CORPORATIONS

OPEN CORPORATIONS

4 When does a private corporation commence its corporate

existence and juridical personality?

DATE OF THE ISSUANCE OF THE BYLAWS

DATE OF THE ISSUANCE OF THE ARTICLES OF INCORPORATION

DATE OF THE ISSUANCE OF CERTIFICATE OF INCORPORATION

DATE OF THE ISSUANCE OF CERTIFICATE OF REGISTRATION

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5 How many is the number of incorporators under the revised

corporation code?

5 TO 15

AT LEAST 10

NOT MORE THAN 15

NOT MORE THAN 20

6 They are those who compose a corporation, whether as

stockholders or shareholders in a stock corporation or as
members in a nonstock corporation.

INCORPORATORS

BOARD OF DIRECTORS

BOARD OF TRUSTEES

CORPORATORS

7 Shares classified in the articles of incorporation, which

may be given certain rights, and privileges not enjoyed by
the owners of the stocks.

OWNERSHIP SHARES

REDEEMABLE SHARES

FOUNDERS' SHARES

ORDINARY SHARES

8 These are shares which may be purchased by the corporation

from the holders of such shares upon the expiration of a
fixed period, regardless of the existence of unrestricted
retained earnings in the books of the corporation.

PREFERRED SHARES

ORDINARY SHARES

TREASURY SHARES

REDEEMABLE SHARES
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9 Shares which have been issued and fully paid, but

subsequently reacquired by the issuing corporation by
purchase, donation or through some other lawful means.

PREFERRED SHARES

ORDINARY SHARES

TREASURY SHARES

REDEEMABLE SHARES

10 These corporations shall not be required to have a minimum

capital stock, except as otherwise specifically provided
by special law.

NONSTOCK CORPORATIONS

OPEN CORPORATIONS

CLOSE CORPORATIONS

STOCK CORPORATIONS

11 A name is not distinguishable even if it contains one or

more of the following, except:

PARTNERSHIP

COMPANY

LIMITED LIABILITY

LIMITED

12 A name is not distinguishable even if it contains one or

more of the following, except:

ARTICLES

DIFFERENT TENSES

FONT STYLE

SPACING

13 The shares or series of shares may or may not have a par

value, provided that the following except one, shall not
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be permitted to issue no-par value shares of stock.

BANKS

PRIVATE UTILITIES

BUILDING AND LOAN ASSOCIATIONS

PRE-NEED COMPANIES

14 Which of the following is not one of the contents of the

articles of incorporation?

NAME OF CORPORATION

TERM FOR WHICH THE CORPORATION IS TO EXIST

THE NAMES, NATIONALITIES, AND RESIDENCES OF THE

INCORPORATORS

THE NUMBER OF DIRECTORS OR TRUSTEES, WHICH SHALL BE MORE

THAN 15

15 It is a corporation with a single stockholder.

SOLE CORPORATION

ONE PERSON CORPORATION

SINGLE CORPORATION

PRIVATE CORPORATION

16 The certificate of incorporation shall be deemed revoked,

if it does not formally organize and commence its business
within how many years from the date of its incorporation?

5 YEARS

10 YEARS

3 YEARS

2 YEARS

17 What is the period given to a delinquent corporation to

resume operations and comply with all requirements
prescribed by the Commission?
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5 YEARS

10 YEARS

3 YEARS

2 YEARS

18 When shall the extension of the corporate term take

effect?

THE DAY AFTER THE PLAN OF EXTENSION

THE DAY AFTER THE APPROVAL OF THE SECURITIES AND

EXCHANGE COMMISSION

EARLIER THAN 3 YEARS

THE DAY AFTER FOLLOWING THE ORIGINAL OR SUBSEQUENT

EXPIRY DATES

19 No application for revival certificate of incorporation of

banks, trust companies, pawnshops and other financial
intermediaries shall be approved by the Commission unless
accompanied by a favourable recommendation of the
appropriate ______

FOREIGN CORPORATION

PARENT CORPORATION

GOVERNMENT AGENCY

INSTITUTIONS

20 Under the Revised Corporation Code, what is the new

extension to the name of a corporation, as set forth in
the Articles of Incorporation

“INC.”

“CORPORATION”

“OPC”

“LTD.”

21 Aside from directors, who shall not participate in the

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determination of their own per diems or compensation?

SHAREHOLDERS

TRUSTEES

CORPORATE OFFICERS

MEMBERS

22 Under the revised corporation code, a contract of the

corporation with (1) one or more of its directors,
trustees, officers or their spouses and relatives within
the fourth civil degree of consanguinity or affinity is
voidable, at the option of such corporation, unless all
the following conditions are present, except:

THE PRESENCE OF SUCH DIRECTOR OR TRUSTEE IN THE BOARD

MEETING IN WHICH THE CONTRACT WAS APPROVED WAS NOT
NECESSARY TO CONSTITUTE A QUORUM FOR SUCH MEETING

THE VOTE OF SUCH DIRECTOR OR TRUSTEE WAS NOT NECESSARY

FOR THE APPROVAL OF THE CONTRACT

IN CASE OF AN OFFICER, THE CONTRACT HAS BEEN PREVIOUSLY

AUTHORIZED BY THE BOARD OF DIRECTORS

THE CONTRACT IS FAIR AND REASONABLE UNDER THE

CIRCUMSTANCES

23 In accordance with the Revised Corporation Code, no

articles of incorporation or amendment to articles of
incorporation shall be approved by the Commission in the
following entities except:

BANKS

PUBLIC UTILITIES

NSSLAS

PAWNSHOPS

24 Which of the following is not a requirement for the

election of directors?

STOCKHOLDERS, REPRESENTING A MAJORITY OF THE OUTSTANDING

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CAPITAL STOCK OF THE CORPORATION MUST BE PRESENT, EITHER

IN PERSON OR BY PROXY

THE ELECTION MUST BE BY BALLOT

THE DIRECTORS MAY OR MAY NOT BE A SHAREHOLDER

NO DELINQUENT STOCK SHALL VOTE OR BE VOTED FOR

25 The certificate of incorporation is revoked if the

corporation does not organize commence its operations
within how many years?

2 YEARS

3 YEARS

4 YEARS

5 YEARS

26 He is an impartial person who is neither a stockholder nor

a creditor of the corporation or any of its subsidiaries
or affiliates, and whose further qualifications, if any,
may be determined by the Commission.

PROVISIONAL DIRECTOR

INTERLOCKING DIRECTOR

RECEIVER OF THE CORPORATION

OUTSIDER

27 Who may not incorporate as One Person CorporationS?

NATURAL PERSON

BANKS

QUASI-BANKS

PUBLICLY LISTED COMPANIES

28 To whom does the power to remove directors exclusively

belongs to?

CORPORATORS
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PRESIDENT

CORPORATE OFFICERS

STOCKHOLDERS

29 It is a corporation not required to have a minimum

authorized capital stock except as otherwise provided by
special law.

STOCK CORPORATION

OPEN CORPORATION

ONE PERSON CORPORATION

GROUP CORPORATION

30 Who among the following shall not receive any

compensation, except for reasonable per diems?

CORPORATORS

DIRECTORS

INCORPORATORS

CORPORATE OFFICERS

31 They are those who compose a corporation, whether as

stockholders or as members.

INCORPORATORS

CORPORATORS

TRUSTEES

FOUNDERS

32 Where should a corporation keep or preserve its important

information?

PRINCIPAL OFFICE

EITHER IN THE SUBSIDIARIES OR PARENT COMPANY

OFFICE OF THE TREASURER

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ANYWHERE WITH THE BOARD OF DIRECTORS’ DISCRETION

33 These are the members of the board of directors in a

certain corporation who are also directors in another
corporation.

INTERLOCKING DIRECTORS

TRUSTEES

ACTIVE DIRECTORS

INDEPENDENT DIRECTORS

34 Under the Revised Corporation Code, consideration for the

issuance of stocks, may be through the following except:

CURRENT AND FUTURE INDEBTEDNESS OF THE CORPORATION

ACTUAL CASH PAID TO THE CORPORATION

AMOUNTS TRANSFERRED FROM UNRESTRICTED RETAINED EARNINGS

TO STATED CAPITAL

OUTSTANDING SHARES EXCHANGED FOR STOCKS IN THE EVENT OF

RECLASSIFICATION OR CONVERSION

35 He is a person who is independent of management and free

from any business or other relationship which could, or
could reasonably be perceived to materially interfere with
the exercise of independent judgment in carrying out the
responsibilities as a director.

INTERLOCKING DIRECTORS

TRUSTEES

INDEPENDENT DIRECTORS

EXCECUTIVE COMMITTEE

36 Which of the following is not a power and capacity of

corporation?

TO SUE BUT NOT TO BE SUED IN ITS CORPORATE NAME

TO ADOPT AND USE A CORPORATE SEAL

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TO AMEND ITS ARTICLES OF INCORPORATION

TO ADOPT BYLAWS, NOT CONTRARY TO LAW, MORALS, OR PUBLIC

POLICY, AND TO AMEND OR REPEAL THE SAME

37 At each regular meeting of stockholders or members, the

board of directors or trustees shall endeavor to present
to stockholders or members the following, except:

A DETAILED, DESCRIPTIVE, BALANCED AND COMPREHENSIBLE

ASSESSMENT OF THE CORPORATION’S PERFORMANCE, WHICH SHALL
INCLUDE INFORMATION ON ANY MATERIAL CHANGE IN THE
CORPORATION’S BUSINESS, STRATEGY, AND OTHER AFFAIRS

DIRECTOR OR TRUSTEE PROFILES WHICH SHALL INCLUDE, AMONG

OTHERS, THEIR QUALIFICATIONS AND RELEVANT EXPERIENCE,
LENGTH OF SERVICE IN THE CORPORATION, TRAININGS AND
CONTINUING EDUCATION ATTENDED, AND THEIR BOARD
REPRESENTATIONS IN OTHER CORPORATIONS

THE PROFILES OF GOVERNMENT EMPLOYEES

DIRECTOR DISCLOSURES ON SELF-DEALINGS AND RELATED PARTY

TRANSACTIONS

38 Who cannot attend meetings and vote in behalf of the

stockholders or members without need of any written proxy
as duly appointed by the court?

RECEIVERS

EXECUTORS

DRAWERS

ADMINISTRATORS

39 Who among the following cannot attend or vote by proxy at

board meetings?

ANY SHAREHOLDER

TRUSTEES

ANY MEMBER

CORPORATE OFFICERS
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40 A notice of meeting is accompanied by the following,

except:

THE AGENDA FOR THE MEETING

A PROXY FORM WHICH SHALL BE SUBMITTED TO THE BOARD OF

DIRECTORS WITHIN A REASONABLE TIME PRIOR TO THE MEETING

WHEN ATTENDANCE, PARTICIPATION, AND VOTING ARE ALLOWED

BY REMOTE COMMUNICATION OR IN ABSENTIA, THE REQUIREMENTS
AND PROCEDURES TO BE FOLLOWED WHEN A STOCKHOLDER OR
MEMBER ELECTS EITHER OPTION

WHEN THE MEETING IS FOR THE ELECTION OF DIRECTORS OR

TRUSTEES, THE REQUIREMENTS AND PROCEDURE FOR NOMINATION
AND ELECTION

41 It is one where no part of its income is distributable as

dividends to its members, trustees, or officers.

STOCK CORPORATIONS

OPEN CORPORATIONS

PRIVATE CORPORATION

NONSTOCK CORPORATIONS

42 Under the Revised Corporation Code, the number of trustees

as fixed in the articles of incorporation or bylaws _____

SAME WITH NUMBER OF MEMBERS

MAY OR MAY NOT BE MORE THAN 15

ANY NUMBER

LIMITLESS

43 Which of the following is the new type of special

corporation as stated in the Revised Corporation Code?

EDUCATIONAL CORPORATION

ONE PERSON CORPORATION

CLOSE CORPORATION
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RELIGIOUS CORPORATION

44 A stockholder or member who participates through _____ or

in absentia, shall be deemed present for purposes of
quorum.

REMOTE COMMUNICATION

REPRESENTATIVE

PUBLIC

PRESENTIA

45 A person shall be disqualified from being a director,

trustee, or officer of any corporation if, within five (5)
years prior to the election or appointment as such, the
person was convicted with the following final judgment
except:

OF AN OFFENSE PUNISHABLE BY IMPRISONMENT FOR A PERIOD

EXCEEDING SIX (6) YEARS

FOR VIOLATION THE REVISED CORPORATION CODE

FOR VIOLATING REPUBLIC ACT NO. 8799, OTHERWISE KNOWN AS

“THE SECURITIES REGULATION CODE”;

FOR VIOLATING THE NATURAL LAWS

46 Which of the following is not a content of Bylaws?

THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING

REGULAR OR SPECIAL MEETINGS OF THE DIRECTORS OR TRUSTEES

THE TIME AND MANNER OF CALLING AND CONDUCTING REGULAR OR

SPECIAL MEETINGS OF THE STOCKHOLDERS OR MEMBERS

THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS OR

MEMBERS AND MANNER OF VOTING

THE NUMBER OF AUTHORIZED SHARES BY NONSTOCK CORPORATIONS

47 Where should be the place of meeting be held whether

regular or special?

IN THE PHILIPPINES OR IN OTHER COUNTRIES

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TO ANY MUNICIPALITY OR CITY WHERE THE SUBSIDIARIES ARE

LOCATED

PRINCIPAL OFFICE OF THE CORPORATION

ANYWHERE WITH THE DISCRETION OF THE BOARD OF DIRECTORS

48 if the total assets or total liabilities of the

corporation is ______, or such other amount as may be
determined appropriate by the Department of Finance, the
financial statements may be certified under oath by the
treasurer and the president.

LESS THAN P600,000

MORE THAN P500,000

LESS THAN P1,000,000

EXCEEDING P10,000,000

49 Which of the following is not a necessary information for

a corporation to keep or preserve?

ARTICLES OF INCORPORATION AND THE BYLAWS OF A

CORPORATION AND ITS AMENDMENTS

THE RELATIONSHIPS OF THE BOARD OF DIRECTORS AND THE

CORPORATE OFFICERS

A RECORD OF ALL BUSINESS TRANSACTIONS

THE MINUTES OF MEETINGS OF STOCKHOLDERS OR THE BOARD OF

DIRECTORS

50 When should the regular meeting be held if it is not fixed

in the Bylaws?

ANY DATE IN THE MONTH OF APRIL OF EVERY YEAR

ANYTIME MAJORITY OF THE BOARD OF DIRECTORS CALL FOR THE

MEETING

ANY DATE AFTER APRIL 15 OF EVERY YEAR

ANY DATE AFTER THE FIRST QUARTER EVERY YEAR