RFBT - 2nd Monthly Assessment

ACCOUNTANCY DEPARTMENT
Name: ___________________________ Score: ___ _
AVOID CHEATING. It is better to fail than to fool yourself. Answer the best way you can.
You will reap the rewards for that.
BE STICK TO ONE. It would be better if you choose the answer by avoiding erasures.
LEARN TO LET GO. Do not dwell too much time in one item. Move to the next and go
back for it later.
1. Which of the following is not a function of the PDIC?
a. Deposit insurer
b. Co-regulator of banks
c. Receiver and liquidator of closed banks
d. Engage in the lending of funds obtained from the public
2. What is the amount of insured deposit?
a. Minimum of ₱500,000, gross
b. Maximum of ₱500,000, gross
c. Maximum of ₱500,000, net
d. Minimum of ₱500,000, net
3. Ava Mary Rodriguez has the following deposits in Villarez bank
- Individual account in her name: ₱600,000 savings deposit
- Joint account in his name and Erika Jean Rodriguez, ₱500,000 time deposit
- Joint account in her name and Nivrian Rodriguez, ₱800,000 demand deposit
Assume that for the joint accounts, there is equal sharing
What is the total insured deposit of Ava Mary Rodriguez?
a. ₱500,000
b. ₱750,000
c. ₱1,000,000
d. ₱1,250,000
4. What is the total uninsured deposit of Ava Mary Rodriguez?
a. ₱0
b. ₱250,000
c. ₱500,000
d. ₱600,000
5. What is the total insured deposit of Erika Jean Rodriguez?
a. ₱100,000
b. ₱250,000
c. ₱500,000
d. None of the choices
6. What is the total insured deposit of Nivrian Rodriguez?
a. ₱0
b. ₱250,000
c. ₱400,000
d. ₱500,000
7. Under R.A 1405, which of the following is not covered by the Bank Secrecy Law?
a. Investment in time deposit
b. Savings deposit and demand deposit
c. Investment in bond issued by publicly traded corporations
d. Investment in bonds issued by the Government of the Philippines, its
political subdivisions and its instrumentalities
“THERE IS NO SECRET FOR SUCCESS.
IT IS THE RESULT OF PREPARATION, HARD WORK AND LEARNING FROM FAILURE.”
- COLIN POWELL
RFBT-2nd Monthly Assessment
8. Which of the following is not protected by Bank Secrecy Law?

a. Certificate of time deposit
b. Demand account
c. Investment in government bonds
d. Money market placement
9. Jeth Canales, a nonresident alien, has been convicted of crime of raping Marwina
Angcol, a minor. The RTC judge issued a writ of garnishment for the satisfaction of
civil damages caused to the victim. Is the issuance of write of garnishment a
violation of Foreign Currency Deposit Act of the Philippines considering that a BSP
circular provides that foreign currency deposits shall be exempted from
attachment, garnishment, or any other order or process of any court, legislative
body, government agency or any administrative body whatsoever?
a. Yes, because foreign currency deposit is absolutely confidential in nature
b. No, because R.A. 6426 or the Foreign Currency Deposit Act of the Philippines
failed to anticipate the iniquitous effects producing outright injustice and
inequality to filipinos
c. Yes, because R.A. 6426 or the Foreign Currency Deposit Act of the
Philippines was enacted in order to encourage foreign investment
d. No, because if that foreign will be exempted from garnishment, injustice
would result especially to a citizen aggrieved by a foreign guest.
10. The Bank Secrecy Law prohibits disclosing any information about deposit records
of an individual without court order, except
a. In an examination to determine gross estate of a decedent
b. In an investigation for violation of Anti-Graft and Corrupt Practices
c. In an investigation by the Ombudsman
d. In an impeachment proceeding
11. The right to secrecy of bank deposits
a. Being part of municipal law, does not apply to deposits in branches of foreign
banks in the Philippines
b. Is a constitutional right which may, however, be regulated by statute
c. Cannot be invoked in the absence of an express statutory provision
d. If violated, will render the information obtained thereby inadmissible as
evidence in any proceeding against the depositor
12. Which of the following describes the nature of rehabilitation under the FRIA?
a. In personam
b. In rem
c. Quasi in rem
d. Quasi in personam
13. The following are proceedings covered by the FRIA maya be initiated also by the
creditors, except
a. Rehabilitation
b. Liquidation
c. Suspension of payments
d. None is an exception
14. Jurisdiction over persons affected by the proceedings covered by the FRIA is
acquired by
a. Personal service of the Notice of Commencement
b. Substituted service of the Notice of Commencement
c. Service by mail of the Notice of Commencement
- COLIN POWELL
d. Publication of the Notice of Commencement

15. Before a petition for liquidation may be filed, it is required that the debts of an
individual must be
a. At least ₱500,000
b. More than ₱500,000
c. At least ₱1,000,000
d. More than ₱1,000,000
16. A rehabilitation proceeding may be converted to liquidation in all of the following
instances, except
a. The debtor is indeed insolvent but there is substantial likelihood for the
debtor to be successfully rehabilitated
b. If no rehabilitation plan is confirmed within a period of 1 year from the filing
of the petition for rehabilitation
c. Failure of rehabilitation or dismissal of the petition for rehabilitation on
technical grounds
d. Upon filing of the verified motion of the debtor during the pendency of the
court-supervised or pre-negotiated rehabilitation proceedings
17. Debtors, as used under the FRIA, includes all of the following insolvent entities,
except
a. Sole proprietorship registered with the DTI
b. Partnerships registered with the DTI
c. Domestic corporations
18. The Philippine competition Act would apply to all of the following, except
a. A person engaged in trade, industry or commerce in the Republic of the
Philippines
b. International trade having direct, substantial and reasonable foreseeable
effects in trade, industry, commerce in the Republic of the Philippines
c. Combinations or activities of workers that are designed to facilitate
collective bargaining in respect of conditions of employment
19. Technical insolvency under the FRIA is that state where the debtor
a. Has liabilities greater than its or his assets
b. Is unable to pay its or his liabilities as they fall due
c. Both A and B
d. Neither A nor B
20. A bank in whose favor a mortgage was executed by the debtor is an example of
a. A preferred creditor
b. An unsecured creditor
c. A secured creditor
d. A claimant of administrative expense
21. Which of the following is a proceeding under the FRIA that requires no participation
of the court
a. Rehabilitation
b. Pre-negotiated rehabilitation
c. Suspension of payments
d. Liquidation
22. Acquisition for purposes of the Philippine Competition Act refers to the purchase of
securities or assets for the purpose of obtaining control by the following, except
- COLIN POWELL
a. 1 entity of the whole or part of another

b. 2 or more entities over another
c. 1 or more entities over 1 or more entities
23. Output limitation and market allocation under the Philippine Competition Act, are
a. Per se prohibited
b. Prohibited if the object or effect of restricting competition
c. Allowed even between competitors
d. None is correct
24. An agreement between competitors which provides for a maximum cap on the price
of their competing goods may be referred to as
a. Price fixing
b. Bid rigging
c. Output limitation
d. Market allocation
25. Requiring a buyers/consumers to purchase a tied-up product that is unrelated to
what they actually intend to purchase may be considered a/an
a. Anti-competitive agreement
b. Abuse of dominant position
c. Mislabelling
d. Prohibited acquisition
26. All of the following may be covered by the power/authority of the Philippine
Competition Commission to review agreements, except
a. Mergers
b. Consolidations
c. Acquisitions
27. The Philippine Competition Commission is empowered under the Philippine
Competition Act to increase the schedule of fines under the law to maintain their
real value from the time it was set every
a. Year
b. 3 years
c. 5 years
d. 10 years
28. If the merger will have a transaction value of ₱10B, failure to notify the Philippine
Competition can subject them to a fine of
a. ₱50M to ₱250M
b. ₱100M to ₱500M
c. ₱200M to ₱1B
d. ₱400M to ₱2B
29. The Government Procurement Act shall apply to the procurement of infrastructure
projects, goods and consulting services in all of the following, except
a. Executive branch of the government
b. Judicial branch of the government
c. Local government units
30. The following are the governing principles applicable to the procurement of the
government, except

- COLIN POWELL
a. Transparency in the procurement process and in the implementation of

procurement contracts
b. Competitiveness by extending equal opportunity to enable private
contracting parties who are eligible and qualified to participate in public
bidding
c. Streamlined procurement process that will uniformly apply to all
government procurement. The procurement process shall simple and made
adaptable to advances in modern technology in order to ensure an effective
and efficient method
31. The Government Procurement Act applies to the procurement of the following,
except
a. Infrastructure projects
b. Goods
c. Consulting services
32. Prior to the invitation to Bid, the BAC is mandated to hold this stage of the
competitive bidding process on each and every procurement, whenever applicable
a. Pre-bid conference
b. Pre-procurement conference
c. Post qualification assessment
d. Preliminary examination of bids
33. A bidder shall be “post-disqualified” whenever a bidder
a. Exceeds the ABC
b. Fails to qualify as the Lowest Calculated Bid
c. Fails to qualify as the Highest Rated Bid
d. Fails to meet any of the requirements or conditions specified in the Bidding
Documents
34. In this kind of insurance, insurable interest is required to exist both at the time the
insurance was taken out and when the loss occurs
a. Property insurance
b. Life insurance
c. Both property and life insurance
d. Neither property nor life insurance
35. A neglect to communicate that which a party knows and ought to communicate
a. Concealment
b. False representation
c. Breach of warranty
d. All of the choices
36. A cooperative that engages in the supply of production inputs to members and
markets their products
a. Credit cooperative
b. Marketing cooperative
c. Consumers cooperative
d. Producers cooperative
37. A cooperative is similar to a corporation in all of the following, except
a. The members have limited liability
b. It has a separate juridical personality

- COLIN POWELL
c. Its existence always begins upon the approval of the regulating body by
issuance of certificate of registration
38. A cooperative engaged in land and see transportation limited to small vessels
a. Multipurpose cooperative
b. Fishermen cooperative
c. Service cooperative
d. Transport cooperative
39. Organizing a primary cooperative would require 5 to 15 natural persons who
(choose the exception)
a. Are natural born citizens
b. Are of legal age
c. Having a common bond of interest
d. Actually residing or working in the intended area of operation
40. Mahusay Electric Cooperative has 200 members, the required number of members
to constitute a quorum is
a. 10
b. 50
c. 100
d. 101
41. Multi-purpose cooperative must have a minimum paid-up capital of
a. ₱15,000
b. ₱50,000
c. ₱100,000
d. ₱250,000
42. The following applies to a Laboratory Cooperative, except
a. The members are all minors
b. Reaching the age majority is a valid ground for termination of membership
c. It has a separate juridical personality from its members
d. It serves as a training ground for its members to prepare them for
membership in regular cooperatives
43. A special meeting of the General Assembly can be called by the Board of Directors
a. On its own initiative
b. By request made by at least 10% of the members
c. By order of the CDA through a petition of at least 10% of the members
d. All of the above
44. What is the remedy available to vendor or lessor when the vendee or lessee fails
to pay a single installment or single periodic rental in an installment sale or finance
lease of personal property property assuming a chattel mortgaged is constituted
on the personal property sold or leased?
a. Exact fulfillment of the obligation with right to recovery for deficiency
b. Cancel the installment sale or finance lease resulting to mutual restitution
c. Foreclose the chattel mortgage on the personal property sold or leased
d. Any of the above
45. What is the minimum grace period allowed by law to pay a defaulted installment
without additional interest to a buyer of residential real property in installment
when he has only paid less than two years of installments?
a. 30 days
b. 60 days
- COLIN POWELL
c. 90 days
d. 120 days
46. Right of the person to retain a thing until he receives payment of his claim in cases
provided by law such as one who executed work on movable
a. Conventional pledge
b. Legal pledge
c. Voluntary pledge
d. Chattel mortgage
47. In this contract, a third person, not the principal debtor, can secure the obligation
of another
a. Pledge
b. Real estate mortgage
c. Chattel mortgage
48. In this contract, future obligations may be covered without need of a separate or
new agreement
a. Pledge
c. Chattel mortgage
d. All of the above
49. Which of the following is a valid stipulation in a contract of real estate mortgage?
a. Stipulation prohibiting the mortgagor from disposing of the properties
b. Stipulation establishing an upset or minimum price in the foreclosure of the
mortgage
c. Stipulation transferring the ownership of the property to the mortgagee in
the event of non-performance of the secured obligation
d. Stipulation that the mortgage will cover future borrowings of the mortgagor
without need of a new contract
50. All of the following may be secured by a contract of pledge or mortgage, except
a. Natural obligations
b. Unenforceable obligations
c. Voidable obligations
d. Void obligations
51. Which of the following may extinguish a contract of pledge?
a. Appropriation of the thing pledged upon failure of the first auction
b. Oral renunciation by the pledgee
c. Return by the pledgee of the thing pledged to the pledgor
52. The use of the thing, given by way of pledge, by the pledgee is allowed in the
following cases, except
a. There is stipulation allowing the pledgee
b. The use of the thing is necessary for preservation
c. Even if there is no stipulation since possession is with the pledgee
d. None of the choices is an exception
53. In which of the following accessory contracts’ foreclosure will the creditor not be
allowed to recover the deficiency, despite any stipulation to the contrary?
a. Pledge
c. Chattel mortgage
- COLIN POWELL
d. None of the above

54. Jeth drew a check dated Jan. 1, 2023 which he issued in favor of Marwin as payment
for previously rendered services. Marwin then negotiated the check to Dexter for
the purchased of goods, which Dexter immediately delivered. On April 3, 2023,
Dexter went to the drawee bank to have the check encashed but the same was
dishonored for insufficiency of funds. Marwin notify Jeth of the dishonor on the
same day.
In order not to be liable under the Anti-Bouncing Checks Law and estafa, A or B
need to make payment within
Anti-Bouncing Checks Estafa
a. 5 days 5 days
b. 5 days 3 days
c. 3 days 5 days
d. 3 days 3 days
55. In connection with the previous question, assuming Marwin was not able to make
payment within the prescribed period from notice, Marwin can be held liable for
a. Yes Yes
b. No No
c. Yes No
d. No Yes
56. In connection with the previous question, assuming Dexter was not able to make
payment within the prescribed period from notice, Dexter can be held liable for
a. Yes Yes
b. No No
c. Yes No
d. No Yes
57. A person may be liable for violating BP Blg 22 for the following checks, except
a. Cashier’s check
b. Manager’s check
c. Memorandum check
58. Luffy and Zoro are partners in a certain business, Luffy being the managing partner.
Sanji owes Zoro ₱50,000 and the partnership ₱100,000, and both credits are
demandable. Sanji pays Zoro ₱30,000 and Zoro issues a receipt in his name. how
much is Zoro entitled to apply to his credit?
a. ₱10,000
b. ₱20,000
c. ₱30,000
d. ₱0
59. When a managing partner is appointed in the Articles of Partnership, what is
required to revoke his authority?
I. Just or lawful cause
II. Majority vote of the partners
III. Vote of the controlling interest
a. I and II
b. I and III
c. II only
- COLIN POWELL
d. III only
60. If the winding up of the partnership affairs is judicial, who has the right or duty to
wind up or liquidate the partnership affairs?
a. Partner or legal representative or assigned designated by the partners
b. Partner or legal representative or assignee designated by the court
c. Managing partner
d. Notary public
61. A group of persons which holds itself out as a corporation and enters into a contract
with third persons on the strength of such appearance cannot be permitted to deny
its existence in an action under the said contract. The “corporation” these people
set themselves out to be is called
a. De jure corporation
b. De facto corporation
c. Corporation by estoppel
d. Eleemosynary corporation
62. The existence of a corporation sole begins from
a. The time the parties came to an agreement to form a corporation and
contribute money or property
b. The filing of the verified articles of incorporation
c. The issuance of a certification of registration
d. First day of the year following the filing of the Articles of Incorporation
63. A contract entered into by a person with the corporation where he is a director is
generally
a. Valid
b. Unenforceable
c. Voidable
d. Rescissible
64. This corporate officer is now required to be a resident of the Philippines under the
Revised Corporation Code
a. Treasurer
b. President
c. Secretary
d. Internal Auditor
65. The number of incorporators to validly form a corporation under the Revised
Corporation Code is
a. 5 to 15
b. Not more than 5
c. Not more than 15
d. May be more than 15
66. A subscriber will be entitled to all the rights of a stockholder even before full-
payment of the subscription, except
a. Right to vote
b. Appraisal right
c. Right to dividends
d. Right to a certificate of stock
67. A corporation can retain earnings in excess of 100% of the paid-up capital in the
following cases, except
a. For definite corporate expansion projects

- COLIN POWELL
b. When prohibited from declaring dividends by a loan agreement with any

financial institution or creditor
c. When necessary under special circumstances such as special reserve for
probable contingencies
d. When declaring dividends would subject the individual stockholders to a
separate tax from the corporate tax already paid
68. The stockholder’s meeting is conducted _________ on ________.
a. Annually; the date indicated in the by-laws
b. Monthly; any day as determined by the Board
c. Annually; any date after April 15
d. Monthly; the date indicated in the by-laws
69. Under the Revised Corporation Code, the place of stockholder’s meeting shall be:
a. The principal office
b. The city or municipality where the principal office is located
c. Anywhere in the Philippines
d. Anywhere even outside the Philippines
70. The merger or consolidation of two corporations is deemed effective:
a. On the date the parties agreed to a consolidation or merger
b. On the date the stockholders ratified the Board resolution for consolidation
or merger
c. Upon submission of the articles of merger or consolidation to the SEC
d. Upon issuance of the certificate of merger or consolidation
71. The following are the limitations on the right of inspection by a stockholder, except
a. The rights must be exercised during reasonable hours on business days
b. The person demanding the right has not improperly used any information
obtained through any previous examination of the books and records of the
corporation
c. The demand is made
d. The right can be exercised for some purpose germane thereto
72. Merger or consolidation shall have the following effects, except
a. The constituent corporations shall become a single corporation
b. The separate existence of the constituent corporations shall cease
c. The surviving or the consolidated corporation shall possess all the rights,
privileges, immunities, and powers and shall be subject to reasonable duties
and liabilities of a corporation.
73. The following are the characteristics of a non-stock corporations, except
a. The right to vote of members may be limited, broadened, or even denied in
the articles of incorporation or the by-laws
b. Non-stock corporation may, through their articles of incorporation or their
by-laws, designate their governing boards by any name other than as board
of trustees
c. By-laws may provide that the members may hold heir meetings at any place
even outside the place where the principal office of the corporation is
located, even if that such place is outside the Philippines
d. Non-stock corporation is not allowed to distribute any of its assets or any
incidental income or profit made by the corporation during its existence
74. The following are the corporations that cannot incorporate as close corporation,
except
a. Mining or oil companies
b. Stock exchanges
c. Banks
d. Industrial companies
- COLIN POWELL
75. Any person to whom stock of a close corporation has been issued or transferred
has, or conclusively presumed to have notice, except
a. That he is a person note eligible to be a holder of stock of the corporations
b. That transfer of stock to him would cause the stock of the corporation to be
held by more than the number of persons permitted by its articles of
incorporation to hold stock of the corporation
c. That the transfer of stock is in violation of a restriction on transfer of stock
76. An action by the directors of a close corporation without a meeting shall not be
deemed valid
a. Before or after such action is taken, written consent thereto is signed by a
majority of the directors
b. All the stockholders have actual or implied knowledge of the action and
make no prompt objection thereto in writing
c. The directors are accustomed to take informal action with the express or
implied acquiescence of all the stockholders
d. All the directors have express or implied knowledge of the action in question
and none of them makes prompt objection thereto in writing
77. The One Person Corporation shall submit the following within such period as the
SEC may prescribe
a. Annual financial statements audited by an independent certified public
accountant
b. A report containing explanations or comments by the president on every
qualification, reservation, or adverse remark or disclaimer made by the
auditor in the latter’s report
c. A disclosure of all self-dealings and related party transactions entered into
between the One Person Corporation and the single stockholders
d. All of the above
78. The following are involuntary modes of dissolution of a corporation, except
a. By legislative enactment
b. By expiration of corporate term provided for the articles of incorporation
c. By failure to formally organize and commence the transaction of its business
within 5 years from the date of incorporation
d. By order of the Joint force – DTI and SEC on grounds under existing laws
79. It means the total shares of stock issued under binding subscription agreements to
subscribers or stockholders, whether or not fully or partially paid, except treasury
shares
a. Outstanding capital stock
b. Authorized capital stock
c. Issued capital stock
d. Paid-in capital stock
80. JETH corporation borrowed P3,000,000 from JDC Bank. Mr. Mahusay is the
controlling stockholder, owning eighty percent(80%) of the outstanding capital
stock of JETH corporation. JDC Bank seeks to collect the P3,000,000 debt of JETH
corporation, but it was discovered that the corporation has no more assets. JDC
Bank is now going after Mr. Mahusay to collect the debt. Is Mr. Mahusay liable to
pay the P3,000,000 debt of JETH corporation?
a. Yes. Under the doctrine of piecing the veil of corporate fiction, Mr. Mahusay
is liable for the debts of the corporation
b. No. Mr. Mahusay can only be held liable for P2,400,000 or 80% of
P3,000,000
c. Yes. Under the doctrine of unlimited liability, Mr. Mahusay’s personal assets
serve as security for the debts of the corporation
d. No. the liability of JETH corporation is separate from the liability of Mr.
Mahusay
81. The share of stock of a close corporation are held by
- COLIN POWELL
a. Not more than 20 persons

b. Not more than 50 persons
c. At most 20 persons
d. At most 50 persons
82. Angeli mortgaged her residential land to Gracey as a guarantee for the payment of
₱400,000 obligation to Gracey. They agreed that Angeli shall not sell the land while
the obligation exists. Before the maturity of the mortgage, Aila offered to buy the
land from Angeli. Which is correct?
a. Angeli cannot sell the land to Aila because of agreement not the to sell.
b. Angeli can sell the land to Aila only if Gracey consents in writing.
c. Angeli can sell the land to Aila despite the agreement not to sell.
d. Angeli can sell the land to Aila unless Angeli pays the obligation.
83. Ava obtained a loan of ₱50,000 from Kathleen. Ava pledged her laptop. The contract
signed by the parties stipulated that if Ava is unable to redeem the laptop on due
date, Ava will execute a document in favor of Kathleen providing that the laptop
shall automatically be considered full payment of the loan. Is the contract valid?
a. The contract is void as it amounts to pactum commissorium
b. The contract is void because it provides for the automatic appropriation by
Kathleen of the laptop.
c. The contract is valid because it was made in good faith
d. The contract is valid because it does not amount to pactum commissorium
as it does not provide for the automatic appropriation by Kathleen of the
laptop in case of default of Ava.
84. Glipa obtained a loan of ₱100,000 from Romares. Glipa pledged his laptop. The
contract signed by the parties stipulated that if Glipa is unable to redeem the laptop
on due date, Romares may immediately sell the laptop and appropriate the entire
proceeds thereof for herself as full payment of the loan. Decide
a. The contract of loan is voidable as it is tainted with vice of consent.
b. The contract of pledge violates the Statute of Frauds
c. The stipulation authorizing Romares to immediately sell the laptop is valid
as it falls under the principle of autonomy of contract or liberty to contract.
d. The stipulation authorizing Romares to immediately sell the laptop is void
as Romares cannot appropriate the things given by way of pledge or dispose
of them
85. In 2022, Sheena borrowed ₱500,000 from Shella, collaterized by pledge of stock
of a corporation worth ₱700,000. In 2023, because of the economic crisis, the value
of the shares fell to ₱100,000. Can Shella demand that Sheena surrender additional
shares worth ₱600,000?
a. No. Contract of pledge cannot be changed unilaterally. Moreover, pedge is
only an accessory contract.
b. Yes, because the parties did not contemplate said circumstance when the
pledge was perfected
c. Yes, because the parties intended that the value of the object of pledge shall
always be higher than the amount of the loan.
d. No, because the right of Shella is to sell the shares at public auction and
claim for the deficiency
86. Aubrey loaned to Jeny ₱40,000 for which the latter pledged 4,000 shares of stocks
in A Corporation. It was agree that if the pledgor failed to pay the loan with 10%
yearly interest within four years, the pledge is authorize to foreclose on the shares
stock. As required, Jeny delivered possession of the shares to Aubrey with the
understanding that the shares would be returned to Jeny upon the payment of the
loan. However, the loan was not paid in time. A month the after 4 years, may the
shares of stock pledged be deemed owned by Aubrey?
a. Yes, because non-payment the loan will transfer ownership.
- COLIN POWELL
b. No, because they have to be foreclosed.

c. Yes, because the loan and the value of the shares are equal.
d. Yes, because the creditor can appropriate the things given by way of pledge
87. Mary and Grace borrowed money from Llena. To guarantee payment, they left the
Torrens title of their land with Llena for her to hold until they pay the loan. What
contract was executed?
a. A contract of pledge
b. A contract of real estate mortgage
c. A contract of antichresis
88. Maria obtained a loan of ₱100,000 from Clarence, and pledged her diamond ring,
The contract signed by the parties stipulated that if Maria is unable to redeem the
ring on due date, she will execute a document in favor of Clarence providing that
the ring shall automatically be considered full payment of the loan. Is the contract
valid?
a. The contract is void because it amounts to automatic appropriation
b. The contract is valid.
c. The contract is unenforceable because it amounts to pactum commissorium.
d. The contract is voidable due to vice of consent.
89. Statement I. Proceedings under the FRIA is proceeding in rem which means it binds
the whole world.
Statement II. Jurisdiction over all persons affected is acquired by service of
summons.
Statement III. Proceedings shall be summary and adversarial.
a. Only Statement I is true.
b. Only Statement II is true.
c. Statements I and II are false.
d. All statements are true.
90. This involves calling the creditors to a meeting to propose and agree on a schedule
of payments and to prevent the debtor from making any payment outside the
necessary or legitimate expenses of the business, and the issuance of a suspension
order to prevent pending executions against the debtor.
a. Voluntary Rehabilitation
b. Amicable settlement
c. Pre-negotiated rehabilitation
d. Suspension of Payments
91. Upon filing of the petition for rehabilitation, the court may deny the petition if any
of the following are present, EXCEPT?
a. When the debtor is not insolvent
b. The petition is a sham filing that does not intend to delay the enforcement
of the rights of creditors.
c. The debtor committed acts that defraud its creditors.
d. All are grounds for denying the petition for rehabilitation.
92. Time frame wherein the liquidator prepares a preliminary registry of claims.
a. Within 20 days from his assumption into office
b. Within 30 days from his assumption into office
c. Within 15 days from his assumption into office
d. Within 5 days from his assumption into office
93. For a merger or consolidation to be valid, it must be approved by
a. Majority of all members with voting rights
b. 1/3 of all members with voting rights
c. 3/4 of all members with voting rights
d. 2/3 of all members with voting rights
94. CBA Cooperative does not meet the required minimum number of members in the
cooperative. Other than that, it intentionally fails to operate on a cooperative basis.
After due notice and hearing, CBA Cooperative
- COLIN POWELL
a. Will continue to operate

b. Shall gather additional members to meet the requirements
c. Involuntary dissolution is not allowed for these reasons
d. May be dissolved by the order of the CDA
95. Statement I. The Philippine Competition Act applies to the combinations or
activities of workers or employees designed solely to facilitate bargaining.
Statement II. Acts done outside the Philippines may likewise be covered by the
Philippine Competition Act.
a.
c. Both statements are true.
d. Both statements are false.
96. Statement I. Permissible price differentials are inherently anti-competitive.
Statement II. Socialized pricing for the less fortunate sector of the economy is an
example of permissible price differential.
97. Statement I. The release of iPhone 17 by Apple, Inc. to reduce the market share
of other competitors with the new flagship pone’s advanced camera system is an
abuse of dominant position.
Statement II. The release of Microsoft Office 2022 by Microsoft, Inc, that contains
new patented software features such as 3D and 4D editing and advanced graphics
wherein other software developers are prohibited from duplicating these features
due to the patent is an abuse of dominant position.
98. Existence of a dominant position of an entity is allowed by the Philippine
Competition Act.
a. The statement is correct. What is prohibited are acts that exploit this
dominant position.
b. The statement is correct. Prohibited acts are those that acquire this
dominant position from already existing ones.
c. The statement is incorrect. Dominant positions are anti-competitive in
nature.
d. None of the choices.
99. Del Cioz is the leading producer of dragon fruit juice in the Philippines. It operates
its factory in Campusong, Borbon where it purchases 90% of the dragon fruit
harvests of the dragon fruit farmers. The market rate for the dragon fruits is P150
per kilo. Del Cioz is bargaining with the farmers and their cooperatives to sell the
dragon fruits to them at P70 or else, it will buy dragon fruits from other sources.
Is this act legal?
a. Yes, this is allowed.
b. No, this is an example of an abuse in dominant position.
c. No, this is an example of an anti-competitive agreement.
d. No, this is an example of a prohibited merger.
100. Merger or acquisition agreements that substantially prevent, restrict or
lessen competition in the relevant market for goods or services are:
a. Discouraged
b. Subject to greater license fees
c. Prohibited
d. Encouraged
- COLIN POWELL

RFBT - 2nd Monthly Assessment

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ACCOUNTANCY DEPARTMENT

Name: _________________________ Score: _ _

8. Which of the following is not protected by Bank Secrecy Law?

d. Publication of the Notice of Commencement

a. 1 entity of the whole or part of another

“THERE IS NO SECRET FOR SUCCESS.

a. Transparency in the procurement process and in the implementation of

“THERE IS NO SECRET FOR SUCCESS.

d. None of the above

“THERE IS NO SECRET FOR SUCCESS.

b. When prohibited from declaring dividends by a loan agreement with any

a. Not more than 20 persons

b. No, because they have to be foreclosed.

a. Will continue to operate

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