Final Exam Questions Group 1: Acoba, Arriola, Cabangal, Evangelista, Galsim

FINAL EXAM QUESTIONS
GROUP 1: ACOBA, ARRIOLA, CABANGAL, EVANGELISTA, GALSIM

1. In addition to the powers of a receiver provided under existing laws, the PDIC, as
receiver of a closed bank, is empowered to:
A. Represent and act for and on behalf of the closed bank
B. Gather and take charge of all the assets, records and affairs of the closed bank,
and administer the same for the benefit of its creditors.
C. Convert the assets of the closed bank to cash or other forms of liquid assets, as far
as impracticable
D. Convert the assets of the closed bank to cash or other forms of liquid assets, as far
as practicable
Source: Sec. 26, RA 10846

2. Shall include credits or deposits of money, bullion, security or other evidence of
indebtedness of any kind, and interest thereon with banks, buildings and loan
associations, and trust corporations, as hereinafter defined, in favor of any person known
to be dead or who has not made further deposits or withdrawals during the preceding ten
years or more.
A. Claimed balances
B. Liquidated balances
C. Prescribed balances
D. Unclaimed balances
Source: Sec. 1, Unclaimed Balances Law as amended by P.D. 679
3. Unless otherwise agreed between the originator and the addressee, an electronic data
message or electronic document is deemed to be dispatched at ________________.
A. Place where the addressee has its place of business
B. Place where the originator has its place of business
C. Place where the addressee has its place of residence
D. Place where the originator has its place of residence
4. Unless otherwise agreed between the originator and the addressee, an electronic data
message or electronic document is deemed to be received at ________________.
E. Place where the originator has its place of business
F. Place where the addressee has its place of business
G. Place where the originator has its place of residence
H. Place where the addressee has its place of residence
5. The following statements are the rules to be followed in determining the time of receipt
of Electronic Data Messages or Electronic Documents. Which is NOT CORRECT?
A. If the addressee has designated an information system for the purpose of receiving
electronic data message or electronic document, receipt occurs at the time when
the electronic data message or electronic document enters the designated
information system
B. if the originator and the addressee are both participants in the designated
information system, receipt occurs at the time when the electronic data message
or electronic document enters the designated information system
C. If the electronic data message or electronic document is sent to an information
system of the addressee that is not the designated information system, receipt
occurs at the time when the electronic data message or electronic document is
retrieved by the addressee
D. If the addressee has not designated an information system, receipt occurs when
the electronic data message or electronic document enters an information system
of the addressee
6. Whenever a bank is determined by the BSP to be capital deficient, the Corporation may
conduct an insurance risk evaluation on the bank to enable it to assess the risks to the
DIF. Such evaluation may include the determination of the following EXCEPT?
A. Fair Market Value of the Assets and Liabilities
B. Risk Classification
C. Book Value of the Net Assets
D. Possible Resolution modes.
Source: Sec. 6, RA 3591 as amended
7. All departments, bureaus, offices and agencies of the government, that pursuant to law
require or accept the filing of documents, require that documents be created, or retained
and/or submitted, issue permits, licenses or certificates of registration or approval, or
provide for the method and manner of payment or settlement of fees, and other
obligations to the government, shall do the following EXCEPT:
A. accept the creation, filing or retention of such documents in the form of electronic
data messages or electronic documents
B. issue permits, licenses, or approval in the form of electronic data messages or
electronic documents
C. require and/or accept payments, and issue receipts acknowledging such payments,
through systems using electronic data messages or electronic documents
D. reject payments that in the form of data message
Source: Section 27 of Republic Act No. 8792
8. Where the law requires a document to be in writing, that requirement is met by an

electronic document if
A. the said electronic document maintains its integrity and reliability and can be
authenticated so as to be usable for subsequent reference
B. The electronic document has been changed and altered, apart from the addition of
any endorsement and any authorized change, or any change which arises in the
special course of communication, storage and display
C. That document is not capable of being displayed to the person to whom it is to be
presented
D. There exists a reliable assurance as to the integrity of the document from the time
when it was first generated in its original form
Source: Section 27 of Republic Act No. 8792
9. The PDIC, in coordination with the Bangko Sentral ng Pilipinas, may commence the
resolution of a bank under this section upon:
A. Failure to make or publish any such report of condition within such time, as the
Board of Directors may require
B. Failure to keep and maintain a true and accurate record or statement of its daily
deposit transactions consistent with the standards set by the Bangko Sentral ng
Pilipinas and the Corporation.
C. Failure of prompt corrective action as declared by the Monetary Board
D. Failure to pay the assessment it is required to pay
Source: Section 11 of Republic Act No. 3591, as amended
10. In determining the appropriate resolution method for a bank, the PDIC shall consider the
following EXCEPT:
A. Fair market value of the assets of the bank, its franchise, as well as the amount of
its liabilities
B. Management and administration of the bank’s assets, liabilities and records
C. Availability of a qualified investor
D. Interest of the depositing public.
Source: Section 11 of Republic Act No. 3591, as amended
11. All notes, debentures, bonds, or such obligations issued by the Corporation shall be
exempt from taxation both as to principal and interest, and shall be fully guaranteed by
the Government of the Republic of the Philippines. Such guarantee, shall in no case
exceed __________ the DIF as of date of the debt issuance.
A. 3 times
B. 2 times
C. 4 times
D. 5 times
Source: Section 19 of RA 3591 accordingly renumbered as Section 24
For numbers 12 and 13, the following are the accounts of Juan Dela Cruz maintained under a
closed bank
Account Name of Depositor Balance

No.
1 Juan Dela Cruz P 200,000
2 Juan Dela Cruz ITF Antonio Dela Cruz 400,000
3 Juan Dela Cruz BY Maria Dela Cruz 500,000
4 Juan Dela Cruz BY Maria Dela Cruz or Pedro 500,00
Dela Cruz
Total P 1,600,000
12. How much is the insured deposit of Juan Dela Cruz?

A. 500,000
B. 700,000
C. 1,600,000
D. 0
Source: PDIC website illustrative case 3, link:
http://www.pdic.gov.ph/?nid1=5&nid2=3
13. How much is the uninsured deposit of Antonio Dela Cruz?

A. 500,000
B. 400,000
C. 1,200,000
D. 0
For numbers 14 and 15, the following are the accounts maintained under a closed bank
Account Account Name per Bank Records Balance

No.
1 Juan Dela Cruz or Maria Dela Cruz P 500,000
2 XYZ Corporation 500,000
3 Juan Dela Cruz and ABC Corporation 500,000
Total P 1,500,000
14. How much is the insured deposit of Juan Dela Cruz?

A. 500,000
B. 250,000
C. 1,500,000
D. 0
15. How much is the insured deposit of ABC Corporation?

A. 500,000
B. 250,000
C. 1,500,000
D. 0
16. Which of the risks to a bank does PDIC cover?

A. bank closure ordered by Monetary Board
B. bank losses due to theft and fire
C. bank closure ordered by reason of strike or existence of public disorder
D. All of the above
Source: Section 10 (b) of RA 3591
17. Which of the following accounts or transactions are covered by deposit insurance?
A. Foreign currency deposits
B. Deposit accounts which are unfunded, fictitious or fraudulent;
C. Deposit products constituting or emanating from unsafe and unsound banking
practices;
D. Deposits that are determined to be proceeds of an unlawful activity as defined
under the Anti-Money Laundering Law.
Source: Section 9 of RA 6426 and Section 7 (g) of RA 10846
18. Is a work which has been created by 2 or more natural person at the initiative and under
the direction of another with the understanding that it will be disclosed by the latter under
his own name and that contributing natural persons will not be identified.
A. Collective work
B. Combined work
C. Consolidated work
D. Merged work
Source: Section 171.2 of Intellectual Property Code of the Philippines
19. Is the transfer of possession of the original or copy of a work or sound recording for a
limited period, for non-profit purposes, by an institution the services of which are
available to the public, such as public library or archive.
A. Commodatum
B. Mutuum
C. Private lending
D. Public lending
20. Means works, which, with the consent of the authors, are made available to the public by
wire or wireless means in such a way that members of the public may access these works
from a place and time individually chosen by them.
A. Private performance
B. Public performance
C. Public works
D. Published works
21. Is the making of one (1) or more copies of a work or a sound recording in any manner or
form
A. Reproduction
B. Rental
C. Licensing
D. Lending
22. Is the transfer of the possession of the original or a copy of a work or a sound recording
for a limited period of time, for profit-making purposes
A. Reproduction
B. Rental
C. Licensing
D. Lending
23. Means information which identifies the work, sound recording or performance, the author
of the work, producer of the sound recording or performer of the performance, the owner
of any right in the work, sound recording or perfromance; and any number or code that
represent such infromation, when any of these items is attached to a copy of the work,
sound recording or fixation of performance or appears in conjunction with the
communication to the public work, sound recording or performance.
A. Right identification of information
B. Right management information
C. Right recording of information
D. None of the above
Source: International Comparative Legal Guides: Copyright Rules and
Regulation
24. Which of the following is the object of the Law on Copyright?
A. Original Literary
B. Invention
C. Artistic works
D. Both A and C
Source: Section 172 of Intellectual Property Code of the Philippines
25. Under the Law on Copyright, an author has a moral rights that shall last for
A. During the author's lifetime and for 50 years after his death.
B. 10 years
C. 50 years from creation of work
Source: Section 198 of Intellectual Property Code of the Philippines
26. The following are objectives of Electronic Commerce Act except:

A. To facilitate domestic and international dealings
B. To recognize the authenticity and reliability of electronic documents
C. To promote the universal use of electronic transaction in the government and
general public
Source: Section 3 of Republic Act No. 8792 of Philippines Electronic
Commerce Act of 2000
27. It refers to a person who is intended by the originator to receive the electronic data
message or electronic document.
A. Addressee
B. Programmer
C. Intermediary
D. Service Provider
28. It refers to a person who in behalf of another person, and with respect to a particular
electronic document sends, receives and/or stores or provides other services in respect of
that electronic document
A. Addressee
B. Originator
C. Intermediary
D. Service Provider
29. It is a strategy requiring all agencies and offices of the Philippine government to connect
to the interner.
A. RPWEB
B. PRWEB
C. WEBPH
30. The following are functions of DTI under E-commerce act except
A. Promote and supervise the promotion and development of electronic commerce in
the country
B. Perform such other functions as may be necessary for the implementation of E-
commerce act
C. Installation of an online public information and quality and price monitoring
system for goods and services
Group 2 – ASTROLOGO, DAGAN, DE JESUS, GAN, GONZALES
1) Which among the following securities transactions require that the securities be
registered in order to be compliant with the Securities Regulation Code?
a. A bank selling its own securities.
b. A sale of capital stock of a corporation to its own stockholders only where no fee
is paid in connection with the sale.
c. An insurance company selling its own securities.
d. The transaction of a broker on the PSE pursuant to his client's orders.
Source: Section 9 of the Securities and Regulations Code list down the following exempt
securities:
a. Any security issued or guaranteed by the Government of the Philippines, or by any
political subdivision or agency thereof, or by any person controlled or supervised by,
and acting as an instrumentality of said Government.
b. Any security issued or guaranteed by the government of any country with which the
Philippines maintains diplomatic relations, or by any state, province or political
subdivision thereof on the basis of reciprocity: Provided, That the Commission may
require compliance with the form and content for disclosures the Commission may
prescribe.
c. Certificates issued by a receiver or by a trustee in bankruptcy duly approved by the
proper adjudicatory body.
d. Any security or its derivatives the sale or transfer of which, by law, is under the
supervision and regulation of the Office of the Insurance Commission, Housing and
Land Use Rule Regulatory Board, or the Bureau of Internal Revenue.
e. Any security issued by a bank except its own shares of stock.
2) When is tender offer mandatory?

a. Any person or a group of persons acting in concert, intends to acquire 35% or
more of equity shares of a public company pursuant to an agreement made
between or among the person and one or more sellers.
b. The person or a group of persons acting in concert, intends to acquire 25% or
more of the equity shares of a public company within a period of 18 months.
c. If any acquisition of even less than 35% would result in ownership of over 51% of
the total outstanding equity securities of a public company, the acquirer shall be
required to make a tender offer for all the outstanding equity securities to all
remaining stockholders.
d. If any acquisition of even less than 25% would result in ownership of over 50% of
the total outstanding equity securities of a public company, the acquirer shall be
required to make a tender offer for all the outstanding equity securities to all
remaining stockholders.
Section 19. Tender Offers. – Any person or group of persons acting in concert who intends to
acquire at least 15% of any class of any equity security of a listed corporation of any class of
any equity security of a corporation with assets of at least fifty million pesos (50,000,000.00) and
having two hundred(200) or more stockholders at least one hundred shares each or who
intends to acquire at least thirty percent(30%) of such equity over a period of twelve months(12)
shall make a tender offer to stockholders by filling with the Commission a declaration to that
effect; and furnish the issuer, a statement containing such of the information required in Section
17 of this Code as the Commission may prescribe. Such person or group of persons shall
publish all request or invitations or tender offer or requesting such tender offers subsequent to
the initial solicitation or request shall contain such information as the Commission may
prescribe, and shall be filed with the Commission and sent to the issuer not alter than the time
copies of such materials are first published or sent or given to security holders.
3) What are the criminal legal consequences of failure to follow rules/regulations

promulgated in the Securities Regulation Code?
a. A fine of 100,000 to 5,000,000 pesos and/or imprisonment of 3 years to 15
years.
b. A fine of 50,000 to 5,000,000 pesos and/or imprisonment of 7 years to 21 years.
c. A fine of 100,000 to 7,000,000 pesos and/or imprisonment of 3 years to 15
years.
d. A fine of 50,000 to 7,000,000 pesos and/or imprisonment of 7 years to 21 years
Section 73. Penalties. – Any person who violates any of the provisions of this Code, or the rules
and regulations promulgated by the Commission under authority thereof, or any person who, in
a registration statement filed under this Code, makes any untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, shall, upon conviction, suffer a fine of not less than Fifty
thousand pesos (P50,000.00) nor more than Five million pesos (P5,000,000.00) or
imprisonment of not less than seven (7) years nor more than twenty-one (21) years, or both in
the discretion of the court.
4) The Commission may reject a registration statement and refuse registration of the
security there under, or revoke the affectivity of a registration statement and the
registration of the security there under after the due notice and hearing by issuing an
order to such effect, setting forth its finding in respect thereto, if it finds that the issuer,
except one:
a. Has been extra-judicially declared insolvent
b. Has violated any of the provision of this Code, the rules promulgate pursuant
thereto, or any order of the Commission of which the issuer has notice in
connection with the offering for which a registration statement has been filed
c. Has been or is engaged or is about to engage in fraudulent transactions
d. Has made any false or misleading representation of material facts in any
prospectus concerning the issuer or its securities.
Section 13 of the Securities Regulation Code list down the grounds for rejection and revocation
of registration of secuirties:
a. The issuer:
i. Has been judicially declared insolvent
ii. Has violated any of the provision of this Code, the rules promulgate pursuant
thereto, or any order of the Commission of which the issuer has notice in
connection with the offering for which a registration statement has been filed
iii. Has been or is engaged or is about to engage in fraudulent transactions
iv. Has made any false or misleading representation of material facts in any
prospectus concerning the issuer or its securities
v. Has failed to comply with any requirements that the Commission may impose
as a condition for registration of the security for which the registration
statement has been filed; or
b. The registration statement is on its face incomplete or inaccurate in any material
respect or includes any untrue statements of a material fact required to be stated
therein or necessary to make the statement therein not misleading; or
c. The issuer, any officer, director or controlling person performing similar functions, or
any under writer has been convicted, by a competent judicial or administrative body,
upon plea of guilty, or otherwise, of an offense involving moral turpitude and /or fraud
or is enjoined or restrained by the Commission or other competent or administrative
body for violations of securities, commodities, and other related laws.
5) Which of the following does not qualify as “securities” as defined by The Securities
Regulation Code (R.A 8799)?
a. Shares of stock of Metro Pacific Investments Corp.
b. Fractional undivided interests in gas from Pilipinas Shell Inc.
c. Title of Land located in Antipolo City
d. Bonds from the Bureau of Treasury
Section. 3.1 of The Securities Regulation Code (R.A 8799) .- "Securities" are shares,
participation or interests in a corporation or in a commercial enterprise or profit-making venture
and evidenced by a certificate, contract, instruments, whether written or electronic in character.
It includes:
a. Shares of stocks, bonds, debentures, notes evidences of indebtedness, asset-

backed securities;
b. Investment contracts, certificates of interest or participation in a profit sharing
agreement, certifies of deposit for a future subscription;
c. Fractional undivided interests in oil, gas or other mineral rights;
d. Derivatives like option and warrants;
e. Certificates of assignments, certificates of participation, trust certificates, voting trust
certificates or similar instruments
f. Proprietary or nonproprietary membership certificates incorporations; and
g. Other instruments as may in the future be determined by the Commission
6) Who is the current Chairman of the Securities and Exchange Commission?

a. Emilio Benito Aquino
b. Cesar Dulay
c. Dennis Funa
d. Amando Tetangco Jr.
Source: “Emilio Benito Aquino was appointed as SEC Commissioner by President Rodrigo R.
Duterte on December 2, 2016. He took his oath before Finance Secretary Carlos G. Dominguez
III last December 7, 2016.”- http://www.sec.gov.ph/about/commissioners/
7) These are qualifications for being a Commissioner in the Securities and Exchange
Commission, except:
a. He must be at least thirty-five (35) years of age
b. He must be a member of the Philippines Bar
c. He must be of good moral character, or unquestionable integrity
d. He must be of known probity and patriotism, and with recognized competence in
social and economic disciplines
Section 4. of The Securities Regulation Code (R.A 8799) Administrative Agency The
Commissioners must be natural-born citizens of the Philippines, at least forty (40) years of age
for the Chairperson and at least thirty-five (35) years of age for the Commissioners, of good
moral character, or unquestionable integrity, of known probity and patriotism, and with
recognized competence in social and economic disciplines: Provided, That the majority of
Commissioners, including the Chairperson, shall be members of the Philippine Bar
8) An act or series or combination of acts whereby proceeds of an unlawful activity,

whether in cash, property or other assets, are converted, concealed or disguised to
make them appear to have originated from legitimate sources is:
a. Money Laundering
b. Terrorist Financing
c. Covered Transacting
d. Covered Payment
Source: Section 4 of R.A. 9160
9) “Covered Transaction” refers to the following except:

a. A transaction in cash or other equivalent monetary instrument exceeding Five
Hundred Thousand pesos (PHP500,000.00).
b. A transaction with or involving jewelry dealers, dealers in precious metals and
dealers in precious stones in cash or other equivalent monetary instrument
exceeding One Million pesos (Php1,000,000.00).
c. A transaction in cash or other equivalent monetary instrument not exceeding Five
d. A casino cash transaction exceeding Five Million Pesos (PHP5,000,000.00) or its
equivalent in other currency.
Source: Rule 2 Section 1 (w) of the Implementing Rules and Regulations of R.A. 9160
“Covered Transaction” refers to:
 A transaction in cash or other equivalent monetary instrument exceeding Five

 A transaction with or involving jewelry dealers, dealers in precious metals and
dealers in precious stones in cash or other equivalent monetary instrument
exceeding One Million pesos (Php1,000,000.00).
 A casino cash transaction exceeding Five Million Pesos (PHP5,000,000.00) or its
equivalent in other currency
10) The following are covered persons under AMLA except:

a. Legal counsel of a school
b. Non-stock savings and loan associations
c. Mutual benefit associations
d. External auditor of Banco De Oro
Source: Implementing Rules and Regulations of R.A. 9160
The following are the covered persons under the AMLA:
a. The following financial institutions:

1. Persons supervised and/or regulated by BSP, including their subsidiaries and
affiliates, which are also covered persons, supervised and/or regulated by the
BSP such as:
i. Banks;
ii. Quasi-banks;
iii. Trust entities
iv. Pawnshops;
v. Non-stock savings and loan associations;
vi. Other Non-bank financial institutions which under special laws are
subject to BSP supervision and/or regulation;
vii. Electronic money issuers; and
viii. Foreign exchange dealers, money changers, and remittance and
transfer companies.
2. Persons supervised or regulated by IC, such as:
i. Insurance companies;
ii. Pre-need companies;
iii. Insurance agents;
iv. Insurance brokers;
v. Professional reinsurers;
vi. Reinsurance brokers;
vii. Holding companies;
viii. Holding company systems;
ix. Mutual benefit associations; and
x. All other persons and their subsidiaries and affiliates supervised or
regulated by the IC.
3. Persons supervised or regulated by SEC, such as:
i. Securities dealers, brokers, salesmen, investment houses, and other
similar persons managing securities or rendering services, such as
investment agents, advisors, or consultants;
ii. mutual funds or open-end investment companies, close-end
investment companies or issuers, and other similar entities; and
iii. other entities, administering or otherwise dealing in commodities, or
financial derivatives based thereon, valuable objects, cash
substitutes, and other similar monetary instruments or properties,
supervised or regulated by the SEC
b. The following “Designated Non-Financial Businesses and Professions” (DNFBP)
1. Jewelry dealers
2. Dealers in precious metals, and dealers in precious stones
3. Company service providers, which, as a business, provide any of the
following services to third parties:
i. acting as a formation agent of juridical persons;
ii. acting as (or arranging for another person to act as) a director or
corporate secretary of a company, a partner of a partnership, or a
similar position in relation to other juridical persons;
iii. providing a registered office; business address or accommodation,
correspondence or administrative address for a company, a
partnership or any other juridical person or legal arrangement; and
iv. acting as (or arranging for another person to act as) a nominee
shareholder for another person
4. Persons, including lawyers, accountants and other professionals, who
provide any of the following services:
i. Managing of client money, securities or other assets;
ii. Management of bank, savings, securities or other assets;
iii. Organization of contributions for the creation, operation or
management of companies; and
iv. Creation, operation or management of juridical persons or
arrangements, and buying and selling business entities.
5. Casinos, including internet-based casinos and ship-based casinos, with
respect to their casino cash transactions related to their gaming operations.
i. The “Casino Implementing Rules and Regulations of Republic Act No.
10927” shall govern the implementation of the AMLA with regard to
casinos, unless, otherwise indicated therein by the AMLC and the
AGAs.
11) Which of the following is not an unlawful activity under AMLA?

a. Theft
b. Murder
c. Smuggling
d. Hijacking
Source: Implementing Rules and Regulations of R.A. 9160 “It should be Qualified Theft under
Article 310 of RPC”
12) This refers to a transaction, regardless of amount, where any of the suspicious
circumstances, as herein defined, is determined, based on suspicion or reasonable
grounds, to be existing.
a. Covered Transaction
b. Suspicious Transaction
c. Doubtful Transaction
d. Unsure Transaction
Source: Rule 2, Section 1 (zzzz) ““Suspicious Transaction” refers to a transaction, regardless of

amount, where any of the suspicious circumstances, as herein defined, is determined, based on
suspicion or, if available, reasonable grounds, to be existing.”
13) The AMLC Secretariat shall be headed by an Executive Director who shall be appointed
by the Council for a term of ____________.
a. 5 years
b. 3 years
c. 1 year
d. 2 years
Source: Section 4. The Executive Director.
4.1. Term of Office.
The AMLC Secretariat shall be headed by an Executive Director who shall be appointed by the
Council for a term of five (5) years.
14) The following requirements shall be observed in the issuance of freeze orders, except:
a. No prior criminal charge, pendency of a case, or conviction for an unlawful
activity or ML offense is necessary for the commencement or the resolution of a
petition for freeze order.
b. No ML/TF risks involved in the issuance of freeze order.
c. No asset shall be frozen to the prejudice of a candidate for an electoral office
during an election period.
d. No court shall issue a temporary restraining order or a writ of injunction against
any freeze order, except the Supreme Court.
Source: Section 1. General Rules on Freeze Orders.
The following requirements shall be observed in the issuance of freeze orders:
(a) No prior criminal charge, pendency of a case, or conviction for an unlawful activity or ML
offense is necessary for the commencement or the resolution of a petition for freeze
order. (b) No asset shall be frozen to the prejudice of a candidate for an electoral office
during an election period. (c) No court shall issue a temporary restraining order or a writ
of injunction against any freeze order, except the Supreme Court.
15) The verified petition shall be filed with the court which rendered the judgment of
forfeiture, within _____________ from the date of the finality of the order of forfeiture, in
default of which the said order shall become executory.
a. 10 days
b. 5 days
c. 15 days
d. 30 days
Source: Section 3.2. Claim on Forfeited Assets
The verified petition shall be filed with the court which rendered the judgment of forfeiture, within
fifteen (15) days from the date of the finality of the order of forfeiture, in default of which the said
order shall become executory.
16) Who is the current executive director of the AMLC Secretariat?

a. Atty. Mel Georgie Racela
b. Atty. Julia Bacay-Abad
c. Delfin Lorenzana
d. Atty. Arthur Tugade
Choice A is correct because he is the current AMLC Secretariat Executive Director, appointed in
2017 and his term will in 2022. Choice B is false because she is the previous Executive Director
before Atty. Mel Georgie Racela. Choice C is false because he is the current Secretary of
National Defense of the Philippines and he is not a lawyer. Choice D is false because he is the
current Secretary of Department of Transportation.
Section 4.2. Qualifications.
The Executive Director shall, at the time of appointment, have the following qualifications:
(a) Member in good standing of the Philippine Bar;
(b) At least, thirty-five (35) years of age;
(c) Have served, continuously or cumulatively, for, at least, five (5) years either at the BSP, the
SEC or the IC; and
(d) Of good moral character, unquestionable integrity, and known probity.
17) Who composes the Anti- Money Laundering Council?

a. Governor of the Bangko Sentral ng Pilipinas, the Commissioner of the Insurance
Commission and the Chairman of the Securities and Exchange Commission.
b. Commissioner of the Bureau of Internal Revenue, President of the Republic of
the Philippines,and the Solicitor General
c. The Secretary of Finance, the Commissioner of the Bureau of Internal Revenue,
and the Chairman of the Securities and Exchange Commission
d. The Secretary of Justice, Governor of the Bangko Sentral ng Pilipinas and
President of the Republic of the Philippines
Source:
SEC. 7. Creation of Anti-Money Laundering Council (AMLC) of the Anti-Money Laundering Act
of 2001 (RA 9160). – The Anti-Money Laundering Council is hereby created and shall be
composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the Commissioner
of the Insurance Commission and the Chairman of the Securities and Exchange Commission as
members.
18) Who is the current chairman of the Anti-Money Laundering Council?

a. Nestor A. Espenilla, Jr.
b. Emilio B. Aquino
c. Dennis Funa
d. Amando Tetangco, Jr.
Sources:
• SEC. 7. Creation of Anti-Money Laundering Council (AMLC) of the Anti-Money
Laundering Act of 2001 (RA 9160). – The Anti-Money Laundering Council is hereby created and
shall be composed of the Governor of the Bangko Sentral ng Pilipinas as chairman, the
Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange
Commission as members
• “Mr. Nestor A. Espenilla, Jr. is the Governor of the Bangko Sentral ng Pilipinas (BSP).
He took office as the fourth Governor of the BSP on 3 July 2017.” -
http://www.bsp.gov.ph/about/governance_nae.asp
19) What constitutes a quorum in cooperative meetings?

a. At least 25% of all the members entitled to vote.
b. At least ¾ of all the members entitled to vote.
c. At least majority of all the members entitled to vote.
d. At least 2/3 of all the members entitled to vote.
Source: “ART. 35. Quorum. - A quorum shall consist of at least twenty-five per centum (25%) of
all the members entitled to vote.
20) What is the voting system in a meeting of a primary cooperative?

a. Each member shall have 1 vote
b. Each member shall have 1 basic vote and as many incentive votes as provided
for in the bylaws but not to exceed 5 votes.
c. Each member shall have 2 basic vote and as many inventive votes as provided
d. Each member shall have 2 votes.
Source: “ART. 36. Voting System. - Each member of a primary cooperative shall have only one
(1) vote.
21) What is the voting system in the meeting of secondary or tertiary cooperatives?
a. Each member shall have 1 vote
b. Each member shall have 1 basic vote and as many incentive votes as provided
c. Each member shall have 2 basic vote and as many inventive votes as provided
d. Each member shall have 2 votes.
Source: “ART. 36. Voting System. - Each member of a primary cooperative shall have only one
(1) vote. In the case of members of secondary or tertiary cooperatives, they shall have one (1)
basic vote and as many incentive votes as provided for in the bylaws but not to exceed five (5)
votes.
22) A cooperative whose members are natural persons is called

a. Primary
b. Natural
c. Tertiary
d. Secondary
Source: According to Cooperative Development Authority (CDA) there are 3 categories of
cooperatives:
a. Primary-the members of which are natural persons.
b. Secondary-the members of which are primaries.
c. Tertiary-the members of which are secondary cooperatives.
23) A cooperative whose members are secondary cooperatives is called

a. Tertiary
b. Natural
c. Secondary
d. De jure
Source: According to Cooperative Development Authority (CDA) there are 3 categories of
cooperatives:
a. Primary-the members of which are natural persons.
b. Secondary-the members of which are primaries.
c. Tertiary-the members of which are secondary cooperatives.
24) Multi-purpose cooperatives must have a minimum paid-up capital of?

a. P15,000
b. P100,000
c. P50,000
d. P250,000
Source: IRR of R.A. 9520 defines Multi-purpose cooperative as a cooperative that combines two
(2) or more of the business activities of the different types of cooperatives as enumerated under
Art. 23 of the Code.
Section 3. Minimum Capitalization Requirements. Only those cooperative with a minimum paid-
up capital of One Hundred Thousand Pesos (P100,000.00) or as required in the feasibility study
whichever is higher shall qualified to register as a multi-purpose cooperative or can transform
into a multi-purpose cooperative.
25) Cooperatives have maximum legal life of 50 years. This period may be extended for
periods not exceeding 50 years in any single instance by an amendment of the articles
of cooperation. However, no extension can be made earlier than ______ prior to the
original or subsequent expiry date unless there are justifiable reasons for an earlier
extension.
a. 3 years
b. 7 years
c. 10 years
d. 5 years
Source: “ART. 13. Term. - A ,cooperative shall exist for a period not exceeding fifty (50) years
from the date of registration unless sooner dissolved or unless said period is extended. The
cooperative term, as originally stated in the articles of cooperation, may be extended for periods
not exceeding fifty (50) years; in any single instance by an amendment of the articles of
cooperation, in accordance with this Code: Provided, That no extension can be made earlier
than five (5) years prior to the original or subsequent expiry date/dates unless there are
justifiable reasons for an earlier extension as may be determined by the Authority.
26) When does a cooperative acquire juridical personality?

a. From the issuance of certificate of registration by the CDA
b. From the formation of all its members15%
c. From the assumption of offices by its directors
d. From the formation of all its members
Source: “ART. 16. Registration. - A cooperative formed or organized under this Code acquires
juridical personality from the date the Authority issues a certificate of registration under its
official seal. All applications for registration shall be finally disposed of by the Authority within a
period of sixty (60) days from the fig thereof, otherwise the application is deemed approved,
unless the cause of the delay is attributable to the applicant: Provided, That in case 15 of a
denial of the application for registration, an appeal shall lie with the Office of the President within
ninety (90) days from receipt of notice of such denial: Provided, further, That failure of the Office
of the President to act on the appeal within ninety (90) days &om the filing thereof shall mean
approval of said application.
27) This type of cooperative is organized for the primary purpose of engaging in savings
and credit services and other financial services.
a. Financial service cooperative
b. Cooperative bank
c. Lending cooperative
d. Commercial cooperative
Source: Section 2, Definition of Terms of the IRR defines Financial Service Cooperative (FSC) -
shall refer to one organized for the primary purpose of engaging in saving and credit services
and other financial services regulated by the Bangko Sentral ng Pilipinas (BSP).
28) It is the highest policy-making body of the cooperative.

a. Cooperative Development Authority
b. General Assembly
c. Cooperative Governance
d. Board of Trustees
Source: Section 2, Definition of Terms of the IRR defines General Assembly - shall refer to the
full membership of the cooperative duly assembled for the purpose of exercising all the rights
and performing all the obligations pertaining to cooperatives, as provided by this Code, its
Cooperation and By-laws.
29) A laboratory cooperative is one organized by

a. Minors
b. Scientists
c. Researchers
d. Teachers
Source: Section 2, Definition of Terms of the IRR defines Laboratory Cooperative - shall refer to
a cooperative duly recognized by the Authority, formed and managed principally by minors and
is affiliated with another registered cooperative which is called the guardian cooperative.
30) What type of cooperative member has no right to vote or be voted upon and shall only
be entitled to any such rights and privileges as the bylaws may provide?
a. Associate member
b. Regular member
c. Loyal member
d. Irregular member
Source: Section 4 of IRR Associate Member - refers to a member-institution or entity availing of
the services of electric cooperative, such as, but not limited to: corporation, industrial and
commercial establishment, joint venture, other cooperative, place of worship, local government
building or facility, etc. as represented by its head of such establishment or entity, but is not
entitled to vote and be voted upon. However, shall be entitled to the preferential rights and
privileges as indicated in the by-laws and under the Code.
Topic: Data Privacy Act of 2012

Law on Patents
Philippine Cooperative Code
Group 3 - Members: Castillo, Faigal, Fang, Palpal-latoc, Sarmiento
1. All of the following are non-patentable, except:

a. Discoveries, scientific theories and mathematical methods
b. Technical solution to a problem which is indistrially applicable
c. Methods for treatment of the human or animal body by surgery or therapy and diagnostic
methods practiced on the human or animal body.
d. Aesthetic creations
Suggested Answer: B
Source: Section 20 and Section 21 of Republic Act of 8293 known as Intellectual Property Code
of the Philippines
2. Mr. X, a mad scientist, had invented several items listed below:

* Flying car
* Cure against brain cancer
* Biological virus that can terminate human race
* Formula that can terminate all kinds of pests
* Program for hacking bank accounts
Determine which of the following inventions are patentable.
a. Flying car, cure against brain cancer, formula that can terminate all kinds of pests
b. Cure against brain cancer, flying car, formula that can terminate all kinds of pests, program for
hacking bank accounts
c. All of the above
d. None of the above
Suggested Answer: A
Source: Section 20 and Section 21 of Republic Act of 8293 known as Intellectual Property Code
of the Philippines
3. What is the term or life of patent?

a. 20 years from filing date of the application
b. 20 years from date of approval
c. 50 years from filing date of the application
d. 50 years from date of approval
Suggested Answer: A
Source: Section 54 of Republic Act of 8293 known as Intellectual Property Code of the
Philippines
4. Mr. Thomas invented a new machine that can instantly create anything a person wants or
desires. However, Mr. Edison, a gardener, wanted to help Mr. Thomas so he filed an
application for a patent. Additionally, he put his own name in the application form and
claimed that he is the inventor of the said machine. Who had the right to the patent?
a. Mr. Thomas, since he is the inventor
b. Both of them, because Mr. Thomas is the inventor and Mr. Edison filed for the application
c. Mr. Edison, since he filed an application for the machine
d. None of them had right to the patent
Suggested Answer: C
Source: Section 29 of Republic Act of 8293 known as Intellectual Property Code of the
Philippines
5. The patent application shall be in Filipino or English and shall contain the following
requirements, except?
A. A description of the invention
B. A recommendation letter authorizing the grant of patent
C. Drawings necessary for the understanding of the invention
D. One or more claims
Suggested Answer: B.
Source: Chapter 4 - Section 32. of the INTELLECTUAL PROPERTY CODE OF THE
PHILIPPINES
6. The owner of a patent has the right to request the Bureau to make changes in the patent. The
following are the valid reasons in order to make changes in the patent except:
A. Limit the extent of the protection conferred by it
B. A change which would result in the disclosure contained in the patent going beyond the
disclosure contained in the application filed
C. Correct obvious mistakes or to correct clerical errors
D. Correct mistakes or errors, other than those referred to in letter (b), made in good faith:
Provided, That where the change would result in a broadening of the extent of protection
conferred by the patent, no request may be made after the expiration of two (2) years from the
grant of a patent and the change shall not affect the rights of any third party which has relied
on the patent, as published.
Suggested Answer: B.
Source: Section 59. of the INTELLECTUAL PROPERTY CODE OF THE PHILIPPINES
7. Under RA 8293, which invention forms part of a prior art?

a. Patents
b. Novelty
c. Variety
d. Trademark
Suggested Answer: B
Source: Section 23 of Republic Act 8293 known as the Intellectual Property Code of the
Philippines
8. Under the right of priority, an application for patent filed by any person who has previously
applied for the same invention in another country which by treaty, convention, or law affords
similar privileges to Filipino citizens, shall be considered as filed as of the date of filing the
foreign application. Provided, the following requisites have been met, which one is not?
a. The local application expressly claims priority

b. A certified copy of the foreign application together with an English translation is filed
within six (6) months from the date of filing in the Philippines
c. It is filed within twelve (12) months from the date the earliest foreign application was filed
d. It is filed within twelve (12) months from the date the earliest foreign application was
registered
Suggested Answer: D
Source: Section 32 of Republic Act 8293 known as the Intellectual Property Code of the
Philippines
9. The Bureau of Patents shall have the following functions except for?
a. Conducting new researches and applications, innovating the bureau’s system

b. Registration of Utility models, industrial designs, and integrated circuits
c. Conduct studies and researches in the field of patents in order to assist the Director General in
formulating policies on the administration and examination of patents
d. Search and examination of patent applications and the grant of patents
Suggested Answer: A
Source: Section 8 Number 8.1, 8.2, 8.3 (Bureau of Patents) of Republic Act of 8293 known as
Intellectual Property Code
10. An invention involves an inventive step if, having regard to prior art:
a. It is obvious to a person skilled in the art at the time of the filing date
b. It is not obvious to a person skilled in the art at the time of the filing date
c. It is obvious to a person skilled in the art after the time of the filing date
d. It is not obvious to a person skilled in the art before the time of the filing date
Suggested Answer: B
Source: Section 26 Number 26.1 (Inventive Step) of Republic Act of 8293 known as Intellectual
Property Code
11. The right to a patent belongs to the inventor, his heirs, or assigns. When two or more
persons have jointly made an invention, the right to a patent shall belong to them:
a. Jointly
b. Joint and solidary
c. Solidary
d. None of the above
Suggested Answer: A
Source: Section 28 (Right to a Patent) of Republic Act of 8293 known as Intellectual Property
Code
12. It is any technical solution of a problem in any field of human activity which is new,
involves an inventive step and is industrially applicable which may be, or may relate to, a
product, or process, or an improvement.
a. Discoveries
b. Patentable inventions
c. Non-Patentable Inventions
d. Methods
Suggested Answer: B
Source: Chapter 2: Patentability, Section 21 of Republic Act of 8293 known as Intellectual
Property Code
13. Any interested person may, upon payment of required fee, petition to cancel the patent, or
any claim thereof, or parts of the claim, on any of the following grounds, except:
a. The invention is not new or patentable
b. The Patent does not disclose the invention in a manner sufficiently clear and complete for it to
be carried out by any person skilled in the art
c. The interested person is already in the process of making the similar invention
d. The patent is contrary to public order or morality
Suggested Answer: C
Source: Section 61 (Cancellation of Patents) of Republic Act of 8293 known as Intellectual
Property Code
14. Membership may be terminated in the following cases, except:

a. Death or insanity of a member in a primary cooperative
b. Withdrawal of a member from the cooperative, without a valid reason, by giving a sixty day
notice to the board of directors
c. Vote of the majority of all the members of board of directors
d. Insolvency or dissolution of a member in a secondary or tertiary cooperative
Suggested Answer: B
Source: Article 30 of Republic Act of 9520 known as Philippine Cooperative Code of 2008
15. The primary objective of every cooperative is to help improve the quality of life of its
members. Towards this end, the cooperative shall aim to do the following except?
A. Provide goods and services to its members to enable them to attain increased income,
savings, investments, productivity, and purchasing power, and promote among themselves
equitable distribution of net surplus through maximum utilization of economies of scale, cost-
sharing and risk-sharing
B. Provide optimum social and economic benefits to its members
C. Increase the competition among its members
D. Teach them efficient ways of doing things in a cooperative manner
Suggested Answer: C.
Source: Article 7.of the ACT AMENDING THE COOPERATIVE CODE OF THE PHILIPPINES
TO BE KNOWN AS THE "PHILIPPINE COOPERATIVE CODE OF 2008"
16. A duly registered cooperative shall have the following powers, rights and capacities. Which
of the following is not included?
A. Right to the exclusive use of its registered name, to sue and be sued
B. Right to amend its articles of cooperation in accordance with the provisions of this Code
C. Right to exist as a corporate body
D. Right to adopt bylaws not contrary to law, morals or public policy, and to amend and repeal
the same in accordance with this Code
Suggested Answer: C.
Source: Article 9.of the ACT AMENDING THE COOPERATIVE CODE OF THE PHILIPPINES
TO BE KNOWN AS THE "PHILIPPINE COOPERATIVE CODE OF 2008"
17. The following are the purposes of cooperatives, which one is not?
a. To develop expertise and skills among its members

b. To promote and advance the economic, health, and social status of the members
c. To acquire lands and provide housing benefits for the members
d. To insure against losses of the members
Suggested Answer: B
Source: Article 6 Numbers 5,6,7,8 of Republic Act of 9520 known as Philippine Cooperative
Code of 2008
18. To be exempt from the payment of all national, city, provincial, municipal,or barangay
taxes of whatever name and nature in transactions with nonmembers, a cooperative must have
an accumulated reserves and undivided net savings of?
a. Not more than P5,000,000
b. Not more than P10,000,000
c. Not more than P1,000,000
d. Not more than P2,000,000
Suggested Answer: B
Source: Article 61 Number 1 of Republic Act of 9520 known as Philippine Cooperative Code of
2008
19. What is the right of the data subject to dispute the inaccuracy or error in the personal data
and have the personal information controller correct it immediately, and accordingly, unless
the request is vexatious or otherwise unreasonable?
a. Right to Erasure or Blocking c. Right to Rectification

b. Right to Damages d. Right to Object
Suggested Answer: C
Source: Section 34D of Implementing Rules and Regulations of Data Privacy Act of 2012
20. George Lacson, a professional hacker, was paid by Lucas, who is running on the
upcoming Senatorial Election, to steal any information about any proceeding for any offense
committed or alleged to have been committed by Lucas’ rival, Anthony. Lucas plans to use it
against Anthony in the upcoming election. Unfortunately after George have illegally obtained
the said information and given it to Lucas, Makisig, a famous detective and best friend of
Anthony, discovered that George was the one who illegally obtained such information.
Makisig informed the police which led to the arrest of George. Now if George is proven
guilty, how many years will he be imprisoned and how much is his criminal liability?
a. 2 years to 5 years; not less than P500,000 but not more than P2,000,000
b. 1 year to 3 years; not less than P500,000 but not more than P2,000,000
c. 1 year to 3 years; not less than P1,000,000 but not more than P2,000,000
d. 2 years to 5 years; not less than P1,000,000 but not more than P2,000,000
Suggested Answer: B
Source: Section 56 of Implementing Rules and Regulations of Data Privacy Act of 2012
21. On February 2018, President Rodrigo Duterte apppointed Leandro Aguirre III as the new
Deputy Privacy Commissioner of NPC. To be appointed to such position, what is the
requirement to be a Deputy Privacy Commissioner?
a. Recognized expert in the field of information technology
b. Recognized expert in the field of communications technology
c. Recognized expert in the field of data privacy
d. All of the above
Suggested Answer: D
Source: Section 53 Par. 3 of Implementing Rules and Regulations of Data Privacy Act of 2012
22. _________________________ is the government agency who originally collected the

personal data.
a. Source Agency
b. National Privacy Commission
c. Personal Information Collector
d. Information Collector Agency
Suggested Answer: A
Source: Article 31 Number 1 of Implementing Rules and Regulations of Data Privacy Act of
2012
23. The Data Privacy Act of 2012 is also known as:

a. Republic Act 10173
b. Republic Act 11073
c. Republic Act 10137
d. Republic Act 13701
Suggested Answer: A
24. According to the Data Privacy Act of 2012, an individual whose personal, sensitive
personal, or privileged information is processed is known as?
a. Informed individual
b. Personal data
c. Information controller
d. Data subject
Suggested Answer: D
Source: Section 2 of RA 10173
25. Which of the following is not a right of a data subject in accordance with the Data
Privacy Act of 2012?
a. Right to Subrogation
b. Right to Rectification
c. Right to Erasure or Blocking
d. Right to Damages
Suggested Answer: A. Right to Subrogation
Source: Section 34 of the Implementing Rules and Regulations of the Data Privacy Act of 2012
26. Calvin collects and processes health records of patients in St. Lukes Hospital through the
instruction of the Records Department headed by Ervin. Calvin is a _________ and Ervin is a
__________ .
a. Both are personal information controller
b. Both are personal information processor
c. Personal information processor; personal information controller
d. Personal information controller; personal information processor
Suggested Answer: C
Source: Section 2 of RA 10173
27. The head office of SSS had an incident in which the information of at least 5000
individuals were hacked and stolen, the personal information controller had knowledge of the
said data breach. When should he notify the Data Privacy Commission of the said breach?
a. Within 1 day from the breach
b. Within 1 day from the knowledge of the breach
c. Within 72 hours upon the knowledge of the breach
d. He is not required to notify the Data Privacy Commission
Suggested Answer: C
Source: Section 38 of IRR of RA 10173
28. Which of the following is not covered by the Data Privacy Act of 2012?
a. Information processed for purpose of allowing public access to information that fall within
matters of public concern
b. The natural or juridical person involved in the processing of personal data is found or
established in the Philippines
c. The act, practice or processing relates to personal data about a Philippine citizen or Philippine
resident
d. The processing of personal data is being done in the Philippines
Suggested Answer: A
Source: Sections 4 and 5 of IRR 2016 of DPA
29. Juan Tamad had doubts with his health so he went to the Philippine General Hospital for his
general check up. Diego Manlangit asked his personal information for him to register to the
hospital. Can he give and allow the processing of personal information?
a. Yes, even Diego is not a medical practitioner
b. Yes, provided that Diego is a medical practitioner and Juan had given his consent subsequent
to processing the information
c. Yes, provided that Diego is a medical practitioner and Juan had given his consent prior to
processing the information
d. No, because processing of personal information is prohibited
Suggested Answer: C
Source: Section 22 of Implementing Rules and Regulations of Data Privacy Act of 2012
30. Data Records cannot be transported or accessed off-site or outside the agency without the
prior approval by the head of the agency. If the head of the agency approves the transportation
or access of records, what is the maximum number of records that can be accessed at one
time?
a. 100 records
b. 500 records
c. 1000 records
d. There are no limitations
Suggested Answer: C
Source: Section 31 of 2016 IRR of RA 10173
GROUP 4 – ABESAMIS, ARRIOSA, BARBADO, NUQUI, TAN

1. Which of the following, is not considered as an act of insolvency?
a. That a person has confessed or offered to allow judgment in favor of any creditor or
claimant for the purpose of hindering or delaying or defrauding any creditor or claimant.
b. That a person has not made any assignment, gift, sale, conveyance, or transfer of his
estate, property, rights, or credits.
c. That a person has suffered his property to remain under attachment or legal process for
three days for the purpose of hindering or delaying or defrauding his creditors.
d. That being a merchant or tradesman he has generally defaulted in payment of his
current debts for a period of 30 days.
Source: Section 20 – Petition; Acts of Insolvency (Chapter IV Involuntary Insolvency of Act.
No. 1956)
SECTION 20. Petition; Acts of insolvency. — An adjudication of insolvency may be made
on the petition of three or more creditors, residents of the Philippine Islands whose credits or
demands accrued in the Philippine Islands, and the amount of which credits or demands are
in the aggregate not less than one thousand pesos: Provided, That none of said creditors has
become a creditor by assignments, however made, within thirty days prior to the filing of
said petition. Such petition must be filed in the Court of First Instance of the province or city
in which the debtor resides or has his principal place of business, and must be verified by at
least three of the petitioners. The following shall be considered acts of insolvency, and the
petition for insolvency shall set forth one or more of insolvency such acts: (1) That such
person is about to depart or has departed from the Philippine Islands, with intent to defraud
his creditors; (2) that being absent from the Philippine Islands, with intent to defraud his
creditors, he remains absent; (3) that he conceals himself to avoid the service of legal process
for purpose of hindering or delaying or defrauding his creditors; (4) that he conceals, or is
removing, any of his property to avoid its being attached or taken on legal process; (5) that he
has suffered his property to remain under attachment or legal process for three days for the
purpose of hindering or delaying or defrauding his creditors; (6) that he has confessed or
offered to allow judgment in favor of any creditor or claimant for the purpose of hindering or
delaying or defrauding any creditor or claimant; (7) that he has wilfully suffered judgment to
be taken against him by default for the purpose of hindering or delaying or defrauding his
creditors; (8) that he has suffered or procured his property to be taken on legal process with
intent to give a preference to one or more of his creditors and thereby hinder, delay, or
defraud any one of his creditors; (9) that he has made any assignment, gift, sale, conveyance,
or transfer of his estate, property, rights, or credits with intent to delay, defraud, or hinder his
creditors; (10) that he has, in contemplation of insolvency, made any payment, gift,
grant, sale conveyance, or transfer of his estate, property, rights, or credits; (11) that
being a merchant or tradesman he has generally defaulted in the payment of his current
obligations for a period of thirty days; (12) that for a period of thirty days he has failed, after
demand, to pay any moneys deposited with him or received by him in a fiduciary capacity;
and (13) that an execution having been issued against him on final judgment for money, he
shall have been found to be without sufficient property subject to execution to satisfy the
judgment.
2. What is the duty of the sheriff, upon receiving an order from the court to take into
custody property of the debtor?
a. Take possession of the property and effects of the debtor, exempt from execution, to an
extent sufficient to cover amount provided for.
b. Prepare a schedule of the names and residences of the creditors, and the amount due
each, from the books of the debtor, or from such other papers or data of the debtor
available as may come to his possession.
c. File the schedule list of creditors and inventory with an officer from SEC.
d. There is no duty assigned for the sheriff.
Source: Section 26 – Absentee debtors; Sheriff to take possession (Chapter IV Involuntary
Insolvency of Act No. 1956)
SECTION 26. Absentee debtors; Sheriff to take possession. — In all cases where the debtor
resides out of the Philippine Islands; or has departed from the Philippine Islands; or can not,
after due diligence, be found within the Philippine Islands; or conceals himself to avoid
service of the order to show cause, or any other preliminary process or orders in the matter;
or is a foreign corporation having no managing or business agent, cashier, or secretary within
the Philippine Islands upon whom service or orders and process can be made, and it therefore
becomes necessary to obtain service of process and order to show cause, as provided in
section twenty-two of this Act, then the petitioning creditors, upon submitting the affidavits
requisite to procure an order of publication, and presenting a bond in double the amount of
the aggregate sum of their claims against the debtor, shall be entitled to an order of the court
directing the sheriff of the province or city in which the matter is pending to take into his
custody a sufficient amount of property of the debtor to satisfy the demands of the petitioning
creditors and the costs of the proceedings. Upon receiving such order of the court to take into
custody property of the debtor, it shall be the duty of the sheriff to take possession of the
property and effects of the debtor, not exempt from execution,[13] to an extent sufficient to
cover the amount provided for, and to prepare, within three days from the time of taking such
possession, a complete inventory of all the property so taken, and to return it to the court as
soon as completed. The time for taking the inventory and making return thereof may be
extended for good cause shown to the court or a judge thereof. The sheriff shall also
prepare a schedule of the names and residences of the creditors, and the amount due
each, from the books of the debtor, or from such other papers or data of the debtor
available as may come to his possession, and shall file such schedule list of creditors and
inventory with the clerk of the court.
3. A certificate of registration of a mark may be renewed for periods of:
a. Ten years at its expiration upon payment of the prescribed fee and upon filing of a
request.
b. Eight years at its expiration upon payment of the prescribed fee and upon filing of a
request.
c. Five years at its expiration upon payment of the prescribed fee and upon filing of a
request.
d. Twenty years at its expiration upon payment of the prescribed fee and upon filing of a
request.
Source: Section 146.1 – Renewal (Part III – The Law on Trademarks, Service Marks and
Trade Names) RA no. 8293
4. Upon filing of request of renewal, certificate of registration of a mark, which of the
following is not included on such request?
a. The registration number of the registration concerned.
b. Where the right holder has a representative, the name and address of that
representative.
c. The date of registration
d. An indication that renewal
Source: Section 146.1 – Renewal (Part III – The Law on Trademarks, Service Marks and
Trade Names) RA no. 8293
Section 146. Renewal. - 146.1. A certificate of registration may be renewed for periods of ten
(10) years at its expiration upon payment of the prescribed fee and upon filing of a request. The
request shall contain the following indications:
(a) An indication that renewal is sought;
(b) The name and address of the registrant or his successor-in-interest, hereafter referred
to as the "right holder";
(c) The registration number of the registration concerned;
(d) The filing date of the application which resulted in the registration concerned to be
renewed;
(e) Where the right holder has a representative, the name and address of that
representative;
(f) The names of the recorded goods or services for which the renewal is requested or the
names of the recorded goods or services for which the renewal is not requested, grouped
according to the classes of the Nice Classification to which that group of goods or
services belongs and presented in the order of the classes of the said Classification; and
(g) A signature by the right holder or his representative.
*FOR NUMBERS 3 and 4 SOURCE

5. The cooperative insurance societies shall provide its constituting members different types
of insurance coverage consisting of, but not limited to, life insurance with (Choose which
is not included):
a. Death insurance plan
b. Motor vehicle coverage
c. Bonding
d. Special group coverage
Source: Article 106 – Types of Insurances Provided (Chapter 13 – Insurance Cooperative)
RA no. 9520
"ART. 106. Types of Insurance Provided. – Under the cooperative insurance program
established and formed by the virtue of the provisions of this Code, the cooperative insurance
societies shall provide its constituting members different types of insurance coverage
consisting of, but not limited to, life insurance with special group coverage, loan protection,
retirement plans, endowment, motor vehicle coverage, bonding, crop and livestock protection
and equipment insurance.
6. Under RA no. 9250, which of the following is not considered as an offense that is
punishable by a penalty of imprisonment or a fine, or both by discretion of the court?
a. Omission or refusal to furnish any information, report or other document required
under this Code.
b. Omission or refusal to keep a book or register under this Code or to make a required
entry therein.
c. Failure to comply with an order or written instructions issued or given by the
Authority.
d. Violations of the provisions regarding transactions with a non-restricted party.
Source: Article 140 – Penal Provisions (Chapter 19 – Final Provisions) RA no. 9520
"ART. 140. Penal Provisions. – The following acts or omissions affecting cooperatives are
hereby prohibited:
"(1) The use of the word ‘cooperative’ by any person or of persons or organizations,
unless duly registered as a cooperative under this Code except as provided for under
Article 130 hereof. In case of violation, the individual or individuals concerned, or in the
case of an organization, its officers and directors shall, upon conviction, each suffer the
penalty of imprisonment of not less than two (2) years nor more than five (5) years and a
fine not exceeding Twenty thousand pesos (P20,000.00) or both at the discretion of the
court;
"The Authority may motu proprio, initiate complaints for violations of this provision.
"(2) Any person who willfully attempts in any manner to evade or defeat tax in violation
of the provisions of Articles 60 and 61 of this Code shall in addition thereof, be punished
by a fine of not less than Thirty thousand pesos (P30,000.00) but not more than One
hundred thousand pesos (P100,000.00) and suffer imprisonment of not less than two (2)
years but not more than four (4) years: Provided, That the conviction or acquittal
obtained under this Article shall not be a bar to the filing of a civil suit for the collection
of taxes;
"(3) Direct or indirect violation or circumvention of the provisions of Articles 60 and 61

of this Code committee by any public official or employee of any bureau, office or
agency of the government that deprives, diminishes or in any manner hinders or restricts
any duly registered cooperative from the full enjoyment of the exemption from the
payment of the taxes, fees and charges enumerated therein, shall upon conviction, suffer a
penalty of not less that one (1) year but not more than five (5) years imprisonment or a
fine in the amount of not less than Five thousand pesos (P5,000.00) or both at the
discretion of the court and shall further be disqualified to hold any other office;
"(4) Direct or indirect interference or intervention by any public official or employee into
the internal affairs of a cooperative of which he is not a member, such as, but not limited
to, the following:
"(a) Influencing the election or appointment of officers, directors, committee

members and employees through public or private endorsement or campaign for
or against any person or group of persons;
"(b) Requiring prior clearances for any policy or decision within the cooperative;
"(c) Requesting or demanding for the creation of positions or organizational units,

or recommending any person for appointment, transfer, or removal from his
position; or
"(d) Any other acts inimical or adverse to the autonomy and independence of
cooperatives.
"(5) A director, officer or committee member who violated the provisions of Article 45
on the Liability of Directors, Officers and Committee Members, Article 48 on the
Disloyalty of a Director, and Article 49 on the Illegal Use of Confidential Information
shall upon conviction suffer a fine of not less than Five hundred thousand pesos
(P500,000.00) nor more than Five hundred thousand pesos (P500,000.00) or
imprisonment of not less than five (5) years but not more than ten (10) years or both at
the court’s discretion;
"(6) The following are considered offenses punishable by a penalty of imprisonment of

not less than one (1) year nor more than five (5) years or a fine of not more than Fifty
thousand pesos (P50,000.00) or both at the discretion of the court:
"(a) Omission or refusal to furnish any information, report or other document that
is required under this Code;
"(b) Providing information, reports or other documents to the Authority that are
required under this Code which the person knows to be false or misleading;
"(c) Omission or refusal to keep a book or register under this Code or to make the
required entry therein;
"(d) Making an entry required under this Code in a book or register, which the
person knows to be false or misleading;
"(e) Hindering an authorized person from making an inspection, audit,
examination or investigation required under this Code;
"(f) Failure to comply with an order or written instructions issued or given by the
Authority;
"(g) Violation of the provisions regarding transactions with a restricted party; and
"(h) Abetting, counseling, allowing, authorizing or commanding another person to

commit an offense punishable by this Code: Provided, That in case the violator is
a cooperative or juridical person, the penalty shall be imposed on its directors and
officers.
"(7) Any violation of any provision of this Code for which no penalty is imposed shall be
punished by imprisonment of not less than six (6) months nor more than one (1) year and
a fine of not less than One thousand pesos (P1,000.00), or both at the discretion of the
court.
"In case of violation of any provision of this Code, the individual or individuals, and in the case
of organizations or government agencies, its officers, and directors shall, upon conviction by a
Court, each suffer a penalty of not less than two (2) years but not more than five (5) years
imprisonment or a fine in the amount of not less than Twenty thousand pesos (P20,000.00), or
both at the discretion of the court. In the case of a public official or employee, the offender shall
upon conviction, suffer the accessory penalty of temporary absolute disqualification.
7. What is the quorum required for the validity of meeting of creditors for the approval of
insolvent individual debtor?
a) The presence of creditors holding claims amounting to at least (3/5) of the
liabilities shall be necessary for the meeting
b) The presence of creditors holding claims amounting to at least (1/4) of the
c) The presence of creditors holding claims amounting to at least (2/3) of the
d) The presence of creditors holding claims amounting to at least (3/4) of the
SUGGESTED ANSWER: A
SOURCE: SECTION 8, Subparagraphs (d) and (e):
The vote shall be taken by a call of names and shall be inserted
in and the minutes; a majority vote shall rule. To form a majority it is
necessary —
1. That two-thirds (2/3) of the creditors voting unite upon the same
position.
2. That the claims represented by said majority vote amount to
at least three-fifths (3/5) of the total liabilities of the debtor
mentioned in the petition.
8. Which of the following unsecured credits with priority shall be paid first using the
insolvent debtor’s free assets?
a) Fines and civil indemnification arising from criminal offense
b) Credits for services rendered the insolvent by employees, laborers, or household
helpers for one year preceding the commencement of the proceedings in
insolvency
c) Taxes to national, provincial, city or municipal government
d) Damages for death or personal injuries caused by a quasi-delict
SUGGESTED ANSWER: B
SOURCE: Section 50, Subparagraph (b):
(b) Debts due for personal services rendered the insolvent by employees,
laborers, or domestic servants immediately preceding the
commencement of proceedings in insolvency;
*letter c is also considered as an unsecured credit with priority however,

letter b is first mentioned in section 50 and that, such law requires
payment in the order named by the act itself.
9. What is the legal term of trademark or service mark?

a) 10 years but subject to unlimited renewal
b) 20 years
c) Indefinite
d) Life of the right holder plus 50 years after his death
SUGGESTED ANSWER: A
SOURCE: Section 145
A certificate of registration shall remain in force for ten (10) years:
10. Which of the following marks is non-registrable?

a) Portrait or signature or name of deceased Philippine President with the written
consent of widow
b) Confusingly similar to a well-known mark not registered in the Philippines
c) Drawing of a car which is not similar to other marks
d) Marks not contrary to public order or morality
SUGGESTED ANSWER: B
SOURCE: Section 123, subparagraph (e)
(e) Is identical with, or confusingly similar to, or constitutes a translation of a
mark which is considered by the competent authority of the Philippines to be
well-known internationally and in the Philippines, whether or not it is
registered here, as being already the mark of a person other than the
applicant for registration, and used for identical or similar goods or services
Law on Cooperatives
11. What is the required vote for the ratification of disloyalty of a director of a corporation?
a) At least ¾ vote of all members entitled to vote
b) At least ¼ vote of all members entitled to vote
c) At least 2/3 vote of all members entitled to vote
d) At least ½ vote of all members entitled to vote
SUGGESTED ANSWER: A
SOURCE: Section 48
A director who, by virtue of his office, acquires for himself an opportunity
which should belong to the cooperative shall be liable for damages and must
account for double the profits that otherwise would have accrued to the
cooperative by refunding the same, unless his act has been ratified by a
three-fourths (3/4) vote of all the members with voting rights, present and
constituting a quorum. This provision shall be applicable, notwithstanding
the fact that the director used his own funds in the venture.
12. What is the minimum authorized share capital of a local cooperative bank?
a) 20 Million pesos
b) 20 million dollars
c) 30 million pesos
d) 30 million dollars
SUGGESTED ANSWER: A
SOURCE: Section 106, Subparagraph (2)
A local cooperative bank shall have a minimum authorized share capital of
Twenty million pesos (P20,000,000.00) divided into such number of shares
with a minimum par value of One hundred pesos (P100.00) per share.
13. The following are Acts of debtor or grounds which will prevent a discharge, except:
A. if the debtor shall have sworn falsely in his affidavit annexed to his petition, schedule, or
inventory, or upon any examination in the course of the proceedings in insolvency, in relation
to any material fact concerning his estate or his debts or to any other material fact
B. if, within one month before the commencement of such proceedings, he has procured his real
estate, goods, moneys, or chattels to be attached or seized on execution
C. if he has concealed any part of his estate or effects, or any books or writing relating thereto
D. if he has not been convicted of any misdemeanor under this Act, or has been guilty of fraud
contrary to the true intent of this Act
Answer: D
Source: Act no. 1956. The Insolvency Law. Sec 65. Invalid Discharge
14. An appeal may be taken to the Supreme Court in the following cases, except:
A. From an order settling an account of an assignee.

B. From an order against or in favor of setting apart homestead or other property claimed as
exempt from execution.
C. From an order allowing or denying a claim for property belonging to the insolvent, presented
under section forty- eight of this Act.
D. From an order granting or refusing a discharge to the debtor.
Answer: C
Source: Act no. 1956. The Insolvency Law. Sec 82. Law Governing Appeal
15. Non-use of a mark may be excused if:
a. If caused by circumstances arising independently of the will of the trademark

owner.
b. The use of the mark in a form exactly the same from the form in which it is
registered.
c. The use of a mark by a company related with the registrant or applicant shall
inure to the former’s benefit, and such use shall not affect the validity of such
mark or of its registration
d. Lack of funds
Answer: A
Source: Republic Act No. 8293. Intellectual Property Code of the Philippines. Part III. Sec 152.
Non-use of a Mark when Excused
16. The registration of a mark shall include a reproduction of the mark and shall mention the
following, except
a. The name and address of the register owner

b. The dates of application and registration
c. List of good or services that was not granted
d. Its number
Answer: C
Source: Republic Act No. 8293. Intellectual Property Code of the Philippines. Sec. 137.
Registration of Mark and Issuance of a Certificate to the Owner or his Assignee. Paragraph 137.2
17. Which of the following is not authorized service by a public service cooperative?
A.) Power Generation, transmission and/or distribution
B.) ice plants and cold storage services
C.) Coffee Shops and Libraries
D.) Public Markets, slaughterhouse and other similar services

Answer: C
Source: Republic Act 9520. Philippine Cooperative Code of 2008. Chapter 9 Article 109. Public
Service Cooperatives
18. How many types of members shall a financial service cooperative have?
A.) 1 type
B.) 2 types
C.) 3 types
D.) 4 types
Answer: B
Source: Republic Act 9520. Philippine Cooperative Code of 2008. Chapter 16. Article 120.
Financial Service Cooperatives
19. When issuing new certificate of registration, which is not a requirement that a
cooperative shall submit to the nearest office of the authority?
A.) Banks statements for the last 3 months
B.) Article of cooperation or certificate of confirmation
C.) bylaws
D.) Latest audited statement of financial position within one (1) year from the date of effectivity
of this code
Answer: A
Source: Republic Act 9520. Philippine Cooperative Code of 2008. Chapter 19. Article 144. Final
Provisions
20. Under the Insolvency Law of 1909, in case of creditors’ meeting, the vote shall be taken
by a call of names and shall be inserted in and the minutes; a majority vote shall rule. To
form a majority, it is necessary (1) That two-thirds of the creditors voting unite upon the
same position and (2):
A. That the claims represented by said majority vote amount to at least two-thirds of the
total liabilities of the debtor mentioned in the petition.
B. That the claims represented by said majority vote amount to at least three-fifths
of the total liabilities of the debtor mentioned in the petition.
C. That the claims represented by said majority vote amount to at least three-fifths of the
total assets of the debtor mentioned in the petition.
D. That the claims represented by said majority vote amount to at least two-thirds of the
total assets of the debtor mentioned in the petition.
Answer: B
Source:
ACT NO. 1956: AN ACT PROVIDING FOR THE SUSPENSION OF PAYMENTS, THE
RELIEF OF INSOLVENT DEBTORS, THE PROTECTION OF CREDITORS, AND THE
PUNISHMENT OF FRAUDULENT DEBTORS
SECTION 8. Creditors necessary to hold a meeting; Meeting; Minutes of the meeting. — The
presence of the creditors representing at least three-fifths the liabilities shall be necessary for
holding a meeting. The meeting shall be held on the day and at the hour and place designated,
the judge, or commissioner deputized by him when he is absent from the province where the
meeting is held, acting as president and the clerk as secretary thereof, subject to the following
rules:
(e) To form a majority it is necessary —
1. That two-thirds of the creditors voting unite upon the same position.
2. That the claims represented by said majority vote amount to at least three-fifths of the total
liabilities of the debtor mentioned in the petition.
21. Under the Insolvency Law of 1909, in case of suspension of payments, upon receiving
and filing the petition with the schedule and documents, the court, or the judge thereof in
vacation, shall make an order calling a meeting of creditors to take place:
A. In not less than three days nor more than two weeks from the date of such order.
B. In not less than two weeks nor more than eight weeks from the date of such
order.
C. In not less than two days nor more than five days from the date of such order.
D. In not less than three weeks nor more than six months from the date of such order.
Answer: B
Source:
ACT NO. 1956: AN ACT PROVIDING FOR THE SUSPENSION OF PAYMENTS, THE
RELIEF OF INSOLVENT DEBTORS, THE PROTECTION OF CREDITORS, AND THE
PUNISHMENT OF FRAUDULENT DEBTORS
SECTION 3. Meeting of Creditors; Injunction. — Upon receiving and filing the petition with the
schedule and documents mentioned in the next preceding section, the court, or the judge thereof
in vacation, shall make an order calling a meeting of creditors to take place in not less than two
weeks nor more than eight weeks from the date of such order. Said order shall designate the day,
hour, and place of meeting of said creditors as well as a newspaper of general circulation
published in the province or city in which the petition is filed, if there be one, and if there be
none, in a newspaper which, in the judgment of the judge, will best give notice to the creditors of
the said debtor, and in the newspaper so designated said order shall be published as often as
may be prescribed by the court or the judge thereof.
22. The following are the instances where a mark cannot be registered, which one is
incorrect:
A. Consists of immoral, deceptive or scandalous matter, or matter which may disparage or
falsely suggest a connection with persons, living or dead, institutions, beliefs, or national
symbols, or bring them into contempt or disrepute;
B. Consists exclusively of signs that are specific for the goods or services that they seek
to identify;
C. Consists of the flag or coat of arms or other insignia of the Philippines or any of its
political subdivisions, or of any foreign nation, or any simulation thereof;
D. Consists of a name, portrait or signature identifying a particular living individual except
by his written consent, or the name, signature, or portrait of a deceased President of the
Philippines, during the life of his widow, if any, except by written consent of the widow;
Answer: B
Source:
REPUBLIC ACT NO. 8293: AN ACT PRESCRIBING THE INTELLECTUAL PROPERTY
CODE AND ESTABLISHING THE INTELLECTUAL PROPERTY OFFICE, PROVIDING
FOR ITS POWERS AND FUNCTIONS, AND FOR OTHER PURPOSES
SEC. 123. Registrability. – 123.1. A mark cannot be registered if it:
(a) Consists of immoral, deceptive or scandalous matter, or matter which may disparage or
falsely suggest a connection with persons, living or dead, institutions, beliefs, or national
symbols, or bring them into contempt or disrepute;
(b) Consists of the flag or coat of arms or other insignia of the Philippines or any of its political
subdivisions, or of any foreign nation, or any simulation thereof;
(c) Consists of a name, portrait or signature identifying a particular living individual except by
his written consent, or the name, signature, or portrait of a deceased President of the
Philippines, during the life of his widow, if any, except by written consent of the widow;
(h) Consists exclusively of signs that are generic for the goods or services that they seek to
identify;
23. In what period can a person who believes that he would be damaged by the registration of
a mark may, upon payment of the required fee, file with the Intellectual Property Office
an opposition to the application:
A. Within forty (40) days after the publication
B. within forty-five (45) days after the publication
C. within thirty (30) days after the publication
D. within fourteen (14) days after the publication
Answer: C
Source:
SEC. 134. Opposition. – Any person who believes that he would be damaged by the registration
of a mark may, upon payment of the required fee and within thirty (30) days after the publication
referred to in Subsection 133.2, file with the Office an opposition to the application.
24. Any person who believes that he is or will be damaged by the registration of a mark may
file a petition to cancel a registration of a mark with the Bureau of Legal Affairs within
such period:
A. five (5) years from the date of the registration of the mark under this Act.
B. two (2) years from the date of the registration of the mark under this Act.
C. six (6) years from the date of the registration of the mark under this Act.
D. three (3) years from the date of the registration of the mark under this Act.
Answer: A
Source:
SEC. 151. Cancellation. – 151.1. A petition to cancel a registration of a mark under this Act
may be filed with the Bureau of Legal Affairs by any person who believes that he is or will be
damaged by the registration of a mark under this Act as follows:
A. Within five (5) years from the date of the registration of the mark under this Act.
25. In case there are two (2) or more applicants for the same public service franchise or
certificate of public convenience and necessity, all things being equal, preference shall be
given to:
A. a public service corporation
B. a public service proprietorship
C. a public service cooperative
D. a public service association
Answer: C
Source:
Republic Act No. 9520: AN ACT AMENDING THE COOPERATIVE CODE OF THE
PHILIPPINES TO BE KNOWN AS THE "PHILIPPINE COOPERATIVE CODE OF 2008"
ART. 110. Registration Requirements. Unless otherwise provided in this Code, no public service
cooperative shall be registered unless it satisfies the following requirements.
"(1) Its articles of cooperation and bylaws provide for the membership of the users and/or
producers of the service of such cooperatives; and
"(2) Such other requirements as may be imposed by the other pertinent government agencies
concerned. In case there are two (2) or more applicants for the same public service franchise or
certificate of public convenience and necessity, all things being equal, preference shall be given
to a public service cooperative.
26. A mark cannot be registered if it:

a. Consists of immoral, deceptive, or scandalous matter, or matter which may
disparage or falsely suggest a connection with persons, living or dead, institutions,
beliefs, or national symbols, or bring them into contempt or disrepute
b. Consists of the flag or coat of arms or other insignia of the Philippines or any of
its political subdivisions, or of any foreign nation, or any simulation thereof
c. Consists of a name, portrait or signature identifying a particular living individual
except by a deceased President of the Philippines, during the life of his widow, if
any, except by written consent of the widow
d. All of the above
Answer: D
Source: Sec. 123, Intellectual Property Code
27. This refers to such similarity in form, content, words, sound, meaning, special
arrangement or general appearance of the mark or trade name with that of the other mark
or trade name in their overall presentation or in their essential, substantive or distinctive
parts as would likely to mislead or confuse persons in the ordinary course of purchasing
the genuine article.
a. Trade name
b. Trade mark
c. Good will
d. Colorable Imitation
Answer: D
28. This means any visible sign designated as such in the application for registration and
capable of distinguishing the origin or any other common characteristics.
a. Collective Mark
b. Collective sign
c. Collective symbol
d. Collective logo
Answer: A
29. This means any visible sign capable of distinguishing the goods (trademark) or services
(service mark) of an enterprise and shall include a stamped or marked container of goods.
a. Mark
b. Sign
c. Symbol
d. Logo
Answer: A
Source: Sec, 121, Intellectual Property Code
30. The following are the rights conferred by Patent, except:

a. To assign or transfer by succession the patent
b. To restrain, prohibit and prevent where the subject matter of a patent is a product:
any authorized person or entity from making, using, offering for sale, selling or
importing that product
c. To conclude licensing contracts
d. To restrain, prohibit and prevent where the subject matter of a patent is a process:
any unauthorized person or entity from using the process, and from
manufacturing, dealing in, using, selling or offering for sale, or importing any
product obtained directly or indirectly from such process
Answer: B

Final Exam Questions Group 1: Acoba, Arriola, Cabangal, Evangelista, Galsim

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FINAL EXAM QUESTIONS

GROUP 1: ACOBA, ARRIOLA, CABANGAL, EVANGELISTA, GALSIM

Source: Sec. 26, RA 10846

8. Where the law requires a document to be in writing, that requirement is met by an

Account Name of Depositor Balance

12. How much is the insured deposit of Juan Dela Cruz?

13. How much is the uninsured deposit of Antonio Dela Cruz?

Account Account Name per Bank Records Balance

14. How much is the insured deposit of Juan Dela Cruz?

15. How much is the insured deposit of ABC Corporation?

16. Which of the risks to a bank does PDIC cover?

26. The following are objectives of Electronic Commerce Act except:

2) When is tender offer mandatory?

3) What are the criminal legal consequences of failure to follow rules/regulations

a. Shares of stocks, bonds, debentures, notes evidences of indebtedness, asset-

6) Who is the current Chairman of the Securities and Exchange Commission?

8) An act or series or combination of acts whereby proceeds of an unlawful activity,

9) “Covered Transaction” refers to the following except:

“Covered Transaction” refers to:

 A transaction in cash or other equivalent monetary instrument exceeding Five

10) The following are covered persons under AMLA except:

Source: Implementing Rules and Regulations of R.A. 9160

The following are the covered persons under the AMLA:

a. The following financial institutions:

11) Which of the following is not an unlawful activity under AMLA?

Source: Rule 2, Section 1 (zzzz) ““Suspicious Transaction” refers to a transaction, regardless of

The following requirements shall be observed in the issuance of freeze orders:

Source: Section 3.2. Claim on Forfeited Assets

16) Who is the current executive director of the AMLC Secretariat?

Section 4.2. Qualifications.

(a) Member in good standing of the Philippine Bar;

(b) At least, thirty-five (35) years of age;

(d) Of good moral character, unquestionable integrity, and known probity.

17) Who composes the Anti- Money Laundering Council?

18) Who is the current chairman of the Anti-Money Laundering Council?

19) What constitutes a quorum in cooperative meetings?

20) What is the voting system in a meeting of a primary cooperative?

22) A cooperative whose members are natural persons is called

23) A cooperative whose members are secondary cooperatives is called

24) Multi-purpose cooperatives must have a minimum paid-up capital of?

26) When does a cooperative acquire juridical personality?

28) It is the highest policy-making body of the cooperative.

29) A laboratory cooperative is one organized by

Topic: Data Privacy Act of 2012

1. All of the following are non-patentable, except:

2. Mr. X, a mad scientist, had invented several items listed below:

3. What is the term or life of patent?

7. Under RA 8293, which invention forms part of a prior art?

a. The local application expressly claims priority

a. Conducting new researches and applications, innovating the bureau’s system

14. Membership may be terminated in the following cases, except:

a. To develop expertise and skills among its members

a. Right to Erasure or Blocking c. Right to Rectification

22. _________________________ is the government agency who originally collected the

23. The Data Privacy Act of 2012 is also known as:

GROUP 4 – ABESAMIS, ARRIOSA, BARBADO, NUQUI, TAN

(a) An indication that renewal is sought;

(c) The registration number of the registration concerned;

(g) A signature by the right holder or his representative.

*FOR NUMBERS 3 and 4 SOURCE

"(3) Direct or indirect violation or circumvention of the provisions of Articles 60 and 61

"(a) Influencing the election or appointment of officers, directors, committee

"(c) Requesting or demanding for the creation of positions or organizational units,