LAW INCI'UDING

EXERCISES IN CORPORATION
cPA E)GIIIINATToN QUESTT0NS
TRT'E OR FAISE

Each of the incorporators of

subscribei

to at ieal one

corporation must own or be a

,
sbare of the capitat stock of the

:tTk

(l)

corporation.

it to b -'

knowing
2. All persons who assume to act as liable
l ggmoration
as general partners for alt
without aotfrorityil-ao so *JtUe
inc'rred
debts, liabilitiet

;i;"-t;s

oi

"t*ine

as a rcsult

thereof.

3. The corporate Powers of a corporation $all bc excrcised

by

the

!i

stockholders

director'

4.

or may not bc a
The presidpnt of a corporation may

5.

be a member of the Board

The Eeasurer of a corporation must

t-

of

Directors.

6.

of Directors as fixed in -'

A majority of the members of the Board
a quorum' and 'every
the Articles Of l""orpor"tion shall constiilte
present at the
dhectors
i'ru-ria majority of the
decision or

"t
act'
meeting shall be valid as a corporate

1".._,

7.

Direetors

"*

un od and vote by proxy at board meetings'

by

punishable
8. Pers-ons convioted !V no4 j"d9':91 of an offense
or a violation 9f the--

,-pi***r il i";tfi ltwiihil

JP vears'
five (5) years prior to the
O
.itt
tt
CorporatiOn C"4.,
date of &eir
or officers of anY corPoration'

"il;;;;;pp"inhent,

are not qualifred as directors

g.Intheabsanceofanyprovisionfui.tlreby.lawsfixingtheir
any compensation, as
compensation,L, Oir.**.i shalt not receivc

'

.Pointers in Busincsg Law (For CPA

Revierveest

such director, erecept forrcasonable per

10. There

335

diems. t

is interlocking directorates when on, som?, or alt of thc

in a corporation are also &e directors in another

directors

corporation.
I

ney corporation code, if the corporation stops

^the transrcting
busirsss and bscomes continuously iropaative for-a
perioA of five, (5) years, its corporate powEm cease and the
corporation shall be deemd dissolved. 1

l- under

12.

Aily sbcliholder of a dlose eo{poration may, for aoy rsason,

withdrrw from the corporation and compel it to ptuctrase lis shares

at their f,air value which strrall not:be resJ than th"ir pr issued valuc,
prcvided that the corporation hes suflieient assets to cover its dcbrc
and liabilities exclusive of capital stock.
T

13. After a corporation is dissolved, it sha[ nevertheless continue as

a--'
body corporate for three (3) years to enable itto liquidatc its affairr.

foreigr corporation shalr be permitted to transact,business in the

Philippines ru*il after it strall havc obtained a license f61 rhd
purpose from the SEC. _l

14. No

15. Fopign corporations transacting business in the philippines

without
'
- lieense may not sue
but may be iued in orn courts.

;-----

16.

co,rpo:ation caurot be helfl liable for prsbnat indebtedness

stockholder even if he is its president. 1

of a

l7- By thc doctine of piercing'rtre veil of corporate entiy or looking *

the subsCInce rather tbnn tbe form is meant that the ru* *iu
*grrd
the corporation
.as I mere association of p.** ;; *l a rug.r
entity separate and distinct from the stockhoiders.,

18. No-par value sharps Eay not be issued without being

fuuy paid.
T

336

part Z lComoration

Lar

19. Redeemable shares may be purchased or taken up by the corporation

upon the expiration ofa fixed period, regardlesi ofth" exisience

wrestricted retained eamings in the books of the corporation. *

of

20. Treasury shares shall have no voting right as long as they

remain in
the

Treasury.

.t

21. Treasrry shares are entitled

dividends.

to participate in the distibution of

Y-

22. After the declaration of stock dividends, the stockholders receive

no
greater proportional interest in tle asset
rfr"
had

before.

"i

"".p"*ii;;

ffiil;

23. Directors and officers of the corporation consenting to

the issuance
of watered stocks,_ o1 who, traving knowledge dereof, does not
forthwith express their objection in writing anl nte ttre same
with
the corporate secretary, are liable solid*rily with the stoctrrotie,
J
concemed to the corporation aiia iii*cieaitors for the
aifference I
benveen the price paid and the issued or pirr value of the
same.

24. The Board of Directors may at bny timecieclare due

and payabre to
-the corporation unpaid,subscription to its capital stock ' '

25. Holders of subscribed shares not fi.rlly pairi which are

not delinquent
shall have all the rights of a stockholiei.
26. No delinquent stock shall be voted for or be
entitled to vote or to
representation at any stockholders, meeting.

27.

T\e

records of all business transactions of the'corporation

and
minutes of any meeting shall be open to the inspection
of any
directof, trustee, stockholder or mirnber of the corporation

at "!

reasonable hours on business days.

28' Amendments to the Articles of rncorporation

can take effect even
without the approvar of the securities and Exchange

c;LJJ"".

.,!

29' stock issued by a corporation in excess

of the amount prescribed or
limited by its Articres of Incorporation are
void even in the hands of
30' Treasury shares are part-of the
outstanding capital stock
corporation.

3l'

of

Treasury shares sold for less than

their par or issued value are
"
considered ,.watered,', and as such, are prohibited

bt

h*.

"

32. Stockholders, or members,

shall be held in the iity or
.me.*i1_Ss
municipalitv wherg the principar
offiL of the iorpolurior,*iJ to.ur.a,
and if practicable, in the-principal
"
office

"f

th";;;;;il;;

33. Stockfiolders and members may vote

in person or by proxy in all
meetings of stockhold"r. o. *"-b"rr.
1

3o'

proxy shafl be varid and effective.for

a period longer tt* Lr"
r: years
. (5)
at any one time. 1

35.

corporation

hT.,r",.tq?l capacity to

capitat stock from the liabiliry ,o pui

m,

release

il;;;.

a .*uoyrrur
subscriber to its

36. Certificates of stock are quasi_negotiable

instruments.
37.

If a corporatioh issues stock it excess of the amount

authorized by
its charter or Arricres of Incorporatioo,a"
o*.-irt,ii

Jtl}"i,

38'

A director is rerhoved from office by a vgte

holding or representing at least ztz
The vacancy occasioned by such removat

of the

uoia.

stockholders

oi'taz*ffi:*;""alii} .t*t"
can be fired by the votes
of at teast a majoritv of thi remaininfdir";,
if;;;-""ir#*u*
quorum.

"

39' Nopart of the income of a non-stock

corporation may be distributed
as dividends.

938

,,

40. A non-stock corporation may have r.ore than fifteen (15) trustees.-.i41. Trustees

of non-stock

years.

42.

corporation shall have a term

of three (3)
a,

All the issued stoclcs, exclusjve of

treasury stocks, of a close

'T
corporation shall be held of record by not nore tnan 20 stockholders.

43. The Articles of tncorporation of a close corporation may provide

that the business of the corporation shall be managed bl, the
stockholders rather ttran by the Board of Drectors.

44.

The
extend to

all

right of stockholders in close corporation shall

to be issued, including reissuance of treasury

stocks

shares, unless &e Artibles of Incorporation provides otherwise.

45. The Articles of lncorporation may er<pressly provide that redeemable

shares issued by a co,rporation may be purchased upon the expiration
ofa fixed period, regardless ofthe existence ofusrestricted retained
I
earnings in the books of the

corporation.

of Incotporation or the by-laws may limit or even

completely deay the right to vote of, any class member in a

46. The Articles

corporatiqn.

47.To encourage the creation

of

corporatiorr

wen with

small

capitalization, the securities and Exchange comnission allows the

following minimum capital
.
Auttrorized - P40,000; Subscribed - pl0,000 and paid-In of

requiiements:

P2,500

48. subscribers for stock shall be liable to the corporation for interest
from the date of subscription, but only if so requird in the by-laws.

49. A corporation is created by aleement.of the stockholders"

Pfintirs

ir-r

Business L.aw (For CPA

Revierrees)

339

50. The liability of the stockholders for the payment of corporate debs
is limited to the value of their shares.'t

51. Shares without par value may not be issued for a consideration less
than P5.00 per

share. I

52. The entire consideration received by the corporation for its no-par
value shares shall be treated as capital and shall not be available for

distribution as dividends.

53. Majority of the incorporators must be citizens of the Philippines.

54.

A partrership or a corporation

tr

may be an incorporator of another

corporation.5
55. Management of a corporation may be delegated to an executive
committee, composed of not less than three (3) members of the
Board to be appointed by the Board provided the creation of zuch
executive committee is provided for in the by-laws. 1

of the increased capital stock must be subscribed and at least

25o/o of the subscription must be paid to the corporation before the
certificate of increase of capital stock is frled with the SEC. T

56.25o/o

57.. Dividends are declared by the

stockholders.

58. Dividends are payabte to stockfrplders of the corporation as of the

date of declaraiion of dividends and not to stockholders at the time
the dividends become

payable. a

59. Stockholders are liable with their Jparate prope4y for the payment
of the debts of the corporatiori.
60. A de facto corporationhas

tt",J*"

power, rights and liabilities as

it is subject to direct attack

that ofa dejure corporation, except that

by the

State. f

MULTIPLE CIIOICE

l.

The following are atEibutes of a'corporation, EXCEpT:

It is an artificial being.
lt is created by operation oflarv.
c. It has the rights of succession.
d. It
powers, attributr:s and properties expressly
-has T:
authorized by law or incident to its existence.
lr None of the above
2,,

b.

The thegry of a corporation fiction may be disreghrded under the

dTdlt of piercing the veil of corporaie entity, itren tne .o"r"fi
1
of the legal entity being used is:
a.

b.
c.
d.

To
To
To
To

defeat public convenience

protect fraud
defend crime
:
evade or violate a contract or law

id, All of the above

3.

A corpoiation

a. ls a citizen of the state where it is incorporated.

b. Is created by no less than 5 nor more than 15 incorporators.
c. commences to have corporate existence from the date of the
d.

issuance of the certificate of incolporation.

Is dissolved by or with the consent of the state.

4- The stockholders or members mentioned in the Articres

of

Incorporation origin?lly forming and composing the

.orpo*tioo
and who are signatories thereof are called. :

a-

Incorporators

b. Promoters
c. Corporators

d. Subscribers
e. None of the above

5.

Persons who compose the corporation whether as stockholders or

members ire called

a. lncorporators
b. Promoters

l-c. Corporators
6.

d. Subscribers
e. None of the above

corporators of a corporation wtrici has no capital stock are catted:

a. Incorporators
b. Promoters

d. Stockholders
e. None ofthe alove

,g.-, Members

7. The ownersof

shares rn a stock corporation are called

a. Incorporators
b. Promoters
c. Members

d.
e.

Stockholders
None of the abovb

-t

8. ory wlro has ,agreed to take stock from the coqporation

original issue ofsuch stock is called

a. Incorporators
b. Members
. c. Promoters

9'

10.

on the

'd.,' Subscribers

e. None of the above

The interest or rights of the owner in the management

of the
corporation in the Jurptus profits and on dissolution in
the balance
of its assets after the paymlnt of the debts is .
a.

Certificate of stock

b.

Share ofstock

c.

Dividend

d.
e.

Legal capital
None of the above

wiitten insfinrment signed by the prope. officers of the

corporation, stating
9r aJknowl"agirg rfr"',irr-p*ri" ir_rA
therein is the holder of a designated number of shares
orii. ,to"t--

u2

.
a.

Certilicate of stock

b.

Share

of stock

c.

Part2,eomqataoalaAr,

Ccrti ficate of incorporation

d.

Dividend

e.

None of the above

11. The ordinary stock of the corporation entitling the orrner to prorata dividends without any priority or preference over any other
shareholders or class of shareholders but equally with alL other
stockholders except preferred stockholders is

a. Common stock
b. Preferredstock

c. Guaranteed
t?.

d. Convertible stock
e. None of the above

stock

class of stock which entitles the holder before any dividends

w'hatever are paid to the holders of the common stock, to a
dividend measured not only hy the contracts amount. for the
current dividend period but also by any deficiency or arre.arages in
the payment of the dividends accrued in former dividend period is

a.

Preferred stock as to asset

preferred stock

0;' Cumulative

c.
d.
e.

r3.

Farticipatingpreferred stock
Bonus stock
None of the above

class of stock which entitles the holders to a Aiviiena

if

there

are prgfits for a certain period sufficient to pay their dividend, and
ifthere are no pro{its, they loss it forever is
a.

b.
.9.

Preferred stock as to assets

Non-participating preferred stock
Noi+umulative preferred stOck

d.

Guaranteed stock

e.

None of the above

.*

14. A

class of stock,
after the sripulated dividend
has been paid
on the cornmon stock as
wert .r o, [r" preferred stock
any surprus
is to be paid upon alt without

IT".l

Jirir.iion ,.

a.

b.
c.

15.

Prefered stock as to asset

Cumulative preferred stock
Participating preferred stoc!

u.

Convertible stock

e.

None of the above

Stocks Iawfully

r:y.f,

services and subsequently

a.

b.
d.

Watered stocl$
Over issued stock
Bonus stock
None,of the above

,.

the corporation fol-money,

properry, or
properfi."l"qrrr.d
by it are

,V

.t,

16. Stock which nr.,^b.:l issued

bf a co.lgration, has fulty paid
when in fact it is not,
because it tas U""n
otherwise, without any
considera,i""
for properfy, labor o. ,r*i""u

a. Watered stock
b. Over issued stock
c" Treasury stock
d. Recleemable stock
e. None of the above
17.

up

issued as bonus or

all, or for less than par,

or
r

",
*"#*Auation.
",
.

No par value shares

a.

b.

c,
d.

for less than p5.00

9*T be issued
issued -th preferen".
to assets or as to
;ffi*,b"
",
Cannot
be issued without
being fuliy,paid

r.1,i-i,p*i",,
:ffih"'.:riil:irilrtiesbuo6
and building and

AII of the above

ioan

ins,rance

ur.""iluH*

344

18.

Pan2lCoroorationLaw

Founder's shares

a.
b.

Are given to the organizers or founders of the corporatign.

May be given special rights and privilegg.enot enjoyed by the
owners of other shares.
May be given the exclusive right to votsand.to be voted for in
the election of the directors for the{period not exceeding 5

c.

yeaxs

d
e.
19:
,

All of the

above
None of the above

Redeemable shares

a.

May be issued only when expressly provided in the Article

of

lncorporation.
May be deprived of the right to vote.
May be purchased or taken up by the corporation upon the
expiration of the fixsd period regardless of the existence of
unrestricted retained' earnings.

b.
c.

of the above
'.4,
'E. All
None of the above

20.

Treasury shares

. a.

Shdl have no voting right as togg as they remain in

the

b.
c.
d.

Are not entitled to participate in the distribution o0dividends.

Are not part of the outstanding capital gtock.
tvtay again be disposed of for a reasonable price; even:at less
,
_ than par, by the Board of Directors

(4,..

' AU of the above

a.

b.

Any number of natural persons uot less than 5 but not more
than 15.

Majority are residents of the Philippines.

,.':.'

c. Must own or be a subscriber

d.

to at leaSt one (l) share of, the

"*-

capital stock of the stock corporation,o

U..iorrJa.
Need not be citizen of the philip;ir"..

e- All of the above

22'

--

Five persons decided to organize

a corporation. which of the
following situation illustrateJbest
the minimum requirement of
the
law to capital formation?
Authorized

capital

stock

a.

b.
c.
d..

P100,000
100,000
100,000
100,000
100,000

23' A corporation is being

paid un
stock
subscribed .rpiiuiJi.t

Capital

P 20,000

25,000
30,000
25,000
40,000

5,000.
5,000
6,000

6,250
9,000

organized

with an authorized capitar stock

of p50,000. How much ihere of ,ioufa
be subscribed and how
--

much be a,ctually

paid?

Amount subsiribed
a.
:.

b.

12,500
10,000
12,500

c.
d.

25,00a

e.

30,000

^-rT*+
P 3,125
2,500
5,000

6,25A
10,000

24. Which of the followingcorporate

acts:reed not be taken up
in
meeting of the stockhoiar.ri
rvr"*
*tt"n assent of the mimbera
"or stockholders, even
without meeting is enough
to biad the
corporation.

a.

Adoption and repeal of the by_laws

346

Part2/ComoratiooLaw

frc.
d.
e.

Amendment of the Articles otl lncorporation

Increase or decrease ofthe capital stock
Incurring, creating or increasing bonded indebtedness
None of the above

25. The SEC may reject

a.

the Article of Incorporation or disapproved

It is not sub,stantially in accordance with the forre

by law.

b. The purpose or

purposes

prescribed

of the corporation

patently

unconstitutional, illegal or immoral.

c.

The treasurer's affidavit concerning in the amount of capital

d.

stock zubscribed and/or paid is false.

The required percentage of owne*hip

of the capital stock to

be'owned by the citizens of the Philippines has not been
complied with,

?:)

All of.the

above

'A, B, C, D

and E organized a corporation. An Article of

Incorporation was prepared,'signed and acknowledged bef,ore a

26.

notaiy public and filed with the SEC. The correspondirrg

certificate of incorpoiation was is'sued. It turned out, however,
that A, B and C are not residing in the Philippines. What is the
status of"the
a.

De

corporation?

jure corporation

(b. De facto corporation

c.

d.
e.

Corporation by estoppel
Corpori*ion by prescription
None ofthe above

27. All

persons who assume to act as a corporation knowing it to be

without authority to do so shall be liable for all debts, liabilities
and damages incuned or arising as a result thereof.
a.

\-J

Geneial partners

b.

Stockholders

d.

Directors
None of the above

e.

28.

Limited partners

c.

The holders of non-vnri-a

-L^_-- shall
be entitled to vore
foltowing
on rhe
:hares

r"#};fff

a.

b.
c.
d.
Br

Amendments ofthe
A4icles of Incoqporation

Sales, Iease

mortsu
tuurtuntiuuyr,il;,f:*^"i-ll .oft"I disposition

of au or
":

3F;*,.1#;;Td:T:1ffitlff#ii**"0n.,,
qqrsws

lncrease or decrease
of capitar
None of the above

29' The holders

urL

shares r,
"" shail be endtred to vote on rhe

".lTi--r-1ryg
following matters,
EXa;;.r;...,

a. Adoption and amendments

of by_laws
b. Election*a,.rorJffiilr;I

Merger o..onsoiidutior, -,---*"^'"

:.
d. lnvestment. of .orpo.uie
fiurds m another
another busuress
corporation

e. Dissolution of the corporation

30. Non-voting shares
may vote on

fi

fr.ffi::.":-TT

in.another business
or colporation

: AIIDi.."rd;; ;ilil'fiH:,:'i'g
d,

bonded

h;;;;d;,;

of the above

31,

Can issue no par_value

shares
a.

b.

Banks
Trust coinpanies

c.
d.

Both of (a) and (b)

None of(a) u"a

iil

or

348

Part2lComorationLaw

32. Ali of tlie close corporation's issued shares shall be held of record
by not more than

a.
b.
33.

persons
15 persons
l0

May organize

as a/Close

i.:o- 20 persons

d.

corporation

a. Mining ssmpanies 'c.

b. Oil companies
d.

'

None of the above

Bothof (a) and (b)

None of (a) and (b) -

34. If the principal of,fice of CPAR Corporation is located in here at

Isabel Building, stockholders' meeting can be held in

:i
b.

lsabel Building
Las Piflas

c.
d.

35. A corporation whch is organized

Muntinlupa

All of the

above

for charity is called

a. Civil corporation
\b. Eleemosynarycorporation
c. Quasi corporation
d. Lay corporation
e. None of the above
36.

Private corporation which have accepted from the state the grant of
a franchise or contract involving the performance of public duties
are called

i+, Quasi-public corporation d.

b. Quasi corporation e.
c. Eleemosynary corporation
37. A corporation

Ecclesiastical corporation
None of the above

created in strict or substantial conformity to the

governing corporation statues, and whose rights to exist and act as
such cannot successfully attack in a direct proceeding for that
purpose by the state is called

De jure corporation
.a
b. De

facto corporation
Corporation by prescription

ColporationUi,r,oppi"""

1
e.

None of the above

38. A corporation
time

predecessor,
i.L.

exercising corporate

Dou
as,o.uir"urr*rr,r.#:r".lTr3:"r
of the

De

,,

for such a long Ienglh

grant of an ancienr

..,llf''ion

jure corporation

of
it,
"r,-art..'to

De facto corporation
eorporation
f.."
by prescription
t).

d.

;:r"T,i'ilJjJ";"*,,

" +d#,::I,;1,::,:;f.TI:'il"1::::1 ,: ,:, ,o be a de jure

incoqporate under
exercise or user
of corporut.

exisri;il,;,;lutt

:
:0.
c.

d.

e.
I

De jure

1f

a.

bona flde aftempr

to
coupred with the

,r*.rJ,.i1,,1ority,

coqporation

De facto colporation
Corporation by prescription

Corporation by istoppJl
..'^
None ofthe ubou"

0
i,s capi,a] in a
HT:::;T*ae:'.yesr
dfi[i{,':#"#:fl
that properfy or
i profir rs called
extract

fi value at
its
a.

Quasi corporation
Wasting asset corporation
c. upen corporation
d. Eleemosynary
corporation

..b.

i.vone of the

above

'
.r

1s'
41.. The ousiness

of this corporation can be managed by

the

stockholders.

d.
e.

a. Close
b. Open
c. Eleemosynary

None of the above

All ofihe

above

42. This share can be acquired by the iorporation even, without

ruuestricted retained eamings.

a. Founder's'shares d. No-par share'

Redeemable shares e. None of the above
-h'.
c. Par value share

43. Unless the by'laws provide otherwise, ,written nofice of regular

meetings shall be sent to all stockholders of record
.l

a. At
b. At
c. At
d. At

least one (1) daypriorto the meeting l

least two (2) days pripr to the meeting.
least one (l) week prior to the meeting.
least two (2) weeks prior to;he meeting.

of

stockholders or members shall be held

annually on a date fixed in the by'laws, or if not fixed, on any
date, as determined by the board of dirr:ctors or lrustees, in

44. Regular meetings

a. January
i-b, April
45.

c.
d.

July
December

Delinquent stocks are

a. Entitled to vote in stockholders' meeting

b. Entitled to inspect the books of the corporation
c. Entitled to dividends
'el il;;;ril;b";;*

46. Voluntary

dissolution of a corporation is caused

by
Voluntary dissolution where no creditors

?.
b' voluntary

c'

are affected
dissorution where creditors
Amendments of the Articres or rn.oqpo."tion
,.lurting
"^
shortening of corporate

;;il.J'"-

t;

d. In case of a corporation

in

the

sole by submitting to the SEC

.e. All of the above

47. Involuntary dissolution ofthe corporation
is caused by
a.

fl.einlation of the qeriod for which it was lawfully fonned

Judiiialdecree of forfeiture or by
order oitfre SgC,
c. I-egislative enactuent
d.
IrJry to organize fonnally and commence the transaction of
its business within two years fro*
,t u a"i" ;f i*".p"r"r#' "^
i'Er AII of the above
b.

48.

What

is the votilg proportion

required for the voluntary
: --a'.

dissolurion ofthe

a'
b'
c.
d'
e.

corporatlonf

Majority votes of-the board of directors

and
outstanding.capital stock

2/3 votesof

the

Majority votes of the.board of directors

and majority vote of

the outstanding capital stock

Majority vote of the board of diregtors

stockholders

,and 2/3 vote

of

the

I\{ajority vote o{ the board of

directors and majority vote
of

the stockholders

None of the above

49. Foreign corporation

a.
b'

S:,.

org*ired under the laws of countries

other than the

Philippines.
Are not pennitted to hansact
business in the ph,ippines
untir
after rhey have obtained u

ri."n.

ilrii"

nurnor, fro.m SEC.

352

,..,,',

Part2lComoration.t-aw

c. If found to be engaged in business without any license, they

d.

e.
50.

are not permitted to sue in any court oradministrative agency

of the Philippines but may be sued.

Are bound by all laws, rules and regulations applicable to

domestic corporation of the same class but governed by the
laws of the courtry of incorporation as to creation, forrnation,
organization, dissolution or such as fix the relations,'liabilities,
or duties of stockholders, members or officers of corporation
to each other or to the corporation.
All of the above

The power to examine into the affairs of a corporatiqn in oider to

supen'ise, direct, and control its management is called

'a.
b.
c.
d.
e.

Visitorial power of the state.

Visitorial power of stockholders
Visitorial power of directors
Visitorial power of employees
None of the above

51. A corporation

a.
b.
e.
d.
e.

The
The
The
The

state
state
state
state

is a citizen
or
or
or
or

of

country where its prilrcipal office is situated

country where its priucipal bpsiness is situated
courtry where it is incorporated
country of its controlling stockholders

All of the above

52. Incorporators ofa corporation

a.
b,
c.
d.
53.

Not less than five but not more than fifteen

Majority are required to be resident of the Philippines
Mus-t own or must subscribe to at least one (l) share of the
capital stockof the corporation
All of the above

The right given to the stockholders to clissent and demand payment

of the fair value of their shares is called

a. Right ofprory
b. Appraisal right
c. Pre-emptive right

d. Stock riglrt
e. None of the above

54. Dissenting stocktrolders are given appraisal

a.

right

In case any amendments to the Articles of Incorporation

has
the effect of changrgg. or restricting the righi ;i
*

stockholders or class if ih-.r, or or

"ut[o.iriog i..i'"*".Ji"
any respect superior to those of outbtandirrgih*.,
;a;y
class, or of eitending or shortening the terils
;i;"rp";

b.

c.

d.
e.
55.

existence
case of sale, lease, exchange, transfer mortgage
or other
disposition ofall or substantiafly a[ ofthe .orpoiutl
assetsln case of merger and consolidation
ln case the corporation invest its fiInd ih uny othir corporation
or business or for any puxposes otherttran
p.t

In

il

All of the above

The right of dissenting stockholders

value oftheir share shall cease

t;ur[;

to demand payment of the

a, When the demand for payment is withdraum with the consent

.
b'

of the corporation

the proposed corporate action

-m:n
by the

is abandoned or rescinded

corporation
,h" proposed cor?orare action

c. I3:,
SEC where such

d.

is disapproved by ths
approval is necessary.
When the SEC deteqine that such joclfiolder
is not entitled

e.

All of the above

56. A non stock corporation

May not enghge in business tbr profit

Ib. One
u,herc the
capital is not divideJ

irto ,hur.,

st: .

part2/ComoraticinLarv

c.
d.
e.

No part of the income must be distributed as dividends

May have 15 board of tnrstees who shall have a term of office

of3 years
All ofthe above,

57- A close corporation

Shall not list shares in any stock exchange nor offtir its shares
to the public
b.

All of its issued shares exclusive of treasury shares shall

-_- be
-.
held of record by not more than 20 stockholders
All shares are subject to one or more restriction on transfer of

,I
u.

The Articles of lncorporation may provide that its business

shall be managed by the stockholders rather by the board of

shares

directors
e.

58.

AII of the above

Stockholders ofthe close co4ioration

I

Are given absolute right of pre-emption in the issuance of all

kinds of shares including the shares of treasury shares
b, May enter into a written agreement making them partners
among themselves

May, for any reason, withdraw from the corporation and

compel it to purchase their shares at their fair value, which
shall not.be less than their or issued value, provided the
corporation has sufficient assets to cover its .debts and

liabilities exclusive of capital stock

d.

fuV 9f them may, by',anitten petition to the SEC, compel the

dissolution of the corporation whenever any act of tn.
directors or officers of this corporat,ion is illegai o, fruodrl;;;
or dishonest, or oppressive or whenever corporate assets are

e.

being misapplied or waives

All of the above

59' The rights given to. existing stockholders

of
rlh.."!.,.for or purchase. of siock in proportion,oa corpoiation

to

olil r*ri.,ir.

'

shareholding before the share ofthe

corporation are offered to the

60.

a.

Stock right

b.

Pre-emptive right,

c.

Right of offset

d. Right of proxy
e. None oftheabove

The right of pre_emption shall not

apply

a.Whens-uchr.roa1i[deniedtothei1rticleofIncorporation

b. To share ,ll.c.
d.
e.

il;"-plt*ce

with the laws

,"'oli,rin*,,,
r*"ril;
;;;";Ji,.
To share to be issued-in gooJ-iaitn
""it
stock offering orir.y.g
minimum

witfrifrl

of the
stockholders owning ZB;t rhe
"ro'lrr,stock
outstanding capital
in
exchange for properry needed
ro.
or
u
previously contracted debt
"oifori" ffioiu.
--.All of theabove
None ofthe above

61. A stock

corporation shall have the po,

^;;;

own shares
earnings

*h";i;;';;

;i""i-" T;'

i:

rffi3ffi.::f

.ffi::,;
rq'rlu

.
To eriminate fractionar shares
?
arising out of stock dividends
b. To collect

or compromise an indebtedness
to the
arising out of unpaid subscription
purchase delinquent share
soid auring

eorporation
t;;Hil#;;,:ffi"J

c.

[:X#,rff::ing

or

d. To purchase redeemable
e: AII of the above
62.

sald sale

withdr.*id;;i.h;ra].",

"ntitr"d

to pay

shares

That portion of its profits, whi,;h

set apart ratable dirrision

among

,h. .:Trr1,ion by its directors,

,io.tt ofa"r, is called

'*

---'.

a. Bond
b. Surplus

\.

d..

e.

Capital
None ofthe above

Dividend

63. Dividends shall be declared and paid out

of

\
a. Capital stock
b. Paid up capital
c. Profits eamed in selling no-par value shares
d. Unrestricted retained eamings
e. None of the above
.

64. A distribution of treasury shares as dividends

a.
b.
c.
65.

-d,
e.

Stock dividends

Script dividends

will resurt in

Property dividends
None of the above

Liquidatingdividends

Ultra vires acts

a.

Acts which

are_

beyond the powers expressly or impliedly

conferred upon the corporation

b. Unenforceable
c. May be ratified by the stockholders
,d. Maynot be attacked by competitors in bBsiness
'!. , All of the above

66.

ByJaws
Relatively pemranent and confinuing rules of action
adopted
the
corporation for its or* gor-.**ent and that of the
!f

individuals composing

b.

it

and those having the airectio;,

management and control of its affairs

May be adopted and filed prior to incorporation, provided
that

said byJaws, shall be approved ,,na ,ign"a'ty ;ii

;;;
to the SEC togethei with the

incorporators , and submitted

Articles of Incorporation

c' If adopted after incorporation,

the by-laws sha, be approved

by the affirmative v^ot: of majoriry
outstanding.;;il;

i{

incorporation

d'

Regurate the various^internar matter

such as the cailing
--'.1' and
conduct of meeting of stockholders

-e. All
67

'

and

of the hbove

air"ctors.-

What is the voting proportion required

to enabre a
corporation to
- vvrvvre
amend
its by

a.
b'
c.
d'
e.
68'

ln"

laws?

Majority of the board of directors and

majority of
stockholders

the

Majority of the board of directors and

2r3 of the outstanding

capital stock

tvtajority

oi ,t.

board

of

directors and aaio,ity

of

the
outstanding capital stock
Majority of thJ board of directors and2/3of
the stockhcrders
None of the above

The action fired by thestockhoiders

on behalf of himserf and other
s';ockhorders and for trr. u"n"ni
oi h.
to redress a
wrong wlrich is primarilv t,: ae coqpp."ir""-Li-r".
"orporution
u,,
course of action, such as when
the ::
frrnds of the corporarion or rruuaul*ti"
or perfonns urtra vires acts resurting

##ilno,
director;il;; ;il;s
ai""""".lrll:Y::

ofhis
a,

b.
c.

d.
e.

69' A

t;dj',tffi*lflrPilffIT:

shares is

Sti $, c

Individual right of action

Collective right qf action
Derivative suit
Colporate action
None of the above

contract for the acquisition

of unissued. stock in an existing

i"lJr_ed is called

corporation or colporation ,tiU

to

a. Sales
b. Assignment
*c: Subscription

d. Donation
e. None of the above

70. Shares of stock may be issued for

a. Actualcash
b. Tangible or intangible properry
c. Labor. performed for or services

actually rendered to the

corporation
Freviously incurred indebtedness by the corporation

d.
'e. All of the above
7t.

!!g::!"ock
EXCEPT:

may be issued in exchange for any of the following,

a.

Amount transferred from ulrestricted retained. earnings to

b.

outstanding shares exchange

stated capital

c.
d.
e.

for

reclassification or conversion
Actual cash

stocks

in

events of

Promissory notes of future services

None of the above

72. what is the voting proportion

required to enable a corporation to

enter into a management contract?

\a.

Majority of the board

of directors and ma-iority of

of both the maaaling- and

outstanding capital srock

managed corporation
b.

the
the

Majority of the board of directors and,2l3 of the outstanding

capital stock of both th6 managing and the **ug.i
corporation

c-

Yul*ity of the quorum of the board of directors

and majority
the outsranding capital stock of both the managing and
the
1f
rhanaged corporation

d.
e.
73.

of the, board of directors and majoriy of thc

stockholders of both the managing and ihe managed
corporation
None ofthe above
Majority

A'arittel

promise to pay the money loaned, but ordinarily it has

no specific fund or property as security for the payment is calted

'-d. Debenture bond

a. Mortgage bond
b. Collateral trust bond e. None of the bond
c. Equipment bond
74:

ir*d.

borrd.
to- pay-off prior floating:ind"bt*dness
corporation issuing it is ealled

a. Convertible bond
b. Eqtripment bond
c. Collateral bond

of thc

d. Funding bond
e. None of the above

75. A bood secured by stocks or other bonds or both which are owned
d1ltol the securities being deposited with a trustee for rhe
Py
bond holder is called

{:

a. Mcrtgage bond
b: Cqllateral hust bond
c.

'Equipment bond

d. Debenture bond
e. None of the above

76. A bond

payable to bearer and provided viith interest warants

called "coupons" for each installment of interest also payable
to
bearer is called

g.

-'b.
c.

Rcgistered bond
Coupon bond

d. Guaranteed bopa
e. None of the above

Co.nvertible lirond

77. A bond

which is payable to a particurar iridrviduar whose

name is
entered on the books of the corporation as the,.girt"r"to;o
i,
called

360

pari 2 / Corooration Law

\a. Registered bond

b. Couponbond
c. Convertible bond
78.

d. Guaranteed bond
e. Noneoftkeabove

Which of the following is not an express power of a corporation?

a. To adopt by-laws and amend or repeal the same

b. To enter into merger and consolidation with other corporation
c. To make reasonable donations including those for the public

d.

'e.

welfare or for hospital, charitable, cultural,.scientific, civic

sp6 similar purposes
To establish pension retirement and other plans for the bencfii
of its direcrors, tnrstees*officers and employees
None of the above

79. The following

are not only express powers of the corporation but

also inherent powers, EXCEPT:

a. Power of succession
b. Powerto have a corporate seal

'

c. Power to make by-laws

d. Power to sue and be sued

b. None of the above
80.

The following are acts within the implied powers of a corporation,

EXCEPT:

a.
b.

I rrr

Acts in the usual cause of business

Acts to protect debts owing to the corporation

'

emb-arlng in different buiiness which is not a pltrt of the

,,'ti..r,,i,I.
",
'

i d. regularbusiness
Aits to increase its business
e.

None of the above

--t

."

Pointers in Business Lau(For CPA

Revieueesl

361

81. A corporation

a.

b.

c.
d.

lday not enter into a contract of guaranty or suretyship not in

firtherance of its business
Has no implied polver to become a parher with an ihdividual
or another corporation
May enter into a joint venture with individuals where the
nature of-the business is wtthin the scope of its legitimate
power
May issue or sell stocks to zubscribers.
All of the above

82. Approval by a majority vote of the board of directors and zt3 of

the outstanding capital stock.shall be neaessary to enable the
corporatiron

a. To amend its Afticle of Incorporation

b. To exteni o.r shorten its corpirate term .

c'

To increase or decrease its capital stock or incur, create or

increase its bonded indebtedness

d. To

sell, lease, exchange, mortgage, pledge, or

dispose of all or substantially att

'.e. All offhe above

othe,nvise

oli* propefo and assets

83. what

is the voting proportiou required to enable the corporation to

invest its firnd i"
other corporation on busine., o, fo, purpos
othir than its primary purposes?

*v

a.
b.

c.

Majority of the board of directors and ratified by majority

the outstanding capital stock
. Majority of the board of
directors and ratilied by majority
its members
Majority of the board of directors' and ratified
stockholders

-d.

e.

of
of

w a3 of the

Ivlajority of the board of directors and ratified by zl3 of the

ouatandi4g capital stqck
None of the above
r

3E!

Pad2/Ccrooratioal-aw

84. Which of the following qualilications is necessary in order that

orte

*y

br a director oia corporation?

a. He must be a citizen and a resident of the Philippines.

b. He mus be a stoctfiolder or director of a competitor

' c.

-d.
e.

corporation.
He must not be an officer of dre government
He mus own at tq"rt p*r (l) share of stock of the corporation.
All of the gbove

85. Which of the following qualificatioas is necessary in order that

one Inay be elected president of the corporation?

a. [Ie must bea citizen and a resident of thp Philippines.

b. He must not be a sto.ckholder or director oi competitor
"
corporation
c. He mtrst not be a president of any other corporation.
e. All of the above
86. Which of the following qualifications is necessary in order

that

one may be elected treasurer of the corporation?

a. He must be a citizrn and a resident of the Philippines.

b. He must be a director of the corporation.
c. He must be a stockholder of the corporation.
d. He must be a treasruer of any other corporation.

r.

None of the above

87. which of the following

-

qualifications is necessary

in order that

a. He must be a citizen and a resident of the philippines.

b. He mtst be a director of the coqporation
c. He must be a stockholder of the corporation
d. He must not be a secretary of any othei corporation.
e. All of the abql,e

8t'

Tbe foilowing salancjes in the board of

directors must be filred by

*_T*yl1=rntheregular"ar*i"l;;;f
purpose, EXCEpT:

a-

b.

:.
d;
-.
89'

"ri.o'-'ior,r,.

where the vacancy in the Board

rbsults from the removal of

directors by the stockholders

Where the vacancy-i1 the Board results
from the expiration
the term of office of tfr" ai...torr.Where the number
rt. Oir".,"r, is in.r"as"d.

of

"f in the
Where the vacancy
retirement of the director, and
'r-- tfru*
None of the

Bo;;;;rr#i,
the death or
i,
*"r".O,r,rirrr.-"
----: ""
,

above

The by-laws of a,corporation may crate

an executive committee,
composed of not less ttran *.Ju"r,
be appointed by the board. rm
"i
Juy j"r, uy
majority vote of alr its members on s,ch
specific

;; ;;;; #;"*
"*ecuti;;*d;"matters "
wirhin
the competence of the. bo"jg,
.";
;:@il;
;tlr"#T;
i;
laws
or on majority vote of the U"*C,

a'

pXCppf,

Approvar of any action for which

sharehorders, approvar is
also required.

Amendurent or repeal of by laws

or adoption of new by laws.
Fitling of vaeaneies in the Board.
d. Distribution of cash ai*idmds. -E. AII
of the above
b.
c.

90.

The foltonang are expless polvers

of a corporatioqD(CEp?:
a

a"

To sue and be sued

b.

The power of succession

To gdopt and use a corporate seal
Io *ruoO its Articles of lo"n poorl*
None ofthe above

c.
d.
\, e.

,91. \ilhich of the following

is
corporation?

a.

nor

,,a

lcage nf ,{issolution of

Legislativeenactment

U far]1ry-t9 organize within two yeas &om incorporation

c. Judicial
decree of forfeittue

\d.

Disoontinuance

"f
92.

br;i;S

for three years

I3:l :f the fo,owing cannot be laudrlly dorre by a non_stock

corporation?

'a;
b.

ofprofits

Adopt by-taws
Anend the Articles of trncorporation

o.

d.

93.

Pay dividend out

Elect trustees

The quorum required by lawto

elect directors; prc.sence
of iwners

of

.a. Majority of the oustanding

b' Majorirv of the outstanJtd capital-voting

6ffi-;JriE *o non-voting
c. !/3 of the outsranding.upilf-*qrrg

**::"::Td

6tui-;"i"E *o
:
94' i*o o*o'" tio*"ofdividends
',1'

non.voring,

paid by the corporation

is cared

a.

\.

Cash stock
Composite

c.
d.

Property cash
Scrip

95' A form of iombinatign where a,

the constituert
dissolved
and out of

\.

b.

Consolidation
Merger

th"nx;;;;;;L'for_"d.

c.

d.

Joint venfure

AII

of&tr

r.

corporations are

96t

shares

of stocks ehtitring the,owner

to receipt of dividends ahead
of the owner of comrnon ,ot
onry ioi ,[" yr* without
the dividend
but arso

,r;

f*i;tf-,
a.

=b.

il; r";

u&ere no dividends are

Participating preferred
stock
Cumulative preferred stock

c"

Founders'stock

d.

Watered stock

i,

1,

e7',-,H"ffi

lr:H"J;f"":ffi
a.

b.
c.

\d.

,11fl""1*.ordirectorsarerequired

of allmembers of the board

2/3 vote of all present
Majority vote of all or
constitutins a quomm
2/3

M"i;l;

,J,J

".tfr;t

98' A private corporation

commences to have
a corporate existence

and j uridical personality

ilth;;

a. The officers of the corporation

b. The
,is,

il:r#f:r*.

'{.:.

a.

\.

""aiiJire

articres of rncorporation

The byJaws are approved

by the SEC.
The SEC iszuesa certificate

riirr""ri"*ri*.

99. tt/hich of the following

.b.

are elected.

The secretary must

statements is &lse?
b,e

a crtizen^-and

resident of the philippines.

Delin{uentsbcksaren"""rur,u,tp'"il.l",.,.
Treasury stocks are bv
their very *ili-i.fhquent
at the time
by tir" corporation.

*1r*

::.qyr.d

frJ;ffijf 1 ;ilt};#H,*;;:

"o.po,ation is dissorved and

i:r :

366

Part2/Coroor.atiohlaw

100. Which of the following conditions will afl6w coqporate formafion

and allow securities and exchange registration?

Authorized

a.
b.
c.
=d.

capital S*sssbetlegDi4

P200,000
50,000
100,000
60,000

P50,000
. 12,000
49,000
15,000

Paid-in caEi$al
P9,500
5,000
12,000

6,000

a. 2/3 of the outstanding capital

b. Majority of the board of directors.
:c. Majority of the board consented to by 2t3 of the outstanding
capital stock.
v

d. Majority of the boar0 of directorb consented

to by majority.

of

stnctholders.

102. Three of the following $tatements are not correct; which is ttte
exception?

a. All oflicers of the corporr.tion

-b.
c.

must at the same time the

directors.
The corporatiorr is required to pay the f,air value of the,stocks
of a dissenting stockholder if the corpolation has unrestricted
retained earnings.
Quasi-public corpgration are public corporaiiore rendering
private sanrices.

d.

cmmcrce btsincss wittrin a

priod of two years &om incorpuatim is classified vohmtary
ceuscof dissoh*ion.
F.aiture to formally orgftaiue aad

103. Three

'a'
.b'
e.
d.

of the foilowing

statements are not tme; which

is

rhc

Redemption of redeemable stock is required

even
' if rhc
clryoration at that tirne has no unrestricted
uu.nirgr.
The requirement that at leasr zs% af.*thori"raTupitar
must

be subscribed applies onry to non-stocrc

corporations.'--Directors are entitred to compensation as
*"n",
Derivative suits can u" nr"a
"
"rrinrrrr.

IJy;;.;##;.i..olffiffi.

104' which of the forowing cannot be laurfrrry

exercised by a nonstock corporation?
Pay dividend
b.

Elect trustees
Amend the Articles of lncorporaticm

d.

Adopt br-laws.

105. A certificate of stock is not considered

a negotiabre instrument
under the Negotiable &rstruments
L,ow because

a.
b.

It is not in writing.
--:::1
It does not contaL an unconditional prornise
or order to pay a

c.
d.
106'

It cannot be hansferred.
Answer not given.

-Ihe

a
b.
"8.

d.

differencc between

I proxy and a voting uust

agree,ment is

is requircd to be notarized
trust agrement is not oluir"a
to be notarized.
Yrri"g
Fresence of the eocrhol$rin

*,n*d*iil*tlrrr.y

given autornatieal$ cansel"

th* pro,ry_-

Votinguustm.lstbeunitten'

i"

1fi7. lt&ich of the following

1s ghs:quatification

required by law in

order to be elected president of"a corporation?

a. Mtrst be a citizen
b. Must be an incorporator

\c.

Must be a director

d. Must be the controlling

stockholder

108. Which of the following is true?

a.
b.

c.

\d.

Delinquent stock can be voted.

Unpaid stock is necessarily delinquent.
Delinquent stock cannot be sold at public auction.
Unpaid stocks are entitled to palmcnt of cash dividend.

109. In which of the following can

a dissenting stockholder exercise the

right ofappraisal?

?. Amendment
b. Amendment
c. Amendment
..d.

of the articles to increase authorized eapital stock

of the articles to change corporate name
of the articles to transfler location of the principal

office
ln case of merger

ItO. Which of the following is not required to

Artioles of Incorporation?

\a. Duties of the president

b. Name of the corporation
c. Period ofexistence
d" Location of the principal office

be,,included

in

the

II

l.

certificate of.stock is not considered a negotiabre

inbt,rnent

under thg Negotiable trnstuments Law because

a.

\.
c.
d.

ll2.

It is not in uniting.
It does not contain an unconditional promise
or order to pay
suno cerain in money.
It cannot be transferred.
Answernot given

/: The Articres of Incorporation or the by,raws may

limit- or even completely <teny ttre rigtrt to
uoJ-o? any .t".s
member in a corporation.
statement No. 2: subscribers for stock
sha, be liabre to the
corporation fo1 inlerest from the date of
zubscription"iut orrry ir
so required in the by_laws
Statement No.

\a.

Both are true.

Both are false.

b.
c; No. I is'true;No.2 is false.

d.

ll3.

No. I is false; No. 2 is true.

Statement No.
liability of the stockholders for the paymenr
{: Tr:
of corporate debts
is limited tL the varue of theirlhares '
Statement No! 2: , The entire consideration
,*.ir"a by the
corporation for its no-par value shares
shau be
-' capital
and shalr not be ava,able for distributio"
"r"i"a ",
u. aiuia"raJ-

a. Both are true.

b. Both are false.
c. No. I is tnre; No. 2 is false.
d. No. I is false; No. 2 is true.
ll4.

No.1: Managemcnt of a corporation

may be delegated
to an executive comndttee, c-omposed
ornot t"sr]tiL-i i".ur*
of the board to be appointgd by ihe board
piovided &e *eation of
such executive committee is provided
for io U" Uy-fu*1.-'*"
Statement

370

Part 2 I CoooratioJr taw

2t

Stockholders' or memberq' meetings shall be

Statement No.
held in ttre city or municipality wtrere the principal offrce of the
corporation is located and if piacticable. i. the principal office of
thc corporation.

\a.

Both are tnre.

b. Both are false.

c. No. t is true; No. 2 is false.
o. No. I is false; No. 2 is tnre.

ll5. Starement Na. /:

Stock issued by a corpot'ation in excess of the

atnount prescribed or limited by its Articles of l:ncorporation are
void except in the hamds ofa bona fide purcnaser for value.
Treasury shares are paft of .the outstanding
Statement No.
capital stock ofa corporation.

2:

4.

Both are tnue.

$.

Both are false.

c. No. I is tnre; No. 2 is false.
d. No. I is false; No. 2 is tnre.

116. Statement No. I: AII the issued stocks, excluiive of treasqry

stocks, of a close corporation shall lrc held of record by not more
than 20 stockf,rolders

Statement No. 2'" Foreign coqporations transacting business in the

Philippines without lieense may not sue but may be sued in oru
courts,
o0.

I17.

Both arc true.

b.

Both are false.

c.
d.

No.rl is tuo; No, 2 is false.

No. I is false; No. 2 is tnre.

A religious ordcr is considered as a

ab.

Corporation
Pubtic

byprewription c.

eorpora,tion

-d.

Corppraiion sote
None of them

Key Aoruuota
CoRP0RATTON LAW
True or False

l.T

2.7

3,F
4.F
5.F
6.7
7.F
8.7
9.7
10. T
11. F

t2.

T
13. T,
14.

'T

21.

fr

22., T
23. T

24.

2s. T
25, T
27. T

A
29.lp')
'30. F'
28.

31.,

F'

32. T'
33. T
34. T

15.. T
16, T

35. T

37. T

t7.

18. I
19. T
20. T

36" T

3s.

39. T
40. T

4t;

*2.: T

43. T
44. T
45, T
46i,. T

,47.

49,

F
T,

49.. F.

s0. T
51. 7

52.' T.

s3. F
54. F
5s. T
56- T
s7.. F
58.' T

59. F
60. T

372

Pan,|.

?,/ Carmr:liaa I qw

IVTT]LTIPLE CHOICE

l.E

2.E
3.E
4,A
5.C
'6.
C

7.D
8.D

9.8

10. A
11. A
12. B
13. c
14. c
15. D
16. ,A
17. E
18. D
19. D
20. E
21. E

22. D
23. C
24. B
25. E
26. B
27. A
28. E
29. B
30. D

31. D
32. C
33. D
34. D
35. B
36. A
37. A
38. C
39. B
40. B
41. A
42. B
43. D
44. 8
45. C
46. E
47. E
49..A
49. E
50. A
51. E
52. D
53. B
54. E
5s. E
56. E
'57. E
58. E
59. B
60. D

61. D
62. C
63. D
64. D

65. E
66. E
67. C
68. C
69. C
70. E
71. D
72.. A
73. D
74. D
75. B

76. B
77. A
78. E
79. E
80. c
81. E
82. E
83. D
84. D
85. D
86. E
87. A
88. E
89. E
90. E

91. D
92. A
93. A
94. B
95. A
96. 8
97. D
9g, D

'99.

C
D

t02.

100.
101.

103. A
104. A
105. B
106. C
107. c
108. D
109. D
ll0. A
111,. B

lt}. A
113. A
1.14. A
115. B
l16, - A
LI?. D