4/18/22, 12:47 PM Quiz 5.
1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Quiz 5.1
Due
Apr 18 at 11:59pm
Points
25
Questions
25
Available
Apr 18 at 12am - Apr 18 at 11:59pm
about 24 hours
Time Limit
60 Minutes
Instructions
Select the correct answers.
Attempt History
Attempt Time Score
LATEST Attempt 1
27 minutes 25 out of 25
Correct answers are hidden.
Score for this quiz:
25 out of 25
Submitted Apr 18 at 12:46pm
This attempt took 27 minutes.
Question 1 1
/ 1 pts
Contracts executed between private persons and cooperatives prior to
the registration of the cooperative shall remain valid and binding
between the parties and upon registration of the cooperative.
True
False
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Question 2 1
/ 1 pts
A certificate of registration issued by the CDA under its official seal is
not conclusive evidence that the cooperative therein mentioned is duly
registered.
True
False
it is conclusive
Question 3 1
/ 1 pts
At least twenty-five percentum (25%)of the authorized share capital
has been subscribed and more than twenty-five percentum (25%)of the
total subscription has been paid.
True
False
"at least" not "more than"
Question 4 1
/ 1 pts
The paid-up share capital of a cooperative shall not be less than P15,000.0
0.
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
True
False
Question 5 1
/ 1 pts
For purposes of this Code, a foreign corporation is one formed,
organized or existing under laws other than those of the Philippines’ or
whose laws allow Filipino citizens and corporations to do business in its
own country or State.
True
False
"and" not "or"
Question 6 1
/ 1 pts
That failure of the Office of the President to act on the appeal of the
cooperative, whose application has been denied by the CDA, within
ninety(90)days from the filing thereof shall mean approval of said
application.
True
False
Question 7 1
/ 1 pts
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
The designation of a person who must be a resident of the Philippines
is a condition to the issuance of the license for a foreign corporation to
transact business in the Philippines.
True
False
Question 8 1
/ 1 pts
A cooperative duly registered shall have limited liability.
True
False
Question 9 1
/ 1 pts
Any registered cooperative may, by a resolution approved by a majority
vote of all the members with voting rights, present and constituting a
quorum, resolve to divide itself into two (2) or more cooperatives.
True
False
3/4 vote not majority
Question 10 1
/ 1 pts
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Fifteen (15) or more natural persons who are Filipino citizens, of legal
age, having a common bond of interest and are actually residing and
working in the intended area of operation, may organize a primary
cooperative.
True
False
"or" not "and"
Question 11 1
/ 1 pts
Which of the following cooperative principles means that the
organization is controlled by their members who actively participate in
the setting of policies and decision makings.
Member economic participation
Democratic member control
Voluntary and open membership
Autonomy and independence
Question 12 1
/ 1 pts
It is an audit on the efficiency and effectiveness of the cooperative as a
whole; its management and officers; and its various responsibility
centers as basis for improving individual, team overall performance and
for objectively informing the general membership on such performance.
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Performance Audit
Financial Audit
Social Audit
System Audit
Question 13 1
/ 1 pts
Statement 1 - Directors, Officers, or committee member who willfully
and knowingly vote for or assent to unlawful act or who are guilty of
gross negligence or bad faith in directing the affair of the cooperative
shall be jointly liable for damages.
Statement 2 - A director or officer who acquires any interest or equity
adverse to the cooperative in respect to any matter which has been
reposed on him in confidence shall be accountable for all the profit
which should have accrued to the cooperative.
Statement 1 is incorrect; Statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1 is correct; Statement 2 is incorrect
Question 14 1
/ 1 pts
Statement 1 - A cooperative may exist for a non-extendible period of
fifty (50) years.
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Statement 2 - A One Person Corporation may exist perpetually.
Both statements are incorrect
Both statements are correct
Statement 1 is correct; Statement 2 is incorrect
Statement 1 is incorrect; Statement 2 is correct
Question 15 1
/ 1 pts
Cooperatives are created to attain the following objectives, which is the
exception?
To ensure the viability of cooperatives through the utilization of new
technologies;
Propagate cooperative practices and new ideas in business
management;
To provide optimum social and economic benefits to its members;
To allow the lower income and less privileged groups to increase their
ownership in the wealth of the nation;
Question 16 1
/ 1 pts
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Statement 1 - All government employees, including elective officials,
may be a member of cooperative.
Statement 2 - Generally, government employees maybe elected as
officers and directors of cooperative.
Both statements are correct
Both statements are incorrect
Statement 1 is correct; Statement 2 is incorrect
Statement 1 is incorrect; Statement 2 is correct
Question 17 1
/ 1 pts
Cooperatives may be organized for the following purposes, which is the
exception?
Answer not given
To encourage among members systematic production and marketing;
To promote and advance the economic, social and educational status of
the members;
To acquire lands and provide housing benefits for the members;
Question 18 1
/ 1 pts
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Statement 1 - A cooperative with 15 cooperators and 120 members
may divide itself into two cooperatives by a vote of 12 members.
Statement 2 - A corporation with 15 incorporators my merge or
consolidate with another corporation with a vote of 10 incorporators.
Statement 1 is correct; Statement 2 is incorrect
Both statements are incorrect
Both statements are correct
Statement 1 is incorrect; Statement 2 is correct
Question 19 1
/ 1 pts
Statement 1 - No merger or consolidation shall be valid unless
approved by a three-fourths(3/4)vote of all the members with or
without voting rights, present and constituting a quorum of each of the
constituent cooperatives at separate general assembly meetings.
Statement 2 - The dissenting members shall have the right to exercise
their right to withdraw their membership.
Both statements are correct
Statement 1 is correct; Statement 2 is incorrect
Both statements are incorrect
Statement 1 is incorrect; Statement 2 is correct
Question 20 1
/ 1 pts
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Statement 1 - Contracts entered into by the cooperative with private
persons shall be valid and binding between the parties and upon
registration of the cooperative.
Statement 2 - Contracts entered into by the corporation prior to the
issuance of Articles of Incorporation shall be valid even without
ratification from the duly constituted Board of Directors.
Both statements are correct
Statement 1 is correct; Statement 2 is incorrect
Both statements are incorrect
Statement 1 is incorrect; Statement 2 is correct
Question 21 1
/ 1 pts
Statement 1 - No foreign corporation transacting business in the
Philippines without a license shall be permitted to maintain or intervene
in any action or suit in any court of the Philippines.
Statement 2 – A foreign corporation not transacting business in the
Philippines may maintain an action, even if it has no license.
Both statements are correct
Statement 1 is incorrect; Statement 2 is correct
Both statements are incorrect
Statement 1 is correct; Statement 2 is incorrect
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Question 22 1
/ 1 pts
Statement 1 - Cooperative life begins upon filing of Certificate of
Cooperation with the Cooperative Development Authority.
Statement 2 - Corporate life begins on the date the Certificate
Incorporation is issued by the Securities and Exchange Commission.
Both statements are incorrect
Statement 1 is incorrect; Statement 2 is correct
Statement 1 is correct; Statement 2 is incorrect
Both statements are correct
Question 23 1
/ 1 pts
Statement 1 – A resident agent may either be an individual residing in
the Philippines or a domestic corporation lawfully transacting business
in the Philippines.
Statement 2 – An individual or a domestic corporation must be of
sound financial standing and must show proof that it is in good standing
and moral character as certified by the SEC.
Statement 1 is incorrect; Statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1 is correct; Statement 2 is incorrect
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4/18/22, 12:47 PM Quiz 5.1: LAW 005-ACTCY22S2 - Business Laws and Regulations
Question 24 1
/ 1 pts
The Cooperative Development Authority may revoke the Certification of
Cooperation on the following grounds, which is the exception?
Willful failure to operate
Willful violation of rules and regulations
The minimum number of cooperative is not met
Answer not given
Question 25 1
/ 1 pts
Which among the following is not within the powers of cooperatives?
To enter into merger or consolidation;
Of succession
To join federations and unions;
Answer not given.
Quiz Score:
25 out of 25
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