lOMoARcPSD|26829990
RFBT 1st Preboard Examination
Bachelor of Science in Accountancy (Bicol University)
Studocu is not sponsored or endorsed by any college or university
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
ie
2. In order to be criminally liable, the required quantum of proof is:
A. Substantial evidence
B. Preponderance of evidence
C. Proof beyond reasonable doubt
D. Reasonable certainty
w
1. The only source of obligation that requires an agreement between the parties:
A. Law
B. Contract
C. Quasi-Contract
D. Quasi-Delict
R
ev
3. On January 1, D executed a promissory note for P10,000 in favor of C that is due on July 31,
and earns 1% interest per month. On March 31, D borrowed money from C in the amount
of P15,000 due on July 31. On August 1, D made a payment of P5,000 without designating as
to which debt the payment will apply. In this case,
A. P5,000 payment will be divided pro rata between the two debts
B. P5,000 payment will go to the promissory note only
C. P5,000 payment will go to the March 31 debt only
D. P5,000 payment will not be applied to any of the debts
C
PA
4. First statement: A void obligation may be the valid subject of a novation
Second statement: If the new obligation is void, the original one, as a rule, is still extinguished
A. Both statements are correct
B. Both statements are incorrect
C. Only the first statement is correct
D. Only the second statement is correct
EO
5. This circumstance may affect the validity of the obligation if employed to induce the consent
of the other party:
A. Negligence
B. Fortuitous Event
C. Fraud
D. Delay
R
6. D is indebted to C for P100,000 covered by a promissory note. Eventually, D met X, a close
friend of C, to whom he gave the P100,000 as payment for his (D) obligation to C. C
eventually negotiated the promissory note to X. In this case,
A. There is no valid payment since X is not a party in whose favor the obligation was
constituted
B. There is no valid payment since it does not appear that the payment redounded to the
benefit of C
C. There is valid payment since X was authorized to receive the same in behalf of C
D. There is valid payment since X eventually acquired the rights to the credit
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
7. In this kind of obligation, there are two or more debtors or two or more creditors named in
the alternative (e.g., D is liable to C1 or C2)
A. Facultative
B. Joint
C. Disjunctive
D. Alternative
ev
ie
w
8. On July 15, S sold his car to B through a public instrument, where it was agreed that S will
deliver the car on July 31 and B will pay the price on August 15. S complied with this obligation
but as of August 31, B has not yet paid the price which prompted S to make a demand
therefor. In this case, B was in delay since
A. July 15
B. July 31
C. August 15
D. August 31
PA
R
9. In this kind of Substitution, the original debtor, will no longer be liable in case of the insolvency
of the new debtor subsequent to the substitution:
A. Delegacion
B. Expromision
C. Both Delegacion and Expromision
D. Neither Delegacion nor Expromision
C
10. D1 and D2 promised to give to C an iPhone 13 Pro Max worth P80,000. On the agreed due
date, C made a demand against both D1 and D2, where D1 refused to comply with the
obligation. What will be the extend of D2’s liability?
A. P40,000
B. P40,000 plus damages
C. P40,000 plus damages but may reimburse from D1
D. None
R
EO
11. Funeral expenses shouldered by a third person without the knowledge of the relatives who
are obliged to give support to the deceased, shall entitle such third person to reimbursement
from such relatives. This is an example of an obligation arising from
A. Contract
B. Quasi-Contract
C. Delict
D. Quasi-Delict
12. If the debtor is guilty of fraud in the fulfillment of an obligation with a penal clause, he may be
liable for:
A. The penalty only
B. Damages only
C. Both the penalty and the damages
D. Neither the penalty nor the damages
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
13. A third party who pays with the consent of the debtor, shall be entitled to the following,
except:
A. Compel the creditor to accept payment
B. Beneficial reimbursement
C. Subrogation to the rights of the creditor
D. None of the choices is an exception
ie
w
14. P20 coins are legal tender upto:
A. P100
B. P1,000
C. P100,000
D. No limit
R
ev
15. The liquidation under the Financial Rehabilitation and Insolvency Act, is an example of a
judicial cession. In which case, the extinguishment of the obligations of the debtor will be:
A. Upto the proceeds of the sale of assets
B. Upto the payments made to the creditors
C. Full extinguishment
D. None of the choices is correct
PA
16. Which of the following is not a major classification of obligations?
A. Solidary and Joint
B. Alternative and Facultative
C. Real and Personal
D. Conditional and One with a Term
EO
C
17. Hamzi, a Korean national, went to the Philippines for a vacation. While in Boracay, she met
went on a drinking spree and eventually met Jay, a bartender. While under a state of
drunkenness, Hamzi orally agreed to buy the land of Jay in Boracay for P1,000,000, when its
fair market value was P5,000,000. What is the status of the contract?
A. Valid
B. Rescissible
C. Voidable
D. Unenforceable
E. Void
R
18. When an immovable property is contributed to the partnership, the requirement of an
inventory signed by the parties and attached to a public instrument is for:
A. Validity
B. Enforceability
C. Convenience
D. None of the choices
19. Reformation of instruments may be had in the following cases, except:
A. Mutual mistake of the parties
B. When only one party is mistaken
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
C. Negligence of a typist
D. None of the choices is an exception
w
20. A Collective Bargaining Agreement may be applicable to employees who are members of an
employee union even if they did not participate in the negotiations therefor nor signed the
CBA itself. This is an exception to the privity of contracts where:
A. Third persons are bound by a contract
B. Third persons may interfere in a contract
C. Third persons may be liable in a contract
D. Third persons may benefit from a contract
R
ev
ie
21. A contract is defined as a meeting of the minds between two persons whereby one binds
himself with respect to another to give something or to render some service. Which of the
following is incorrect?
A. Contracts will always require two persons to be perfected
B. Contracts generally contain a unilateral obligation
C. Contracts cannot cover obligations not to do
D. All of the choices are incorrect
PA
22. Recission in rescissible contracts may be an available remedy in which of the following cases?
A. If the thing under litigation is sold with the approval of the litigants
B. If the sale of the guardian of the ward’s property is sold with the approval of the court
C. If the party invoking rescission can no longer return what he may be obliged to return
D. None of the choices
EO
C
23. Which of the following persons who may be placed under guardianship under the Rules of
Court is considered incapacitated to contract even if not yet placed under guardianship?
A. Hospitalized lepers
B. Those suffering from civil interdiction
C. Prodigals
D. All of the choices
R
24. Recovery of what was given under a void contract may be allowed in the following instances,
except:
A. When money is paid by a party for an illegal purpose but repudiated the same before the
purpose has been accomplished.
B. Where one of the parties to an illegal contract is incapable of giving consent
C. When the agreement is not illegal per se but is merely prohibited, and the prohibition by
the law is designated for the protection of the plaintiff
D. None of the choices is an exception
25. One party cannot revoke or renounce a contract without the consent of the other pertains
to what characteristic of a contract:
A. Obligatory force
B. Mutuality
C. Autonomy
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
D. Relativity
26. In this stage in the life of a contract, the parties are negotiating the terms and conditions,
prior to the arrival of a definite agreement:
A. Birth
B. Generacion
C. Termination
D. Perfection
ev
ie
w
27. If some stipulation of any contract should admit of several meanings,
A. they shall not be understood to comprehend things that are distinct and cases that are
different from those upon which the parties intended to agree
B. it shall be understood as bearing that import which is most adequate to render it effectual.
C. It shall be interpreted to effect the least transmission of rights
D. The contract is void
R
28. In this kind of contract, there is generally equivalence of the prestation received by the parties:
A. Principal contracts
B. Bilateral contracts
C. Commutative contracts
D. Aleatory contracts
C
PA
29. Annulment, as a remedy, generally prescribes in:
A. 30 days
B. 1 year
C. 4 years
D. 10 years
EO
30. B, a minor, bought a house from S, of legal age. Without the fault of B, the house burned
down. In this case,
A. B can no longer ask for annulment of the sale
B. S may ask for the annulment of the sale
C. B and S must agree on the annulment of the sale
D. The loss will not be an obstacle to the action for annulment
R
31. As a rule, the liability of an incoming partner as to debts which are already existing prior to
his admission into the partnership is:
A. None
B. Upto his capital contribution
C. Upto his personal assets
D. None of the choices is a correct statement
32. A, B, C and D are partners of ABCD partnership. On July 31, D died which resulted in the
dissolution of the partnership. However, on August 4, C entered into a contract with X, a
third party supplier, not knowing that D already died. In this case,
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
A. The contract will not be binding upon the partnership since it is not related to windingup
B. The contract is still binding on the partnership since no notice is given to C as to the
death of D
C. The contract will not be binding upon the partnership since no notice is required for the
mutual agency to be terminated
D. The contract is still binding on the partnership since it relates to the winding-up of the
partnership
ie
w
33. Consent of all the partners will be necessary in all of the following acts, except:
A. Confess a judgment
B. Enter into a compromise concerning a partnership claim or liability
C. Submit a partnership claim or liability to arbitration
D. Obtain renunciation of a partnership liability
R
ev
34. In which of the following cases, will there be a presumption that the recipient of the money
is a partner in the business?
A. Profit sharing bonus of an employee
B. Rent based on profits paid to a lessor
C. Installment payments to a creditor based on profits
D. None of the choices
C
PA
35. First statement: If the partnership suffered damages due to a partner’s fault, such partner will
be liable to reimburse the partnership
Second statement: The liability for reimbursement of damages may be reduced by the profits
and benefits earned by the partner for the partnership
A. Both statements are correct
B. Both statements are incorrect
C. Only the first statement is correct
D. Only the second statement is correct
R
EO
36. If there is no date indicated in the Certificate of Limited Partnership for the return of the
Limited Partners’ contribution, he may demand for the same by providing notice in writing
______ prior to the return:
A. 30 days
B. 60 days
C. 3 months
D. 6 months
37. A, B, C, D and E are partners of ABCDE partnership. A was appointed managing partner for
Human Resources. B was appointed managing partner for Purchasing and Procurement. C
was appointed as managing partner for Finance. B wanted to purchase raw materials from X.
In this case,
A. The consent of A and C will be necessary
B. A or C may oppose the selection of the supplier
C. If A or C oppose, the opposition will be decided by a majority of the Managing Partners
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
D. None of the choices is correct
38. In case a partner acting with the authority of co-partners caused injury to a third person, the
liability therefor may be borne by:
A. The partner
B. The other partners
C. The partnership
D. All of the choices
R
ev
ie
w
39. A, B and C are partners of ABC partnership. C, without any actual authority, caused the
conveyance of a real property in the title of which is in the name of the partnership. C named
the partnership as the seller in the Deed of Absolute Sale, which was done in the usual
business of the partnership. In this case,
A. Title to the property validly transfers to the buyer
B. Title to the property validly transfers to the buyer but the partnership may recover if the
third party knew the lack of authority
C. Only equitable interest transfers to the buyer
D. Nothing transfers to the buyer
PA
40. If a limited partner lends money to the partnership where a property of the partnership is
given as a security, the contract of security is:
A. Valid
B. Rescissible
C. Unenforceable
D. Void
EO
C
41. The absence of a director by ________ of all regular and special meetings may be a
temporary disqualification under the Revised Code of Corporate Governance:
A. At least 25%
B. More than 25%
C. At least 50%
D. More than 50%
R
42. The grant of compensation to Directors will require ___ vote of the stockholders:
A. 50%
B. Majority
C. 2/3
D. Unanimous
43. As a rule, stockholders may not be personally liable for any liability of the corporation that
will remain after its assets have been exhausted. This is otherwise known as:
A. Corporate Entity Theory
B. Limited Liability Principle
C. Piercing the Veil of Corporate Entity
D. Doctrine of Separate Juridical Personality
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
44. Which of the following officers is required to be a resident of the Philippines?
I.
President
II.
Treasurer
III.
Corporate Secretary
I, II and III
I and II only
I and III only
II and III only
w
A.
B.
C.
D.
PA
R
46. The quorum in stockholders’ meetings is generally:
A. 25%
B. Majority
C. 2/3
D. ¾
ev
ie
45. In case no-par value shares are issued for less than the issue price or stated value, the liability
will be borne by:
A. The Board of Directors
B. The Stockholder
C. The Board of Directors and the Stockholder, equally
D. The Board of Directors and the Stockholder, solidarily
EO
C
47. First statement: When a single stockholder acquires all the stocks of an ordinary stock
corporation, the latter may apply for conversion into n OPC, subject to the submission of
such documents as the SEC may require.
Second statement: As a rule, the OPC converted from an ordinary stock corporation shall
not be liable for the outstanding liabilities of the ordinary stock corporation as of the date of
conversion.
A. Both statements are correct
B. Both statements are incorrect
C. Only the first statement is correct
D. Only the second statement is correct
R
48. Selling of the corporate assets and distribution of the proceeds refer to:
A. Dissolution
B. Liquidation
C. Termination
D. None of the choices
49. A corporation created for charitable purposes:
A. Ecclesiastical corporation
B. Lay corporation
C. Eleemosynary corporation
D. Public corporation
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
51. In case of natural persons, these are required to be of legal age:
A. Corporators
B. Incorporators
C. Both Corporators and Incorporators
D. Neither Corporators nor Incorporators
ev
ie
52. In the expiration of a director’s term, who will fill-up the vacancy?
A. The BOD if it still has a quorum
B. The BOD even if it no longer has a quorum
C. The Stockholders if the BOD no longer has a quorum
D. The Stockholders even if the BOD still has a quorum
w
50. Which of the following is not within the express powers of a foreign corporation:
A. To enter into a merger or consolidation
B. To enter into a partnership
C. To make donations for political partisan activities
D. All of the choices can be done by a foreign corporation
PA
R
53. In the event of a director’s death or resignation, the vacancy must be filled-up within __ days
from the time the vacancy arose:
A. 15
B. 30
C. 45
D. 60
EO
C
54. Which committee has the responsibility of monitoring and evaluating the adequacy and
effectiveness of the corporation’s internal control system?
A. Remuneration Committee
B. Audit Committee
C. Executive Committee
D. Nomination Committee
R
55. Under the Revised Corporation Code, corporations vested with public interest are required
to have independent directors which shall be at least __ of such board:
A. 1/10
B. 20%
C. 1/3
D. 50%
56. Which of the following kinds of corporations may be the subject of a direct attack as to its
legal personality?
I. De Facto
II. De Jure
III. Corporation by estoppel
A. I, II and III
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
B. I and II only
C. I and III only
D. II and III only
ie
w
57. First Statement: The par value of the par-value shares are required to be indicated in the
Articles of Incorporation.
Second Statement: The issue price or stated value of the no-par-value shares are required to
be indicated in the Articles of Incorporation.
A. Both statements are correct
B. Both statements are incorrect
C. Only the first statement is correct
D. Only the second statement is correct
R
ev
58. This type of shares grants the corporation the right to repurchase the shares at its option or
at the option of the holder based on the face or issued value plus a specified premium
A. Preferred shares
B. Treasury shares
C. Redeemable shares
D. No-par value shares
PA
59. Under the Revised Corporation Code, the alternative certification of the Financial Statements
of the Corporation will require the certification of:
A. The Treasurer
B. The President
C. The Treasurer or any responsible officer
D. The Treasurer and the President
EO
C
60. This signifies a union of two corporations as necessarily results in the creation of a new
corporation and the termination of existence of old ones.
A. Merger
B. Consolidation
C. Reorganization
D. Recapitalization
R
61. The sole stockholder, who is the sole director and the President of the One Person
Corporation may likewise be:
A. The corporate secretary
B. The treasurer
C. Both the corporate secretary and treasurer
D. Neither corporate secretary nor treasurer
62. In case of mismanagement of a corporation where the corporation itself is the injured party,
the proper remedy available to the stockholders would be to file a/an:
A. Individual Suit
B. Class Suit
C. Derivative Suit
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
D. All of the choices
63. As a rule, officers of the corporation may not be personally liable for official acts done as
such. This is otherwise known as:
A. Doctrine of Limited Liability
B. Corporate Entity Theory
C. Piercing the Veil of Corporate Entity
D. Corporate Opportunity Doctrine
ev
ie
w
64. The term of a director of the corporation expired but no election was held. As such, he
continued to act as a director in a hold-over capacity. However, without any election for a
replacement being held, the said director died. Who will fill-up the vacancy?
A. The BOD if it still has a quorum
B. The BOD even if it no longer has a quorum
C. The Stockholders if the BOD no longer has a quorum
D. The Stockholders even if the BOD still has a quorum
PA
R
65. In the creation of an emergency board to address an emergency, the required votes to allow
the corporate officers to sit as directors would be:
A. Majority of the entire membership of the board
B. Majority of the remaining directors
C. 2/3 of the remaining directors
D. 100% of the remaining directors
C
66. The power and capacity to sell treasury shares is an example of:
A. Express Powers
B. Implied Powers
C. Incidental Powers
D. None of the choices
EO
67. Which of the following is not within the authority of an Executive Committee:
A. Declaration of cash dividends
B. Declaration of stock dividends
C. Filling-up vacancies in the board
D. All of the choices are not within the authority of an Executive Committee
R
68. In a close corporation,
A. Generally, there is no limit as to the number of shareholders
B. Pre-emptive rights may be denied on certain grounds
C. Appraisal right may be exercised only on certain grounds
D. Generally, there are limits or restrictions as to transfer of shares
69. Under the Revised Corporation Code, the continuous inoperation of a corporation for a
period of 5 years results in:
A. The corporation being placed under delinquent status
B. A ground for suspension or revocation of the corporate franchise
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
C. Automatic cancellation of the registration
D. None of the choices
70. What do we take into account in considering a corporation as a foreign corporation,
A. Under what law was it organized
B. The appointment of a resident agent
C. Doing business in the Philippines
D. All of the choices
ev
ie
w
71. Under the Revised Corporation Code, regular meetings of stockholders would require notice
_____ prior to the said meeting:
A. 2 days
B. 1 week
C. 2 weeks
D. 21 days
R
72. In this arrangement, the recipient of the stockholder’s rights may be elected as a director:
A. Proxy
B. Voting Trust Agreement
C. Both proxy and voting trust agreement
D. Neither proxy and voting trust agreement
C
PA
73. In which of the following transactions of a director will ratification of the stockholders may
not apply?
A. Acquiring a business opportunity for himself which in fairness would belong to the
Corporation
B. Acquiring interest adverse to the corporation on a matter reposed in him in confidence
C. Transaction with the corporation where he is a director
D. Transaction between two corporations where he is a director in both corporations
R
EO
74. The names and signatures of the incorporators will be included in this portion of the Articles
of Incorporation:
A. No transfer clause
B. The treasurer’s affidavit
C. The execution clause
D. The notarial acknowledgment
75. Generally, the SEC has _______ to act on the amendment to the Articles of Incorporation,
otherwise it shall be deemed approved:
A. 30 days
B. 60 days
C. 3 months
D. 6 months
76. In case of a delinquent subscriber to shares of stock, which right not suspended or withheld?
A. Right to vote
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
B. Right to be voted upon as a director
C. Right to receive cash dividends
D. Right to receive stock dividends
ie
Independent Directors
2
3
3
2
ev
A
B
C
D
Board of Directors
6
10
6
10
w
77. A, B, C, D, E, F, G, H, I and J are among the fifteen directors of ABC Corporation which is
vested with public interest, where B, C and D are independent directors. G had a transaction
with the Corporation itself. What will be the number of votes required if only them attended
the meeting where the transaction of G will be discussed, from the entire Board and from
the Independent Directors?
PA
R
78. This kind of preferred shares would entitle the holders to a share of the dividends after
receiving the stated preference:
A. Cumulative preferred shares
B. Non-cumulative preferred shares
C. Participating preferred shares
D. Non-participating preferred shares
EO
C
79. In a One Person Corporation, where the sole stockholder temporarily becomes
incapacitated, the nominee shall sit as a director and manage the affairs of the Corporation
until:
A. the stockholder, by self-determination, regains the capacity to assume such duties
B. until the legal heirs of the single stockholder have been lawfully determined
C. Until the legal heirs have designated one of them to act as director
D. until the legal heirs have decided to have the estate as the sole stockholder
R
80. A corporation’s voluntary surrender of its corporate charter would necessitate the
concurrence of the stockholder by how many votes, if there are creditors affected?
A. 50%
B. Majority
C. 2/3
D. 100%
81. Death or insanity of a member of a __________ are valid grounds for the termination of
membership:
A. Primary Cooperative
B. Secondary Cooperative
C. Tertiary Cooperative
D. All of the choices
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
82. A director of a cooperative is allowed to receive compensation in the following cases, except:
A. Reasonable per diems
B. When there is a provision in the cooperative by-laws allowing compensation
C. When the director performs other functions other than being a director
D. None of the choices is an exception
ie
w
83. The Cooperative Development Authority has a period of ____ to act on an application for
cooperative registration, otherwise the application will be deemed approved:
A. 30 days
B. 60 days
C. 90 days
D. 120 days
R
ev
84. Which of the following committees, the members of which are appointed by the General
Assembly and not the Board of Directors?
A. Election
B. Mediation and conciliation
C. Ethics
D. All of the choices
C
PA
85. A cooperative shall be exempt from any and all taxes even if they have transactions with nonmembers. Provided the cooperative has accumulated reserves and undivided net savings not
exceeding:
A. P1,000,000
B. P10,000,000
C. P100,000,000
D. P1,000,000,000
EO
86. Which of the following funds of a cooperative must be funded with a minimum of 3% of the
net surplus:
A. Education and Training Fund
B. Reserve Fund
C. Optional Fund
D. Community Development Fund
R
87. A cooperative that has been dissolved will nevertheless continue to exist for a period of
______ for purposes of liquidation and winding-up:
A. 1 year
B. 3 years
C. 5 years
D. 10 years
88. The removal of an officer of a cooperative will require:
A. 2/3 vote of the General Assembly
B. 3/4 vote of the General Assembly
C. Majority of the Board of Directors
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
D. 2/3 of the Board of Directors
ie
90. The use of the word “incorporated” in the name of the cooperative is:
A. Required
B. Discouraged
C. Prohibited
D. None of the choices
w
89. Which officer of a cooperative may be responsible for the production of the books of
accounts in the event of an audit or inspection?
A. Accountant
B. Audit Committee
C. Both the Accountant and the Audit Committee
D. Neither the Accountant nor the Audit Committee
R
ev
91. The sale of hope itself which produces effects even if the thing hoped for does not come into
existence:
A. Emptio rei speratae
B. Emptio spei
C. Sale of vain hope
D. None of the choices
C
PA
92. The remedy/ies of the buyer in case of breach of the warranty against hidden defects:
A. Withdraw from the contract plus damages
B. Accion quanti minoris plus damages
C. Either withdrawal from the contract or accion quanti minoris
D. Neither withdrawal from the contract nor accion quanti minoris
EO
93. A, B and C are co-owners of a specific land. C sold his share to X and both A and B want to
exercise their right of redemption. In this case, which of the following is correct?
A. Both A and B will be entitled to redeem pro-rata
B. If A’s intended use is best justified, only he shall be entitled to redeem
C. If B’s lot area is smaller, only he shall be entitled to redeem
D. If A exercised the right of redemption first, only he shall be entitled to redeem
R
94. B, a 17 year-old boy purchased food from a restaurant. What is the status of the contract of
sale?
A. Valid
B. Voidable
C. Rescissible
D. Unenforceable
95. If a buyer already paid 8 years worth of installment, his Cash Surrender Value shall be:
A. 50%
B. 55%
C. 60%
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)
lOMoARcPSD|26829990
D. 65%
96. Under the Consumer Protection Act, the following are considered Mislabeled Food, except:
A. If it is offered for sale in the name of another food
B. If its containers is made to be misleading
C. If it purports to be or is represented for special dietary uses
D. None of the choices is an exception
ie
w
97. This will require a written undertaking as to the grant of specified compensation in order to
be validly resorted to by the seller:
A. Home Solicitation Sales
B. Chain Distribution Plans
C. Referral Sales
D. Pyramid Schemes
R
ev
98. A hazardous substance which is defined as highly toxic must bear this word in its label:
A. Warning
B. Caution
C. Poison
D. None of the choices
C
PA
99. Under the Lemon Law, if a vehicle, after a repair, is not returned within _____, the repair is
deemed successful.
A. 30 days
B. 60 days
C. 3 months
D. 6 months
R
EO
100. At any time within the Lemon Law rights period, and after at least __ separate repair
attempts by the same manufacturer, distributor, authorized dealer or retailer for the same
complaint, and the nonconformity issue remains unresolved, the consumer may invoke his or
her rights under the Lemon Law.
A. 3
B. 4
C. 5
D. 6
Downloaded by Jerah Torrejos (torrejosjerah1995@gmail.com)