RFBT-Pre week Preweek Drill Oct._2021 PDF

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Manila * Cavite * Laguna * Cebu * Cagayan De Oro * DavaoRFBT CAPUNO/VILLEGAS/AGUILARRFBT Pre-week Drill OCTOBER 2021Special Laws S1 - The Secrecy of Bank Deposit Law does not apply to foreign currency deposits. S2 – The AMLC, without a court order, is authorized to investigate property or funds that...

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Manila * Cavite * Laguna * Cebu * Cagayan De Oro * Davao Since 1977

RFBT RFBT.PW Pre-week Drill Special Laws 1. S1 - The Secrecy of Bank Deposit Law does not apply to foreign currency deposits. S2 – The AMLC, without a court order, is authorized to investigate property or funds that are in any way related to financing of terrorism or acts of terrorism OR the property or funds of any person or persons in relation to whom there is probable cause that such person is involved in the acts of terrorism. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 2. S1 - Examination involves an evaluation of the current status of a bank and determines its compliance with the set standards regarding solvency, liquidity, asset valuation, operations, systems, management, and compliance with banking laws, rules and regulations. Such a process then involves an intrusion into a bank’s records. S2 - Investigation is conducted based on specific findings of certain acts or omissions which are subject of a complaint or a Final Report of Examination made by PDIC. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 3. The PDIC may propose to adjust the minimum deposit insurance coverage, subject to the approval of the President of the Philippines, in case of _____________ that may have systemic consequences. a. exercise of the police power of the State b. exercise of eminent domain c. bankruptcy of the majority of banks in the Philippines d. unsafe and unsound banking practice e. a condition that threatens the monetary and financial stability of the banking system 4. S1 - Membership of banks to PDIC is mandatory. S2 - As for Philippine banks with branches outside the country, RA 9576 stipulates that subject to the approval of the Board of Directors, any insured bank with branch outside the Philippines may elect to include for insurance its deposit obligations payable at such branch. S3 - Foreign currency deposits are also insured by PDIC. a. All are correct d. Only S2 is incorrect b. All are incorrect e. e. Only S3 is incorrect c. Only S1 is incorrect 5. S1 – Covered institutions must record the true identity of its clients and all persons purporting to act on their behalf based on official documents, and keep a system of verifying their true identity as a system of verifying their legal existence and organizational structure. S2 - Peso and foreign currency non-checking numbered accounts shall be allowed. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 6. All records of all transactions of covered institutions shall be maintained and safely stored for ___ years from the date of transactions. With respect to closed accounts, the records on customer identification, account files and business correspondences, shall be

CAPUNO/VILLEGAS/AGUILAR OCTOBER 2021 preserved and safely stored for at least ___ years from the date when they were closed. a. d. d. 3-5 b. 2-2 e. 5-5 c. 3-3 7. The following are Unlawful activities under the AMLA, except: a. Kidnapping for ransom under Article 267 of RPC; b. Sections in RA 9165 or Comprehensive Dangerous Drugs Act of 2002; c. Espionage under the RPC d. Plunder under RA 7080; e. Robbery and Extortion under RPC 8. The processing and approval or licenses, clearances, permits, certifications or authorizations for the installation and operation of telecommunication, broadcast towers, facilities, equipment and service shall be a total of _____ working days for those issued by LGUs. a. 3 c. 7 e. 12 b. 5 d. 10 9. The number of signatories in any document shall be limited to a maximum of _____ which shall represent officers directly supervising the office or agency concerned. a. Two signatures c. four signatures b. Three signatures d. Five signatures 10. The officers of the homeowners association shall be given _____ working days to refer the application to the members of the association a. 3 c. 7 e. 12 b. 5 d. 10 11. For applications or requests for license, clearance, permit, certification or authorization requiring the approval of the local Sangguniang Bayan, the period is _____. a. 12 days c. 20 days e. 45 days b. 14 days` d. 30 days 12. S1 - The conservatorship shall not exceed six (6) months. S2 – Receivership shall not exceed to a period of ninety (90) days. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 13. The following are Authorized Disclosures in the Bank Secrecy Law, except: a. when there is probable cause that the deposits or investments are related to an unlawful activity or a money laundering offense b. reporting of unclaimed balances to the Treasurer of the Philippines c. turn-over to the CIR of the amount in bank accounts as may be sufficient to satisfy the writ of garnishment issued to collect delinquent taxes submission of report, and turn-over to, the court officer or executing sheriff of garnished amounts pursuant to a writ of garnishment in satisfaction of a judgment

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EXCEL PROFESSIONAL SERVICES, INC. d. disclosure by a bank officer or employee upon order of the court in connection with a deposit in a closed bank that was used in the perpetration of anomalies 14. S1 - Bank accounts may not be garnished by the creditors of the depositor as this constitutes a violation of the bank Secrecy Law. S2 - AMLC may inquire into deposits upon order of the court when there is probable cause that the deposits are related to the crime of unlawful activities. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 15. S1 – Violation of BP 22 can be filed at the places of issue, delivery and dishonor of the check. S2 – Check Kiting is a specie of fraud or fraudulent practice of exchange of checks of approximately the same dates and amounts. a. All are correct c. Only S1 is incorrect b. All are incorrect d. Only S2 is incorrect 16. The new Central Bank Act authorizes the increase in BSP's capitalization from P50 billion to P____ billion, which shall be sourced from dividends declared by the BSP in favor of the national government. a. 100 d. 300 b. 200 e. 350 c. 250 17. The following persons are not liable under Bank Secrecy Law, except: a. Any person or government official who, or any government bureau or office that, examines, inquires or looks into a bank deposit or government bond investment in any of the instances not allowed in Sec. 2 b. Any official or employee of a banking institution who makes a disclosure concerning bank deposits to another in any instance not allowed c. Any person who commits a violation of any of the provisions of the law d. All of the above 18. Deposits that have become dormant for a period of ten (10) years may be __________ in favor the Government. a. subject to attachment d. escheated b. garnished e. under replevin c. executed 19. Under the Unclaimed Balances Law, the Solicitor General shall commence the action in the RTC of the province or city _______________________________ in which shall be joined as parties the bank, building and loan association or trust corporation and all such creditors or depositors. a. where the depositor first resided b. where the depositor last resided c. where the last deposit was made d. where the first deposit was made e. where the bank is located 20. Under the Unclaimed Balances Law, if the president, cashier or managing officer of the bank, building and loan association, or trust corporation neglects or refuses to make and file the sworn statement required by this action, such bank, building and loan association, or trust corporation shall pay to the Government the sum of ________________________ thereof during which such default shall continue a. five hundred pesos a month for each month or fraction b. one thousand pesos a month for each month or fraction

c.

two thousand pesos a month for each month or fraction d. five thousand pesos a month for each month or fraction e. ten thousand pesos a month for each month or fraction Contracts 1. On July 1, 2020, Serrano offered to sell his only Mercedes Benz car for P1,000,000.00 to Benitez who was interested in buying the same. In his letter to Benitez, Serrano stated that he was giving Benitez up to July 31, 2020 to make up his mind whether to buy the car or not. On July 25, 2020, Serrano personally went to Benitez to inform him that he was no longer willing to sell the car unless the price was increased to P1,400,000.00 because another buyer was interested in buying the car for the said amount of P1,400,000.00. a. Benitez may compel Serrano to sell to him the car for P1,000,000.00. b. Serrano may validly withdraw his offer to Benitez because the option was not founded upon consideration c. Serrano may not withdraw his offer until after the lapse of the option period that he gave to Benitez. d. The increase in price made by Serrano was not valid because it was made within the option period. 2. To defraud his creditors, A contracted B by selling a land to B. B now seeks to register the land with the Register of Deeds. X a creditor of A seeks to prevent the registration on the ground that the contract is rescindable. Despite X’s objection may the land be registered based on the contract in B’s name. a. The land cannot be registered based on the contract which is rescindable. b. The land cannot be registered because the contract is in fraud of creditor. c. The land can be registered based on the contract because the contract is not yet rescinded. d. The land can be registered because the contract is valid and can be attacked collaterally in a land registration proceeding. 3. X and Y were to marry in 3 months. Meantime, to express his affection, X donated a house and lot to Y, which donation X wrote in a letter to Y. Y wrote back, accepting the donation and took possession of the property. Before the wedding, however, Y suddenly died of heart attack. Can Y’s heirs get the property? (2011 Bar) a. No, since the marriage did not take place. b. Yes, since all the requisites of a donation of an immovable are present. c. No, since the donation and its acceptance are not in a public instrument. d. Yes, since X freely donated the property to Y who became its owner. 4. A wrote a letter to B wherein A offered to sell a piece of land to B for P200,000. B signified his desire to buy the land. In A’s letter, B was given a period of two (2) months within which to produce the P200,000. After 45 days, A told B that price of the land is now P250,000. Can be compel A to accept the P200,000 first offered by A and execute the deed of sale? a. Yes, because there was actual meeting of the minds of the parties. b. No, for B did not signify his acceptance of A’s offer. c. Yes, because A is already estopped by his signed letter. d. Yes, because the period of two (2) months has not expired.

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EXCEL PROFESSIONAL SERVICES, INC. c.

5. Which is the correct order of application of the rules in connection with solution of problems involving innominate contracts? a. The provisions of the Civil Code; then stipulation of the parties; then provisions of the most analogous nominate contract and lastly custom or usage of the place. b. Custom or usage of the place; then stipulation of the parties; then the provisions of Civil Code and lastly provision of the most analogous nominate contract. c. The stipulation of the parties; then the provisions of the Civil Code; then the provisions of the most analogous nominate contract and lastly the custom or usage of the place. d. The provisions of the most analogous nominate contract; then the stipulation of the parties; then the provisions of the Civil Code and lastly the custom or usage of the place. 6. This element exists only when they are expressly provided by the parties: a. natural elements. c. essential elements. b. accidental elements. d. original elements. 7. S offered to sell his house and lot to B for P5,000,000 giving to him an option of 60 days within which to decide whether or not to buy. After only 15 days, S met T who offered to buy the same house and lot for P8,000,000. S then notified B of the withdrawal of the option and proceeded to sell to T. B files an action for damages against S. a. B cannot recover damages from C because his option is without consideration as something paid or promised. b. B can recover damages from S because the latter violated the option given to the former. c. B can recover damages from S if B gave S option money which will result in a perfected contract of sale. d. Correct answer not indicated 8. Under the following contracts the rights and obligation are not transmissible, except: a. Contract of lease b. Contract of agency c. Contract of partnership d. Contract of commodatum 9. In a contract, as written, Dave promises to pay Carlo P20,000 on September 15, 2020. The consideration received by Dave is not stated in the contract: a. The contract is valid because the cause is always presumed to exist. b. The contract is valid so long as it is in writing. c. The contract is valid because cause is not essential to a contract. d. The contract is void because the cause is not stated. 10. Which of the following is a valid consensual contract? a. Contract of partnership with capital contribution of real property amounting to P100,000. b. Donation of personal computer worth P5,000. c. Stipulation of interest in a contract of loan. d. Contract of agency. 11. A solemn or formal contract has the following essential elements: a. consent of the contracting parties, object certain and cause or consideration. b. consent of the contracting parties, object certain, cause or consideration and delivery of the object.

consent of the contracting parties, object certain, cause or consideration and formalities required by law. d. consent of the contracting parties, object certain, delivery of the object, and formalities required by law. 12. On May 1, 2020, S offered to sell a specific car to B for P500,000.00. B sent his letter of acceptance to S on May 8, 2020. On May 10, 2020, however, S died in a vehicular accident and his secretary received the letter of acceptance on May 12, 2020 unaware that S had already died. a. The contract was perfected on May 8, 2020 when B sent his letter of acceptance. b. The contract was perfected on May 12, 2020 when the secretary of S received the letter of acceptance. c. The contract was not perfected because the offer of S became ineffective when he died. d. The contract was perfected on May 1, 2020 because the acceptance made by B on May 8, 2020 retroacts to the date of the offer. 13. Under this theory, the contract is perfected at the moment when the acceptance is declared or made by the offeree: a. Theory of concession b. Theory of cognition c. Gennosenshaft theory d. Theory of manifestation 14. Sisa defrauded Booba in making the latter believe that the ring he is selling is gold and diamond when in fact, it is copper and glass. On the other hand, Booba defrauded Sisa in paying him P200,000 in fake Philippine currency. Which of these statements is correct? a. Sisa can go to court for the annulment of the contract so that the ring will be returned to him. b. Booba can go to court so that his fake money will be restored to him. c. Neither Sisa nor Booba can go to court since they are both guilty of fraud. d. All the statements are not correct. 15. Stipulation in the bill of lading which provides that: “No matter how negligent the carrier will be, it will not be responsible for the damages caused”. The stipulation is: a. Perfectly valid b. Void being contrary to moral c. Void being contrary to public policy d. The stipulation can be ratified by the party injured. 16. Which of the following contracts cannot be ratified? a. Those whose cause or object did not exist at the time of the transaction. b. Unathorized contracts c. Those where both parties are incapable of giving consent. d. Those that fail to comply with the Statute of Frauds. 17. A voidable contract: a. Contract agreed to in state of drunkenness b. Contract agreed to during hypnotic spell c. Contract where consent is given through undue influence d. All of the above 18. The presence of a vice of consent vitiates the consent of a party in a contract and this renders the contract (2011 Bar) a. Rescissible c. Voidable

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EXCEL PROFESSIONAL SERVICES, INC. b. Unenforceable

d. Void.

19. Caloy the guardian of Martinez bought a fertilizer for land cultivation from Jonas for P400,000 but the market value is only P320,000. The contract is: a. Rescissible c. Unenforceable b. Voidable d. Valid

Corporation 1. Corporation is not entitled to this kind of damages? a. Actual damages c. Moral damages b. Exemplary damages d.Liquidated damages 2. Which of the following are not powers that can be exercised by the corporation? a. Express power c. Incidental power b. Implied power d. Residual power 3. This corporation has for its basic purpose charity or charitable works? a. Religious or ecclesiastical corporations b. Eleemosynary corporation c. Public corporations d. Close corporations 4. X Corp., whose business purpose is to manufacture and sell vehicles, invested its funds in Y Corp., an investment firm, through a resolution of its Board of Directors. The investment grew tremendously on account of Y Corp.'s excellent business judgment. But a minority stockholder in X Corp. assails the investment as ultra vires. Is he right and, if so, what is the status of the investment? (2011 Bar) a. Yes, it is an ultra vires act of the corporation itself but voidable only, subject to stockholders’ ratification. b. Yes, it is an ultra vires act of its Board of Directors and thus void. c. Yes, it is an ultra vires act of its Board of Directors but voidable only, subject to stockholders’ ratification. d. Yes, it is an ultra vires act of the corporation itself and, consequently, void. 5. An auditing firm composed of Certified Public Accountants may validly form: I. a partnership II. a corporation a. The statement is true with respect to both business organizations. b. The statement is false with respect to both business organizations. c. The statement is false with respect to partnership; true with respect to corporation. d. The statement is true with respect to partnership; false with respect to corporation. 6. Which of the following instance wherein non-voting shares is not allowed to vote: a. Dissolution of the corporation b. Payment of Bonded indebtedness c. Mortgaging substantially all of the corporate property. d. Investment of corporate fund in another corporation not for primary purpose of the corporation. 7. In 2020, Corporation "A" passed a board resolution removing "X" from his position as manager of said corporation. The by-laws of "A" corporation provides that the officers are the president, general-manager,

treasurer and secretary. Upon complaint filed with the SEC, it held that the general manager could be removed by mere resolution of the board of director On motion for reconsideration, "X" alleged that he could only be removed by the affirmative vote of the stockholders representing 2/3 of the outstanding capital stock. Is "X's" contention legally tenable. a. No, the vote required is majority of the board and 2/3 OCS consenting b. Yes, the voting requirement is only 2/3 of the outstanding capital stock. c. No, the required vote is MBD consented by MOCS. d. No, the voting requirement is only majority of the Board of Directors. 8. Corporation X has a statement of capital stock in its articles of incorporation but it was stated in the same articles that dividends are not supposed to be declared, that is, there is no distribution of retained earnings. Corporation X is: a. Stock corporation b. Corporation by estoppel c. Non stock corporation d. Corporation by prescription 9. Which of the following qualifications is necessary in order that one may be elected president of the corporation? a. He must be a citizen and a resident of the Philippines. b. He must not be a stockholder or director of a competitor co...