[FIRST PB MAY 2022]

25. Which of the following is not correct? 84. Which of the following is not included in the winding-up of
a. A partnership begins from the moment of the execution of the partnership?
contract, unless it is the otherwise stipulated a. Consolidation of the partnership assets and receivables
b. Persons who are prohibited from giving each other any b. Payments of all partnership liabilities
donation or advantage cannot enter into universal partnership c. Return of partner’s respective contributions
c. A particular partnership has for its object determinate things, d. Distribution of profits
their use of fruits, or a specific undertaking or the exercise of 85. Statement 1: Act of administration: A managing partner can perform
a profession or vocation even without the knowledge and consent of the other partners.;
d. Articles of universal partnership entered into without Statement 2: Act of dominion or ownership: All partners, including
specifications of its nature, only constitutes a universal managing
partnership of all present property partner, must give their consent.
a. Only the 1st statement is true
67. Three (3) OF THE Following contracts are void. Which is not? b. Only the 1st statement is false
a. Oral interest agreed upon by the parties c. Both statements are true
b. Oral authority given to an agent in a sale of land d. Both statements are false
c. Oral partnership agreement where immovable property is
contributed 86. Property rights of a partner, except
d. Oral partnership agreement when capital is more than P3,000 a. To use specific partnership properly for partnership purpose
b. To share in the profits
72. Which of the following statements is not correct? c. To participate in the management
a. The validity or compliance of a contract cannot be left to the d. To exercise appraisal right
will of the parties
b. In case of foreclosure and the price of the sale is less than the 74. The crime of estafa by issuing a check has the following elements.
amount due, the pledgee cannot recover any deficiency Which among the following is not included:
c. Persons who are prohibited by law to enter into contract of a. Existence of a contract between the parties
donation cannot form universal partnership b. Postdating or issuance of a check in payment of an obligation
d. Actions for future fraud can be waived contracted at the time the check was issued
c. Insufficiency of funds to cover the check
77. If a partner is induced by fraud or misrepresentation to become a d. fraud or deceit in the issuance of a check
partner, the remedy is
a. Action to declare the partnership void 75. Statement No. 1: The offense under B.P. 22 is a continuing offense
b. Specific Performance and may therefore be prosecuted within the territory where any of the
c. Unenforceable in courts elements have been committed.; Statement No. 2: Each act of drawing
d. None of the choices and issuing of a bounced check constitutes a violation of B.P. 22
a. Both are true
78. The remedy of the separate judgment creditor of a partner to b. Both are false
attach, levy or charge the partner’s interest in the partnership. c. First is true, second is false
a. specific performance d. Second is true, first is
b. charging order
c. collection of a sum of money 76. This is constructed to mean an arrangement or understanding with
d. appointment of a receiver the bank for the payment of such check.
e. foreclosure a. Funds
b. Liability
79. The common property of a universal partnership shall be: c. Deposit
a. All the properties which shall belong to each of the partners d. Credit
after the constitution of the partnership
b. All the properties which belong to each of the partners at the [FIRST PB OCT 2022]
time of the constitution of the partnership 41. Alexis and Bote entered into a universal partnership of all present
c. All the properties which belong to each of the partners at time property. No stipulation was made regarding other properties.
of the constitution of the partnership as well as the profits Subsequently, Alexis received a parcel of land by inheritance from his
which they may acquire therewith father; and another parcel of land from “The Best Ito University” as
d. All the properties which belong to each of the partners at the remuneration for Alexis work as professor therein.
time of the constitution of the partnership as well as the a. The two parcel of land and their fruits are to be enjoyed by
properties which each may acquire thereafter. the partnership because the contract entered is a universal
partnership of all present property.
80. Which of the following statements is not correct? b. The two parcel of land and their fruits will not be enjoyed by
a. A limited partner in a partnership manages the business of the partnership because there is no stipulation regarding
the partnership but cannot perform acts of ownership without future properties or their fruits.
the consent of all the limited partners. c. The partnership is entitled only to the fruits but not to the two
b. Valid contribution of a limited partner are money and property parcel of land.
but not services d. The partnership is entitled to use the two parcel of land as
c. Additional limited partners may be admitted into the limited usufructuary and also entitled to the fruits produced by the
partnership with the consent of all partners property.
d. A person may be both a general partner and a limited partner
42. Which of the following right cannot be exercised by an assignee of
81. Which of the following statements is correct? interest:
a. A partnership contract is not covered by Statute of Fraud A. To get whatever profits the assignor partner would have obtained
b. A limited partnership is one having at least one general B. To avail himself of the usual remedies in case of fraud in the
partner or one limited partner and the limited partner shall management.
not be liable for the obligations of the partnership C. To demand information, accounting and inspection of the partnership
c. A limited partner who takes active part in the management of books
the firm becomes liable as a general partner D. The right to participate in the management
d. The contract of partnership is void if it contains a stipulation a. All of the above c. B, C and D
which excludes a partner from sharing in the profits of the b. Only C d. C and D
firm
43. A and B are partners in buying and selling automobiles. A, by the
82. NO. 1: A substituted limited partner has the right to inquire any partner’s agreement, was authorized to buy automobiles on a cash
information or account of the partnership transactions and to inspect basis, never on the installment plan. One day A bought on credit or on
partnership books. NO. 2: A substituted limited partner shall be subject installment plan a car from X, a client. X did not know of A’s lack of
to all restriction and liabilities of the assigning limited partner. authority. A’s purchase was made on behalf and in the name of the
a. True, False partnership. Is the partnership bound?
b. False, True a. No because A was not really authorized to bought on
c. True, True installment plan.
d. False, False b. No because acquisition of automobiles requires the consent of
all partners.
83. If a partner is insolvent, the first in the order of preference in the c. Yes because although A was not really authorized, still for
distribution of his assets is: “apparently carrying on in the usual way the business of the
a. Partner contribution to the partnership partnership” A is implicitly authorized and X did not know of
b. Partnership creditor A’s lack of authority.
c. Separate creditor of the partner d. Yes because all transaction made by any partners with third
d. Pro-rata between the separate creditors and the partnership person is valid provided the latter acted in good faith.
creditors.
53. X, Y and Z capitalist partners, each contributed P10, 000 and A, the
industrial partner contributed his industry. The partnership is indebted to 100. A and B entered into a universal partnership of profits, Later, A
B in the amount of P90, 000, the remaining assets of the partnership purchased a parcel of land Will the fruits of the said land belong to the
amounted to only P30, 000. Suppose B got the P30, 000. How can B contract?
recover the deficiency of his credit? a. Yes, because the fruits are from the property of A
a. B can recover P15, 000 each from X, Y , Z and A b. Yes, Because the fruits are from the property of A
b. B can recover P60, 000 from either Z, Y and Z c. No, because partnership of profits refer only to present fruits.
c. B can recover P15, 000 each from X, Y and Z, but A is exempt d. No, because the fruits of property shall refer only to property
because he is an industrial partner possessed by the partner at the time of the celebration.
d. B can recover P20, 000 each from X, Y and Z only
28. S1 – For Plunder to be an Unlawful activity under AMLA, Plunder, it
64. S1 – In a close corporation, the officers are appointed by the must be at least P75 Million.
stockholders. S2 – Violation of Section 19 (A)(3) of Republic Act No. 10697, otherwise
S2 – In a Cooperative, the officers are removed by the General known as “The Strategic Trade Management Act”, in relation to
Assembly. Proliferation of Weapons of Mass Destruction (WMD) and Proliferation
S3 – In a Partnership, the managing partner appointed in the articles of financing are included as part of the Covered Transactions.
co-partnership is removable by the vote of the majority of the partners. a. All are correct
a. All are correct b. All are incorrect
b. All are incorrect c. Only S1 is correct
c. Only S1 and S2 are correct, S3 is incorrect d. Only S2 is correct
d. Only S2 and S3 are correct, S1 is incorrect
e. Only S1 is correct, S2 and S3 are incorrect 27. A bought from the store some goods and paid with a check. The
check however bounced. The payee called the drawee bank asking for
87. Statement 1. If the partner is the sole manager of the partnership the name of A. The drawee bank refused citing non-disclosure of bank
and he associate another person with him in his share in the deposits.
partnership, the person associated automatically becomes a partner in Is the bank correct?
the partnership a. No, it is not the subject matter of litigation.
Statement 2. A partner appointed as manager in a contract other than b. No, because what the law prohibits is the disclosure of the
the articles of partnership may be removed with or without cause amount of the deposit, not the name of the drawer who
a. Both are true issued a bouncing check.
b. Both are false c. Yes, the peso deposit may not be examined upon order of the
c. No.1 is true; No.2 is false court since it is not the the subject of litigation.
d. No. 1 is false; No.2 is true d. Yes, deposits may not be inquired into since it the subject
matter of litigation.
88. Statement 1. A limited partner can contribute money, property or
industry to the common fund 94. S1 – In EDBA, if an agency fails to approve or disapprove a business
Statement 2. All capacitated persons can enter into a contract of application within the given timeframe, the failure of the local
universal partnership government unit to act on the application automatically extends the
a. Both are true period to decide.
b. Both are false S2 – In Cooperative, after the lapse of 60 days for Office of the
c. No.1 is true; No.2 is false President to decide on the appeal, the registration is deemed approved.
d. No. 1 is false; No.2 is true S3 – The Integration Rule applies in the computation of the Service
Incentive Leave.
89. Statement 1. The conveyance of the whole interest of a partner in a. All are true
the partnership of itself dissolves the partnership. b. All Are false
Statement 2. A partner has an interest in specific partnership property c. S1 and S2 are true, S3 is false
which can assign to anybody, according to his will or discretion d. S1 and S3 are false, S2 is true
a. Both are true e. S2 and S3 are false, S1 is true
b. Both are false
c. No.1 is true; No.2 is false 97. The Anti-Money Laundering Council, either upon its own initiative or
d. No. 1 is false; No.2 is true at request of the Anti-Terrorism Council, further authorize to issue an ex
parte order to freeze accounts without delay. Freeze order shall be for a
90. Statement 1. In case of loss of the business of the partnership, any period of ___ days, unless extended by the CA up to a period not
partner who refuses to contribute additional share to the capital of the exceeding six (6) months upon petition by
partnership shall be obliged to sell his interest in the partnership the AMLC.
Statement 2. The partners are solidarily liable in case of a contractual a. 10 days
liability b. 20 days
Statement 3. The liability of the partnership for culpa aquiliana is c. 30 days
solidary. d. 40 days
a. All are true e. 50 days
b. II and III are false; I is true
c. I and II are true; III is false [FINAL PB MAY 2022]
d. I and III are false; II is true 14. S1 – The bond of the single stockholder if he is likewise the
e. I and II are false; III is true treasurer is renewed every 3 years.
S2 – The vote to divide the Cooperative is 3⁄4 of the members.
91. A profit or loss must be distributed based on capital contribution and S3 – The limited partner may rightfully demand the return of his
not based on agreement between the partners under the following contribution after he has given a one (1)
except: month notice in writing to all members if no time is specified in the
a. If the designation of the profit and loss was entrusted to one certificate.
of the parties a. S1 and S2 are false, S3 is true
b. A stipulation which excludes one of the capitalist partner from b. S1 and S2 are true, S3 is false
any share in the profits c. S1 and S3 are false, S2 is true
c. A stipulation which excludes one of the industrial partner from d. S1 and S3 are true, S3 is false
any share in the profits e. All are false
d. If the designation of the profit and loss was entrusted to third
person by agreement between the partners 76. A partnership which compromises all the partners may acquire by
their work or industry during the existence of the partnership is
98. A partner is personally indebted to his creditor. If such creditor a. Universal partnership of present property
obtains a judgment award against that partner, can the specific b. Universal partnership of profits
partnership property be used to satisfy his obligation? c. Particular partnership
a. Yes, being a partner he has an interest over the property of d. General partnership
the partnership which can be attached.
b. Yes, in order not to defeat the court judgment award. 77. The common property of a universal partnership shall be
c. No, the partner’s right over the specific property is free from a. All the properties which shall belong to each of the partners
execution and attachment. If it is not a liable against the after the constitution of the partnership.
partnership. b. All the properties which belong to each of the partners at the
d. No, because the partnership was not sued therein. time of the constitution of the partnership.
c. All the properties which belong to each of the partners at the
99. Three of the following are property rights of a partner. Which is not? time of the constitution of the partnership as well as the
a. Right to participate in the management profits which they may acquire therewith.
b. Right to demand formal accounting of partnership affairs d. All the properties which belong to each of the partners at the
c. Right to specific partnership property time of the constitution of the partnership as well as
d. Right to the interest of a partner in the partnership properties which each may acquire thereafter.
 73. For applications or requests for license, clearance, permit,
83. Ralph and Vi orally agreed to form a partnership. Each contributed certification or authorization requiring the
cash and personal properties worth P10,000 to a common fund. But approval of the local Sangguniang Bayan, Sangguniang Panlungsod,
they did not register the partnership with the Securities and Exchange Sangguniang Panlalawigan, the
Commission (SEC) processing time is –
a. The partnership is still valid. a. 3 working days
b. The partnership is void. b. 7 working days
c. The partnership is voidable. c. 20 working days
d. The partnership is unenforceable. d. 45 working days

84. The following are judicial grounds for the dissolution of partnership, 74. Applications or requests submitted by applicants or requesting
except: parties of a government office or agency which only require ministerial
a. insanity of a partner actions on the part of the public officer or employee, or that which
b. Insolvency of any partner present only inconsequential issues for the resolution by an officer or
c. Incapacity of a partner employee of said government.
d. Misconduct of a partner a. Simple Transactions
e. Persistent breach of partnership agreement b. Compound Transactions
c. Complex Transactions
85. The following are instances of acts of ownership in general d. Highly Technical Transactions
partnership, except:
a. continue the partnership on the death, insanity or civil [FINAL PB OCT 2022]
interdiction of a general partner enter into a compromise 71. One who takes active part in the business, but is not known to be a
concerning a partnership claim partner by outside parties is
b. submit a partnership or liability to arbitration a. Silent partner c. Nominal partner
c. renounce a claim of the partnership b. Dominant partner d. Secret partner
d. dispose of the goodwill of the business
72. Bears the loss of property contributed to the partnership.
86. The following are instances when the certificate in a limited a. Capitalist partner
partnership may be amended, except: b. Limited partner
a. change in the name of the partnership c. Partner contributing usufructuary rights
b. person is substituted as a limited partner d. General partner
c. change in the character of the business of the partnership
d. false or erroneous statement in the certificate 73. Which of the following is considered prima facie evidence of the
e. all the limited partners cease to be such existence of partnership.
a. The sharing of gross returns of a business.
87. The following are prohibited transactions in a limited partnership, b. Where the parties are established as co-owners of a property.
except: c. The receipt by a person of a share of the profts.
a. Receiving or holding as collateral security any partnership d. Where payment of interest in a loan varies with the profts of
property the business.
b. receiving any payment, conveyance or release from liability if
it will prejudice the right of third person 74. Three (3) of the following are rights of a partner. Which one (1) is
c. granting loans to the partnership not?
d. Answer not given a. Right to associate another person to his share
b. Right to admit another partner
99. A limited partnership is formed if there is a substantial compliance in c. Right to inspect and copy partnership book
good faith with the requirements of the law, except if this is violated: d. Right to ask dissolution of the frm at the proper time
a. character of the business
b. location of the principal place of businesss 75. A, B, and C are partners in ABC Company. D introduced himself as a
c. the term which the partnership is to exist partner of ABC Company to X, who in the belief of such introduction,
d. the name of the partnership, adding thereto the word extended a P60,000 credit to ABC Company. These facts are known to A
“Limited” who did not oppose. Who shall be held liable to X?
a. Since X extended the credit to ABC company, a partnership
100. Where a partner has become insolvent or his estate is insolvent, liability exists, thus partners A, B & C and D are liable.
the claims against his separate property shall rank in the following order b. Only A, who knows the transaction and D are partners by
– estoppel are liable pro rata to X.
a. partnership creditors, separate creditors, partners by way of c. D who represented himself as partner in ABC Company is
contribution liable.
b. partners by way of contribution, separate creditors, d. A, B, and C who benefted in the P60,000 credit shall be liable
partnership creditors to X.
c. separate creditors, partners by way of contribution,
partnership creditors 76. A limited partnership named “A, B and C Co. Ltd.” was formed on
d. separate creditors, partnership creditors, partners by way of October 25, 2020 by A as general partner and B and C as limited
contribution partners. In 2021, A and B got married. Did the marriage dissolve or put
an end to the partnership?
52. Under the Anti-Money Laundering Law, a covered institution is a. Yes, the partnership is dissolved by the marriage, because
required to maintain a system of verifying the true identity of their there is a change in equity among the partners.
clients as well as persons purporting to act on behalf of b. No, the marriage did not dissolve the partnership.
a. those doing business with such clients c. No, because spouses can enter into a universal partnership.
b. unknown principals d. Yes, because spouses can not enter into a particular
c. the covered institution partnership or be members thereof.
d. such clients
98. The latest amendment in AMLA introduced the following
54. For purposes of determining violation of the provisions of Anti- amendments, except:
Money Laundering Law, a transaction is considered as a "Suspicious a. inclusion of real estate developers and brokers as covered
Transaction" with "Covered Institutions" regardless of the amount person
involved, where which the following circumstances exist/s? b. real estate transaction above 7.5M as covered transaction
a. the amount involved is not commensurate with the client's c. added proliferation fnancing as unlawful activity
business or financial capacity; d. included casinos as covered persons
b. there is no underlying legal or trade obligation, purpose or
economic justification; 32. Rudy is jobless but is reputed to be a jueteng operator. He has
c. client is not properly identified; never been charged or convicted of any crime. He maintains several
d. All of the above. bank accounts and has purchased 5 houses and lots for his children
from the Luansing Realty, Inc. Since he does not have any visible job,
72. The penalty for violation of BP 22 is – the company reported his purchases to the Anti-Money Laundering
a. Imprisonment of not less than thirty (30) days but not more Council (AMLC). Thereafter, AMLC charged him with violation of the
than one (1) year Anti-Money Laundering Law. Upon request of the AMLC, the bank
b. Fine of not less than but not more than double the amount of disclosed to it Rudy's bank deposits amounting to P100 Million.
the check, which shall in no case, exceed Two Hundred Subsequently, he was charged in court for violation of the Anti-Money
Thousand (P200,000.00) Laundering Law. Rudy alleges that a conviction for jueteng operations is
c. Both imprisonment and fine required before he can be convicted of money laundering. Decide.
d. Any of the above-mentioned a. Yes, prior conviction is required since this is a prejudicial
question.
b. Yes, the evidence required is preponderance of evidence.
 c. No, money laundering crime is separate from the unlawful b. S1 is false, S2, S3 and S4 are true
activity of being a jueteng perator, and requires no previous c. S1 and S2 are true, S2 and S3 are false
conviction for the unlawful activity d. S1 and S2 are false, S3 and S4 are true
d. No, since the evidence required is only substantial evidence e. S1, S2, and S3 are false, S4 is true

100. S1 – Layering is the stage wherein the launderer engages in a 76. S1 - A partner who is liable to the partnership for damages due to
series of conversions or movements of the funds to distance them from his fault may claim compensation if through is extraordinary efforts in
their source. other activities of the partnership unusual profits have been realized.
S2 - Any person may be charged with and convicted of both the offense S2 - A partner shall be a debtor of the partnership if he fails to deliver
of money laundering and the unlawful activity. his promised contribution and shall be in delay from the time of a
a. Both are true c. Only S1 is false demand from the partnership.
b. Both are false d. Only S2 is false S3 - The by-laws may provide that the holders of the majority of the
outstanding capital stock shall elect all the members of the board.
25. In all prosecutions under B.P. 22, the introduction in evidence of any S4 - The by-laws may provide that no officer of the corporation may be
unpaid and dishonored check, having required to be a stockholder.
the drawee’s refusal to pay stamped or written thereon or attached a. All are true.
thereto, with the reason therefore as b. All are false.
aforesaid, shall be: c. S1, S2 are false, S3 and S4 are true.
a. Conclusive Evidence d. S1 is false, S2, S3, S4 are true.
b. Substantial Evidence e. S1, S2 and S3 are false, S4 is true.
c. Prima Facie Evidence
d. Circumstantial Evidence 79. In case a managing partner collects a demandable debt from his
debtor who also owes the partnership a demandable debt, which of the
8. A single common site or location, or a single online website or portal following is not correct if payment is not enough to cover the two debts?
designated for the Business Permit and Licensing System (BPLS) of an a. The sum collected shall be applied to the partnership credit.
LGU to receive and process applications, receive payments, and issue b. It shall be applied to the two credits in proportion to their
approved licenses, clearances, permits, or authorizations. A single amounts.
facility (one-stop facilitation ofce) designated by the city or municipality c. The debtor has the right to have the payment applied to his
which will house LGU ofces related to zoning, business permit and debt to the partner if it should be onerous to him.
licenses, and treasury as well as the Bureau of Fire Protection. d. The partner cannot apply the payment solely to his own
a. Central Business Portal credit.
b. Citizen’s Charter
c. Philippine Business Databank 85. A, B and C formed a limited partnership with A as general partner, B
d. Business One-Stop Shop as limited partner and C as industrial partner. A and B contributed
e. Zero Contact Policy P50,000 cash. The partnership failed and after disposing all its assets to
pay partnership debts there still remains a note payable in the sum of
[FIRST PB MAY 2024] P30,000. Against whom can the creditor demand payment of the note of
10. As regards a limited partner, which of the following is correct? P30,000?
a. He can contribute money and/or property but not services. a. A legal representative of a limited partner.
b. He cannot own interest in other competing limited b. A and B are liable to pay P15,000 each.
partnership. c. Only A is liable to pay the P30,000 indebtedness.
c. He is automatically an agent for the partnership with apparent d. A and C are liable to pay P15,000 each.
authority to bind the limited partnership in a contract.
d. He has no liability to creditors even if he takes part in the 91. S1 – In partnership by estoppel, only the third persons and the
control of the business as long as he is held out as being a partners are liable.
limited partner. S2 – In case of contractual liability of the partnership, the liability is joint
and subsidiary.
14. In partnership, which of the following is incorrect? S3 – In case of misappropriation of the property of the partnership by
a. Stipulation exempting any kind of partner in a partnership the partner, the liability is solidary.
from profit and loss sharing is void as to third persons only. S4 – If the managing partner was appointed after the creation of the
b. Unlawful partnership is dissolved by court decree, the capital partnership, he can be removed provided that there is just and lawful
contribution of the partners shall be confiscated in favor of cause.
the state. a. Only one statement is true.
c. In case of tie in a joint management in a partnership, the b. Only two statements are true.
matter will be decided by the controlling interest. c. Only three statements are true.
d. Only two are incorrect d. All are false.
e. All of the above e. All are true.

31. Alex G Cosmetics is a partnership engaged in the sale of cosmetic 92. S1 – Rescissible contract requires mutual restitution even the
products which is operated by sisters Alex and Toni. Alex G Cosmetics is property is in the possession of third persons who acted in good faith.
located in Taytay, on a lot which Alex and Toni leased from Luis at 20% S2 – In PUM transactions, as a rule, there is no remedy in case the
of the yearly gross revenues of the business. Jessie was hired as property sold.
accountant at a monthly salary of P20,000.00 plus 10% of the yearly S3 – If the obligation is joint, the liability can be divided between the
net profits as bonus. Who are the partners in the business? parties and once one of the parties to it pays the obligation, the
a. Alex and Toni only proportionate collateral should be returned to the joint debtor.
b. Alex, Toni, and Luis S4 – If the partner fails to deliver the property promised to be
c. Alex, Toni, Luis and Jessie contributed to the partnership, there is failure of cause, hence the
d. Alex, Tony and Jessie partnership is void.
a. Only one statement is false.
32. I. The capitalist partner may engage in a business which is the same b. Only two statements are false.
kind of business that the partnership is engaged in. c. Only three statements are false.
II. The industrial partner may not engage in any other business unless d. All are false
their partnership expressly permits him to do so. e. All are true
a. Both statements are correct.
b. Both statements are incorrect. 95. S1 – Remedy in case the corporation is de facto is
c. Only statement 1 is correct. _____.
d. Only statement 2 is correct. S2 - Remedy in case the partner refuses to deliver the
thing he promised to contribute is _____.
S3 – Remedy if the parties were prevented by fraud, mistake,
68. The following transactions are allowed in a limited partnership, inequitable conduct or accidental to have meeting of the minds is
except: ______.
a. Granting loans to partnership S4 – Remedy which enables a person to recover personal property taken
b. Transacting business with partnership wrongfully or unlawfully is ______.
c. Receiving/holding partnership property as collateral security S5 – Remedy granted by the court restraining a party (the Respondent)
d. Receiving pro rata share of partnership assets with general from disposing or dealing with assets.
creditors if he is not also a general partner i. Mandamus
ii. Quo warranto
73. S1 - A contract of partnership where immovable is contributed must iii. Escheat
be in public instrument to be enforceable. iv. Dissolve the partnership
S2 - A limited partnership must be SEC registered to be enforceable. v. Compel the partner to deliver
S3 - Antichresis must be in writing and involves immovables. vi. File a case for rescission
S4 - In pledge and Recto Law, there is no deficiency judgment. vii. Annulment
a. S1 is true, S2, S3 and S4 are false viii. Reformation
ix. Replevin 3. It is a transaction in cash or other equivalent monetary instrument
x. Accion Interdictal involving a total amount in excess of P500,000.00 within one (1)
xi. Cease and Desist order banking day.
xii. Freeze Order a. covered transaction
xiii. Derivative suit b. covered persons
a. i, iv, viii, x, xiiii c. suspicious transactions
b. ii, vi, xiii, ix, xi d. unlawful activity
c. ii, vii, viii, x, xii
d. ii, v, vii, ix, xii 4. The following are covered persons, except:
e. ii, iv, vii, ix, xii a. banks supervised or regulated by BSP
b. insurance companies regulated by the Insurance Commission
96. S1 – Liability of two or more debtors is solidary. c. SEC supervised entities
S2 – Liability in watered stock of the directors, officers d. company service providers
and stockholder concerned is solidary. e. casinos regulated by PAGCOR
S3 – Liability of the partners, partnership, and third f. Answer not given
person in culpa aquiliana is solidary.
S4 – Liability in kabit system in case of an accident 5. The following are obligations of a covered institution, except:
committed by the parties is solidary. a. Arms-length rule
a. Only one statement is false b. Customer identification
b. Only two statements are false c. Record keeping
c. Only three statements are false d. Reporting of covered and suspicious transactions
d. All are false 6. S1 – Covered institutions must record the true identity of its clients
e. All are true and all persons purporting to act on their behalf based on official
documents, and keep a system of verifying their true identity as a
97. S1 – Private reason which a person has in entering into a contract. system of verifying their legal existence and organizational structure.
S2 – Any damage caused by the fact that the price is unjust or S2 - Peso and foreign currency non-checking numbered accounts shall
inadequate. be allowed.
S3 – A simulated contract which has no intention to be bound. a. All are correct
S4 – It is the mere liberality of the benefactor. b. All are wrong
S5 – The liability of the partner and the partnership in a contractual c. Only S1 is incorrect
liability is ____. d. Only S2 is incorrect
i. Pro rata and subsidiary 7. All records of all transactions of covered institutions shall be
ii. Solidary maintained and safely stored for ___ years from the date of
iii. Lesion transactions. With respect to closed accounts, the records on customer
iv. Cause identification, account files and business correspondences, shall be
v. Motive preserved and safely stored for at least ___ years from the date when
vi. Fictitious they were closed.
vii. Relative a. 1-1
viii. Onerous b. 2-2
ix. Gratuitous c. 2-5
x. Remuneratory d. 3-5
xi. Prestation e. 5-5
xii. Joint
a. v, iii, vi, ix, ii 8. Covered persons shall report to the AMLC all covered transactions and
b. i, iii, vi, ix, v suspicious transactions within ___ working days from the occurrence
c. v, iii, vi, ix, i thereof, unless the AMLC prescribes a different period of not exceeding
d. i, iii, xi, vi, ii ___ working days.
e. v, iii, xi, ii, i a. 5-5
b. 5-10
37. Which of the following is not a predicate crime of Money Laundering c. 5-15
Offense? d. 10-15
a. Violations of Intellectual Property Code e. 10-20
b. Fraudulent practices and other violations of the Securities
Regulation Code 9. Suspicious transactions with covered institutions, regardless of the
c. Forgeries and Counterfeiting amount involved, where any of the following circumstances exist are
d. Rebellion considered unlawful:
except:
38. BP 22 has the following elements, except: a. There is no underlying legal or trade obligation, purpose or
a. the making, drawing, and issuance of any check for value; economic justification;
b. the knowledge of the maker, drawer, or issuer that at the time b. The client is not properly groomed;
of issuance he does not have sufficient funds in or credit with c. The amount involved is not commensurate with the business
the drawee bank; & or financial capacity of the client;
c. the subsequent dishonor of the check by the drawee bank for d. Taking into account all known circumstances, it may be
insufficiency of funds or credit perceived that the client’s transaction is structured in order to
d. damage to the payee thereof avoid being the subject of reporting requirements

[HANDOUTS AMLA, BP 22, EDBA] 10. S1 - Lawyers and accountants acting as independent legal
AMLA MC QUESTIONS professionals are required to report covered and suspicious transactions
1. The following are policies of the AMLA, except: if the relevant information was obtained in circumstances in their
a. to protect and preserve the integrity and confidentiality of professional capacity.
bank accounts S2 - Covered persons and their officers and employees are prohibited
b. to ensure that the Philippines shall not be used as money from communicating directly or indirectly, in any manner or by any
laundering site for the proceeds of any unlawful activity means, to any person or entity or the media the fact that a covered or
c. to prevent money-laundering activities by providing more suspicious transaction has been reported or is about to be reported, the
transparency in the Philippine financial system contents of the report or any other information relating thereto.
d. to generate foreign investors in investing in the Philippines a. All are correct
b. All are wrong
2. Money laundering is a crime committed by any person who knowing c. Only S1 is incorrect
that any instrument or property represents, involves, or relates to the d. Only S2 is incorrect
proceeds of any unlawful activity. Except:
a. transacts said monetary instrument or property; 11. The following are Unlawful activities under the AMLA, except:
b. converts or transfers, disposes of, moves, acquires, possess or a. Kidnapping for ransom under Article 267 of RPC;
uses said monetary instrument or property; b. Sections in RA 9165 or Comprehensive Dangerous Drugs Act
c. conceals or disguises the true nature, source, location, of 2002;
disposition, movement or ownership of or rights with respect c. Espionage under the RPC
to said monetary instrument; d. Plunder under RA 7080;
d. failure to report to the AMLC by any covered person knowing e. Robbery and Extortion under RPC
that covered or suspicious transactions is required under the
law e. Answer not given 12. S1 - Jurisdiction over AMLA cases is vested upon the Regional Trial
e. answer not given Court, or the Sandiganbayan if committed by public officers and private
persons in conspiracy with the former.
S2 - Any person may be charged with and convicted of both the offense
of money laundering and unlawful activity.
 a. All are correct 23. For a transaction to be considered a “Suspicious Transaction”, any of
b. All are wrong the following shall exist, except:
c. Only S1 is incorrect a. There is underlying legal or trade obligation, purpose or
d. Only S2 is incorrect economic justification.
b. The client is not properly identified.
13. S1 – Composition of the PDIC Board is seven. c. The amount involved is not commensurate with the business
S2 – Composition of the AMLC Board is three. or financial capacity of the client.
a. All are correct d. None of the above.
b. All are wrong
c. Only S1 is incorrect 25. The following are Covered Persons except:
d. Only S2 is incorrect a. Real estate developers c. banks
b. Insurance companies d. Accountants
14. Land Registration Authority and all its Registries of Deeds are to
submit to the AMLC, reports on real estate transactions involving an 26. Which among the following person is not guilty of money
amount in excess of ________________ pesos within fifteen (15) days laundering?
from the date of the registration of the transaction and submit all other a. A person who knowing that the money he holds is a proceed
relevant documents of all real estate transactions. of robbery, deposits the same in a bank.
a. 300,000 b. A person who knowing that the money he holds is a proceed
b. 500,000 of qualified theft, bought a brand new car using the said
c. 1 Million monetary instrument.
d. 2 million c. A person, knowing that his neighbor holds a money which a
e. 5 million proceed of kidnapping for ransom, did not report the same to
*(P500,000 in the original choice, now P7,500,000) the AMLC.
d. A person who knowing that the money entrusted to him by
15. S1 - Only the Supreme Court has the sole authority to issue the his office superior for safekeeping is a proceed of smuggling,
freeze order in AMLA cases. and kept the same in a safe in his home.
S2 - No court shall issue a temporary restraining order or a writ of
injunction against any freeze order issued in AMLA, except the Supreme 27. Statement 1: Covered Transactions are reportable regardless of the
Court. amount of monetary instrument involved.
a. All are correct Statement 2: Suspicious Transaction are reportable only if the amount
b. All are wrong involved is P500,000.00
c. Only S1 is incorrect a. True, True
d. Only S2 is incorrect b. True, False
c. False, False
16. It shall refer to accounts, the funds and sources of which originated d. False, True
from and/or are materially linked to the monetary instrument(s) or
property(ies) subject of the freeze order in AMLA. 28. Which of the following is a not a suspicious transaction?
a. Splitting of Account a. Melvin, a minimum wage earner, depositing P300,000.00 in
b. Related interest her account in BDO.
c. Related Accounts b. Ricky, a call center manager, deposits P100,000 three times
d. Substitute Account weekly during the month of November.
e. Savings Account c. Jose, the pay-master of a construction company, regularly
deposits P300,000.00 in his bank account that will be used to
17. The following are predicate crimes, except; pay the salaries of the workers.
a. Jueteng and Masiao punished as illegal gambling under PD d. Juan, who always deposits money in the bank below
1602; P500,000, in order not to fall under the covered transaction of
b. Malicious mischief in open seas under RPC; AMLA
c. Qualified theft under Art. 310 of RPC;
d. Swindling and other forms of swindling of RPC; 29. Which of the following entities is not among the covered persons of
e. Smuggling under RA Nos. 455 and 1937; AMLA?
a. Thrift Bank of Lugi who receives deposits from corporations
18. The following are unlawful activities, except: only
a. Violations of PD 1612 or the Anti-Fencing Law; b. A CPA-Lawyer who acts as auditor of Thrift Bank of Lugi
b. Violation of Section 6 of RA 8042 or the Migrant Workers and c. Casino who regularly deposits money to Thrift Bank of Lugi
Overseas Filipino Act of 1995, as amended by RA 10022; d. Jewelry dealer of the President of Thrift Bank of Lugi
c. Violation of RA 8293 or the Intellectual Property Code of the
Philippines; 30. Statement 1: Covered institutions, when reporting covered
d. Violation of Section 4 of RA 9995 or the Anti-Photo and Video transactions to AMLC, are not deemed to have violated the Bank
Voyeurism Secrecy Law; however, they cannot communicate the contents thereof,
e. Violation of the Trust Receipt Law otherwise, they are criminally liable.
Statement 2: A bank officer after having made a covered transaction
19. If AMLA violation is committed by public officers and private persons report in the regular course of his work in the bank, reported the same
in conspiracy with the former, jurisdiction shall be vested in – to AMLC,
a. Ombusdman and the person who owns the deposit account was exposed with
b. PCGG criminal charges for kidnapping for ransom is not liable administratively,
c. PDIC criminally or civilly.
d. Regional Trial Court a. True, True
e. Sandiganbayan b. True, False
c. False, False
20. No court order shall be required for the examination of bank d. False, True.
depositsby AMLC in cases involving, except:
a. Kidnapping for ransom under Article 267 of RPC; 31. Covered persons are required to maintain a system of verifying the
b. Sections 4, 5, 8, 9, 10, 12, 13, 14, 15 and 16 of RA 9165, identity of their clients, and shall maintain records of transactions of
otherwise known as the Comprehensive Dangerous Drugs Act such clients for how many years?
of 2002; a. 1 year
c. Hijacking and other violations under RA 6235; destructive b. 3 years
arson and murder as defined under RPC, including those c. 5 years
perpetrated by terrorists against non-combatant persons and d. 10 years
similar targets;
d. Forgeries and counterfeiting of RPC 32. In case of prosecution of a private person for violation of AMLA, the
case is to be filed in the proper court –
21. It is a crime whereby the proceeds of an unlawful activity are a. MTC
transacted, thereby making them appear to have originated from b. RTC
legitimate source. c. CA
a. Swindling c. Misappropriation d. Sandiganbayan
b. Money Laundering d. Smuggling e. Ombudsman

22. How much shall be the transaction in cash or other equivalent 33. For a transaction to be considered a “Suspicious Transaction”, any of
monetary instrument in 1 banking day to be considered a “Covered the following shall exist except:
Transaction”? a. There is underlying legal or trade obligation, purpose or
a. P1,000,000.00 c. P500,000 economic justification.
b. 750,000.00 d. P250,000 b. The client is not properly identified.
 c. The amount involved is not commensurate with the business b. All statements are incorrect
or financial capacity of the client. c. Only S1 is correct
d. None of the above. d. Only S2 is correct

34. Which of the following is not a feature of the Antimoney Laundering 2. S1 – Notice of dishonor under BP 22 may be oral or in writing.
Act? S2 – Violation of BP 22 is categorized as a transitory or continuing
a. Creation of a Financial Intelligence Unit (FIU). crime.
b. Relaxation of strict bank deposit secrecy laws. a. All statements are correct
c. Decriminalization of money laundering. b. All statements are incorrect
d. Freezing/seizure/forfeiture recovery of dirty money/property. c. Only S1 is correct
d. Only S2 is correct
35. It refers to a type of transaction that shall be reported by a covered
person to the Anti-Money Laundering Council because the transaction 3. S1 – Violation of BP 22 can be filed at the places of issue, delivery
breaches the quantitative threshold for reporting purposes. and dishonor of the check.
a. Covered transaction S2 – Check Kiting is a specie of fraud or fraudulent practice of exchange
b. Suspicious transaction of checks of approximately the same dates and amounts.
c. Reportable transaction a. All statements are correct
d. Exempted transaction b. All statements are incorrect
c. Only S1 is correct
36. It refers to a type of transaction that shall still be reported by a d. Only S2 is correct
covered person to the Anti-Money Laundering Council even if the
transaction does not breach the quantitative threshold for reporting 4. S1 - BP 22 covers crossed check.
purposes by reason of the unusual nature of the transaction. S2 – The word “credit” as used under BP 22 shall be construed to mean
a. Covered transaction an arrangement or understanding with the bank for the payment of
b. Suspicious transaction such check.
c. Reportable transaction a. All statements are correct
d. Exempted transaction b. All statements are incorrect
c. Only S1 is correct
37. When is a Certified Public Accountant exempted from reporting d. Only S2 is correct
covered transactions or suspicious transactions to Anti-Money
Laundering Council? 5. Which of the following circumstances of dishonor of a check can be a
a. When he renders tax compliance services to a client. basis for the prosecution under the bouncing check law?
b. When he manages client's money, securities or other assets. a. The check was returned unpaid with stamped “stop payment,”
c. When he provides services for management of bank, savings although the drawer’s deposit was sufficient.
or current accounts. b. The check, drawn and issued in the Philippines, was
d. When he provides services for creation, operation or dishonored by the drawee bank in a foreign country.
management of juridical persons or arrangements, and buying c. The check was presented to the bank for payment 6 months
and selling business entities. after the date of issue.
d. The drawer of the check paid its value within 5 days from
38. Which of the following entities is not among the covered persons of notice of dishonor.
AMLA?
a. Thrift Bank of Lugi who receives deposits from corporations 6. The accused was convicted under BP 22 for having several checks
only which were dishonored by the drawee bank on their due date because
b. A CPA-Lawyer who acts as auditor of Thrift Bank of Lugi the accused closed her account after the issuance of the checks. On
c. Casino who regularly deposits money to Thrift Bank of Lugi appeal, she argued that she could not be convicted under BP 22 by
d. Jewelry dealer of the President of Thrift Bank of Lugi reason of the closing of her account because said law applies solely to
checks dishonored by reason of insufficiency of funds and that at the
39. Statement 1: Covered Transactions are reportable regardless of the time she issued the checks concerned, she had adequate funds in the
amount of monetary instrument involved. bank. Is her contention correct?
Statement 2: Suspicious Transaction are reportable only if the amount a. Yes, the application thereof would be tantamount to an ex
involved is P500,000.00 post facto law
a. True, True b. Yes, the application thereof would be a violation of the right
b. True, False against double jeopardy.
c. False, False c. No, the law punishes two acts and the act in case at bar falls
d. False, True under the second way of violating it
d. No, the proof beyond reasonable doubt was not established
40. Statement 1: The AMLC cannot freeze a bank account without court
order. 7. The period of prescription under BP 22 is 4 years counted from –
Statement 2: Prior criminal charges is not needed before petition for civil a. Knowledge of Insufficiency of funds
forfeiture can be commenced. b. Presentment of the check for payment from the drawee bank
a. True, True c. Dishonor of the check by the drawee bank
b. True, False d. Date of the giving of the notice of dishonor to the drawer
c. False, False e. Lapse of the 5 banking days from the notice of dishonor
d. False, True within which to make good the check

41. In case of casino, what is the threshold amount to be considered 8. A, a businessman, borrowed P500,000 from B, a friend. To pay the
reportable transaction to Anti-Money Laundering Council? loan, A issued a postdated check to be presented for payment 30 days
a. A transaction with amount exceeding P1,000,000 after the transaction. Two days before the maturity of the check, A
b. A transaction with amount exceeding P100,000 called up B and told him no to deposit the check on the date stated on
c. A transaction with amount exceeding P500,000 the face thereof, as A had not deposited in the drawee bank the amount
d. A transaction with amount exceeding P5,000,000 needed to cover the check. Nevertheless, B deposited the check in
question and the same was dishonored for insufficiency of funds. A
42. When is a CPA considered a covered person? failed to settle the amount with B in spite of the latter’s written demand
a. When he renders audit or review of historical financial received personally by. Is A guilty of violating the Bouncing Checks Law?
statements or other assurance engagements. a. No. A is not liable because of the timely order of stop
b. When he provides management consultancy services. payment.
c. When he acts as promoter rendering services for organization b. Yes. A is liable because the check was dishonored.
of contributions for the creation, operation and management c. No. A is not liable because there was no intent to defraud
of companies. d. It depends. If damage suffered by B is proven, then he is
d. When he provides tax advisory services liable; otherwise, he is not.

43. Which of the following accounts is not prohibited by AMLA? 9. Jane is a money lender. Edmund is a businessman who has been
a. Numbered accounts borrowing money from Jane by rediscounting his personal checks to pay
b. Non-checking numbered accounts his loans. In March 2015, he borrowed P100,000 from Jane and issued
c. Anonymous accounts to her a check for the same amount. The check was dishonored by the
d. Fictitious accounts drawee bank for having been drawn against a closed account. When
Edmund was notified of the dishonor of
BP 22 MC QUESTIONS the check, he promised to raise the amount within five (5) days. He
1. S1 – “Drawn Against Insufficient Funds” is included in the words failed. Consequently, Jane sued Edmund for violation of the Bouncing
‘CLOSED ACCOUNT.” Checks Law. The defense of Edmund was that he gave the check to
S2 – The gravamen of the offense under BP 22 is the act of making and serve as a memorandum of his indebtedness to her and not supposed to
issuing a bouncing check. be enchased. Is the defense of Edmund
a. All statements are correct valid?
 a. Yes, what the law punishes is the mere issuance of a c. The making, drawing and issuance of a check payment of
bouncing check which is refused by the drawee because of insufficient funds
a. Yes, since the instrument is negotiable in or credit with such bank, when presented within (60) days
b. No, since Memorandum checks are not covered by BP 22 from the date of the check.
c. No, since Jane violated the terms of their contract d. The making, drawing and issuance of a check payment of
which is refused by the drawee because of insufficient funds
10. In order to give rise to the prima facie presumption of knowledge of in or credit with such bank, when presented within (90) days
insufficiency of funds or credit, the prosecution must show the following, from the date of the check.
except:
a. The first and third elements of the offense are present 19. Statement 1: if the check is issued for payment of debt, and the
b. The check was presented within ninety days from the date of check bounced, the proper charged against the drawer is estafa.
the maturity of the check Statement 2: if a check is issued for payment of a car purchased by the
c. Offender received an oral notice of dishonor drawer and the check turns out to be a bouncing check, the proper
d. Despite the lapse of five banking days after receiving notice, charged against the drawer is violation of BP 22.
the check has not been paid by the drawee a. True, True
b. True, False
11. Statement 1: For a person to be liable for violation of BP22, the c. False, False
check must have been issued for payment or guaranty of a pre-existing d. False, True
obligation.
Statement 2: A person can be charged with estafa and violation of BP EDBA MC QUESTIONS
22 at the same time without violating the rule on Double Jeopardy. 1. Under this law, business will now be simpler as a result of more
a. True, True improved systems and procedures of both national and local
b. True, False government services. The law specifically aims to reduce processing
c. False, False time, cut bureaucratic red tape, and also eliminate corrupt practices.
d. False, True a. AMLA
b. Data Privacy Law
12. Statement 1: A person can be held liable for violation of BP 22 even c. E-commerce Law
though at the time of issuance of the check, he has sufficient balance to d. Ease of Doing Business Act
cover the same.
Statement 2. Notice of dishonor can be given to the drawer verbally. 2. The law requires government agencies to act on applications within 3
a. True, True days for simple transactions, 7 days for complex ones and __ days for
b. True, False the highly technical.
c. False, False a. 15 days c. 25 days
d. False, True b. 20 days d. 30 days

13. S1: Notice of Dishonor is an indispensable requisite for a person to 3. What problem was addressed by the Ease of Doing Business Act of
be guilty of Bouncing Check Law. 2018?
S2: Notice of Dishonor must be in writing. a. Graft and Corruption
a. True, True b. Red tape
b. True, False c. money laundering
c. False, False d. malversation of public funds
d. False, True e. misappropriation

14. When is a check considered a bouncing check? 4. It is the repository of all data of government agencies and a
a. When at the time it is presented for payment, it is dishonored centralized digital platform to be used by key agencies in processing
due to insufficiency of funds. business permits.
b. When at the time it is presented for payment, it is dishonored a. Philippine Information Agency
because the check became stale. b. Philippine Business Data Bank
c. Both A and B c. Office of the President
d. None of the above d. National Telecommunication Commission

15. The period to file the case for BP 22 – 5. It is a ranking system established by the World Bank Group which
a. 6 months c. 2 years means higher rankings (a lower numerical value) indicate better, usually
b. 1 year d. 4 years simpler, regulations or businesses and stronger protections of property
rights.
16. What is the legal obligation on the part of the drawer of a funded a. Ease of doing business index
check in order to exempt himself from criminal b. Business world ranking
liability for bouncing check? c. Business parameter index
a. He must keep sufficient fund or maintain credit to cover the d. Doing business per capita ranking
full amount of the check within a period of 90 days from the
maturity date of the check. 6. Ranking of the Philippines in Ease of Doing Business Index worldwide
b. He must keep sufficient fund or maintain credit to cover the in 2018.
full amount of the check within a period of 30 days from the a. 99 c. 112
maturity date of the check. b. 109 d. 113
c. He must keep sufficient fund or maintain credit to cover the
full amount of the check within a period of 60 days from the 7. Ranking of the Philippines in Ease of Doing Business Index worldwide
maturity date of the check. in 2019/2020.
d. He must keep sufficient fund or maintain credit to cover the a. 90 c. 125
full amount of the check within a period of 120 days from the b. 95 d. 130
maturity date of the check.
17. Which of the following is not an element of violation of BP 22? 8. An application which requires the use of technical knowledge,
a. There must be an intentional making, drawing, and issuance specialized skills and/or training in the processing and/or evaluation
of any check to apply for account or for value. thereof.
b. There must be knowledge of the maker, drawer, or issuer that a. Simple transactions
at the time of issue he does not have sufficient funds in or b. Complex transactions
credit with the drawee bank for the payment of the check in c. Highly technical applications
full upon its presentment. d. Highly complex applications
c. There must be subsequent dishonor of the check by the
drawee bank for insufficiency of funds or creditor dishonor for 9. It is a useful reference, a comprehensive and uniform checklist of
the same reason had not the drawer, without any valid cause, requirements for the public regarding policies and procedures of
ordered the bank to stop payment. government offices handling business-related transactions.
d. All of the above a. Central Business Portal
b. Citizen’s Charter
18. Which of the following statement is true for the prima facie evidence c. Philippine Business Databank
of knowledge of insufficiency of funds to arise? d. Business One-Stop Shop
a. The making, drawing and issuance of a check payment of e. Zero Contact Policy
which is refused by the drawee because of insufficient funds
in or credit with such bank, when presented within (120) days 10. A single common site or location, or a single online website or portal
from the date of the check. designated for the Business Permit and Licensing System (BPLS) of an
b. The making, drawing and issuance of a check payment of LGU to receive and process applications, receive payments, and issue
which is refused by the drawee because of insufficient funds approved licenses, clearances, permits, or authorizations. A single
in or credit with such bank, when presented within (30) days facility (one-stop facilitation office) designated by the city or municipality
from the date of the check.
which will house LGU offices related to zoning, business permit and a. If the designation of the profit and loss was entrusted to one
licenses, and treasury as well as the Bureau of Fire Protection. of the partners
a. Central Business Portal b. A stipulation which excludes one of the capitalist partner from
b. Citizen’s Charter any share in the profits
c. Philippine Business Databank c. A stipulation which excludes one of the industrial partner from
d. Business One-Stop Shop any share in the profits
e. Zero Contact Policy d. If the designation of the profit and loss was entrusted to third
person by agreement between the partners
11. S1 - The number of signatories in any document shall be limited to a
maximum of three (3) signatures which shall represent officers directly
supervising the office or agency concerned. 60. The following right can be exercised by partner assignee of interest
S2 - The officers of the homeowners association shall be given five (5) -
working days to refer the application to the members of the association. a. To inspect partnership book
a. All are true b. To demand true and full information of partnership affairs
b. All are false c. To participate in the management
c. Only S1 is false d. To share in the profit in accordance with his contract to which
d. Only S2 is false the assigning partner would otherwise be entitled
61. A and B were partners. A, being the managing partner, invited C to
12. This law aims to establish efficient service delivery, prevent graft associate with him in his share in the partnership. What are the rights of
and corruption, reduce red tape, and expedite business and non- the partners?
business transactions in government. a. A may have C as an associate in his share even without B’s
a. RA 11032 c. RA 8792
consent
b. RA 7394 d. RA 9184
b. A may not have C as an associate because he is already B’s
partner
13. All offices and agencies which provide government services are
mandated to regularly undertake: c. C may become a partner upon invitation of A, the managing
a. cost compliance analysis partner
b. time and motion studies d. B may refuse to accept C as A’s associate due to conflict of
c. evaluation and improvement of transaction systems interest otherwise be entitled
d. all of the above.
62. When does a partnership begin it legal personality?
14. This policy declares that no government officer or employee shall a. Upon filing of the article of partnership before the Securities
have any contact with a customer except during preliminary assessment and Exchange Commission (SEC)
of the request and evaluation of the sufficiency of submitted b. Upon execution of the public instrument
requirements. c. Upon execution of the contract
a. Customer-based policy d. Upon delivery of the contributed property
b. Zero contact policy
c. No contact policy
63. Rey, Rico and Rommel are partners in 3R Partnership, who are
d. Contactless policy
engaged in Appliance business where Rey watch over the store. Rico is
15. Under Ease of Doing Business Act, complex transactions should be the Accountant and Rommel is the driver of the delivery van which
acted upon by the government or its officers within ____ days. distributes the products to the various areas in Metro Manila. Due to the
a. 3 days c. 7 days criminal negligence of Rommel in driving the delivery van, he ran over
b. 10 days d. 20 days Toti who was physically injured in the amount of P300,000. In the case
–
17. Period for Sanguinaang Panlalawigan to issue – a. Toti can sue partner Rommel for P300,000 because he is the
a. 7 days c. 20 days only one who is fault;
b. 10 days d. 45 days b. Toti can hold solidarilly liable Rey or Rico or Rommel or 3R
partnership for the entire amount of P300,000;
18. They refer to applications or requests submitted by applicants or c. Toti can hold liable Rey, Rico and Rommel jointly for P100,00
requesting parties of a government office or agency which only require each;
ministerial actions on the part of the public officer or employee, or that
d. Correct answer not given
which present only inconsequential issues for the resolution by an
64. The following are the property of a partner, except:
officer or employee of said government office.
a. Simple transactions a. Rights in specific partnership property
b. Common transactions b. Rights to inspect partnership book.
c. Ordinary transactions c. Interest in the partnership
d. Normal transactions d. Right to participate in the management
65. Which of the following contract of partnership is valid?
19. What if the licenses, clearances, permits, certifications or a. A universal partnership of all present property between
authorizations for the installation and operation of telecommunication, husband and wife
broadcast towers, facilities, equipment and services require approval by b. A universal partnership of profits between a common law
appropriate local legislative body such as the Sanggunian, what is the husband and wife
prescribed period for the approval of the said application? c. A universal partnership of all present between a private
a. A nonextendible period of (20) working days individual and a public officer
b. A nonextendible period of ten (10) working days d. A particular partnership between a husband and a wife
c. A nonextendible period of thirty (30) working days 66. A, B and C are all capitalist partners from a partnership and agree to
d. A nonextendible period of forty (40) working day
have a total contributed capital of P30,000. However, the partners failed
to agree as to the extent of their respective share in the capital
May 2021 1st PB
contribution. In this case, which of the following statement is not
25. The period of prescription under BP 22 is 4 years counted from –
correct:
a. Knowledge of Insufficiency of funds
a. A, B and C are presumed to contribute P10,000 each to the
b. Presentment of the check for payment from the drawee bank
partnership
c. Dishonor of the check by the drawee bank
b. If A, B and C failed to stipulate on how to distribute profit and
d. Date of the giving of the notice of dishonor to the drawer
loss, the profit and loss will be distributed equally between
e. Lapse of the 5 banking days from the notice of dishonor
them
within which to make good the check
c. The partnership contract is void because there is no
58. A and B were partners. A mortgaged his right in a certain specific agreement as to the capital contribution of each partner
d. If B and C mutually agreed that partner A will be excluded
partnership property. Later the firm creditor wanted to get said property.
from the share in the losses, such agreement is void
Who should prevail, the firm creditor or the mortgagee?
67. Which of these partners is not entitled to direct access to books and
a. The firm creditor, for the mortgage in specific partnership property is
record of the partnership to ask formal accounting or for dissolution,
void, B not having assigned his right
etc.
b. The mortgagee because the mortgaged is perfectly valid
a. General partner
c. The firm creditor is entitled to the property provided the mortgagee
b. Assignee limited partner
waive his right in the mortgaged property
c. Substituted limited partner
d. The mortgagee because the right to specific partnership property is
d. All of the above
assignable.
68. This is the order of preference in the liquidation of a partnership:
59. The profit or loss must be distributed based on capital contribution
a. 1. Outside creditors
and not based on agreement between the partners under the following,
2. Partners with respect to their capital
except:
3. Partners with respect to their profit
 4. Partners aside from capital and profit 27. A and B orally agreed to form a partnership two years from today,
b. 1. Partners with respect to the capital each one to contribute P10,000. If at the arrival of the period, one
2. Partners with respect to the profit refuses to go ahead with the agreement, can the other enforce the
3. Partners aside from their capital and profit agreement?
4. outside creditors a. Yes, since the agreement is to be enforced after one year
c. 1. Outside creditors from the making thereof, the same should be in writing to be
2. Partners aside from their capital and profit enforceable.
3. Partners with respect to the capital b. Yes, because the prior agreement was voluntarily made.
4. Partners with respect to the profit c. Yes, because the partnership contract is not governed by the
d. 1. Partners aside from their capital and profit statute of frauds.
2. outside creditors d. No, because the agreement was merely oral.
3. Partners with respect to the capital 28. The following, except one, are the legal characteristics of
4. Partners with respect to the profit partnership, which is the exception?
74. The following are all grounds for a judicial decree o dissolution, a. There is mutual agency among partners.
except: b. The partners are liable pro-rata for the contractual liabilities of
a. Where a partner is guilty of such conduct as tends to the partnership.
prejudicially affect the partnership c. All the partners are liable after exhaustion of partnership
b. When the business can only be carried at a loss assets to the extent of their personal property.
c. By any event which makes it unlawful for the partnership to d. It has a juridical personality separate and distinct from the
carry on the business partners.
d. Where a partner is rendered incapable of performing his part 29. When cash or property worth P3,000 or more is contributed as
of the agreement capital, the articles of Co-partnership shall be in a public instrument and
e. Where a partner is judicially shown to be insane be registered with the Securities and Exchange Commission. If the said
75. In A, B, C and D partnership, only B did not deliver his agreed requirements are not complied with
capital contribution in the form of a a. It will render the partnership void.
specific house and lot. The remedy against him is: b. It will not affect the liability of the partnership and the
a. Dissolution or annulment of the partnership contract partners thereof to third parties.
b. For A, C and D to get back their contribution c. It will not give a legal personality to the partnership.
c. For specific performance d. It will give the partnership a de-facto existence.
d. Remedy not indicated 30. The remedy of capitalist partners against an industrial partner who
77. Three (3) of the following contracts is void. Which is not? engaged in a business for himself without the express permission from
a. Contract in writing contemplating and asking for impossible the partnership is
service a. To oblige the industrial partner to sell his interest to the said
b. Oral authority given to an agent in sale of land capitalist partners.
c. Oral partnership agreement where immovable property is b. To exclude him from sharing in the profits of the partnership.
contributed c. To remove him as manager if he is appointed as manager of
d. Oral partnership agreement when the capital is more than the partnership.
P3,000 d. To expel him from the partnership and claim for damages.
78. A partnership which compromises all that the partners may acquire 31. A and B agreed to contribute their respective farms to form a
by their work or industry partnership. A immediately delivered his land. B waited until after 2
during the existence of the partnership is: months so he could harvest some rice in his farm. What may the parties
a. Universal partnership of present property do?
b. Universal partnership of profits a. B should deliver the land and the rice he harvested.
c. Particular Partnership b. B is allowed to keep his land until a formal demand is made.
d. General Partnership c. A should also be allowed to harvest any fruits in his land.
90. Which of the following is false? d. A should ask for a rescission of the contract of partnership.
a. A partnership is dissolved upon the death of an industrial 32. M and O are partners of M&O Partnership. M is the managing
partner. partner. N owes M P10,000 and M&O Partnership P30,000. The
b. Silent partners have no voice in the management of the obligations of N are both due. M collected from N the debt of N to M in
partnership affairs. the amount of P10,000 and issued a receipt in the name of M. To which
c. A capitalist partner may not engage in a business similar to obligation will the P10,000 be applied?
that which the partnership is engaged, unless there is a a. The whole of the P10,000 will be applied to debt of N to M.
stipulation to the contrary. b. The P10,000 will be applied to debt of N to the partnership.
d. A partnership may be formed and organized for charitable c. P5,000 each to debt of N to M and to the partnership.
purposes. d. P2,500 to debt of N to M and P7,500 to debt of N to the
97. Statement 1. In case of loss of the business of the partnership, any partnership
partners who refuses to contribute additional share to the capital of the 33. A and B are partners in a real estate business. A and B were
partnership shall be obliged to sell his interest in the partnership. approached by X who offered to buy a parcel of land owned by the
Statement 2. The partners are solidarily liable in case of a contractual partnership. Thereafter, B sold to A, B’s share in the partnership. Then,
liability. A sold the land to X at a big profit.
Statement 3. The liability of the partnership for culpa aquiliana is a. A is liable to B for B’s share in the profits.
solidary. b. The partnership is dissolved when A became the sole owner.
a. S1 is true, S2 and S3 are false c. A is not liable to B for the latter’s share in the profits.
b. S1 is false, S2 and S3 are true d. The sale of the land to X is void.
c. All are true 34. A and B were partners. A, being the managing partner, invited C to
d. all are false associate with him in his share in the partnership. What are the rights of
e. S1 and S2 are false, S3 is true the partners?
a. A may have C as an associate in his share even without B’s
Oct 2021 1st PB consent.
25. Three (3) of the following contracts are void. Which is not? b. A may not have C as an associate because he is already B’s
a. Contract in writing contemplating and asking for impossible partner.
service. c. C may become a partner upon invitation of A, the managing
b. Oral authority given to an agent in sale of land. partner.
c. Oral partnership agreement where immovable property is d. B may refuse to accept C as A’s associate due to conflict of
contributed. interest
d. Oral partnership agreement when capital is more than P3,000. 35. A and B are equal partners in AB and Company. Y presented himself
26. Which of the following is not correct? In a limited partnership as a partner in AB and Company to Z, who relying on such
composed of A, B and C, the contribution may be as follows: representation, extended a P50,000 credit to AB and Company. Of the
a. A – property (limited partner); B – services (general partner); two (2) partners only B knew and consented to the representation of Y.
C – cash (general partner). Who should be held liable to Z?
b. A – cash (limited partner); B – property (general partner); C – a. Only Y, who presented himself as partner is liable.
services (general partner). b. Since the credit was extended to AB and Company, a
c. A – services (limited partner); B – cash (general partner); C – partnership liability was created, so the two (2) partners and
services (general partner). Y are liable.
d. A – cash (limited partner; B – cash (general partner); C – c. Partners A and B who benefited from the credit extended to
services (general partner). the partnerships AB and Company shall be liable to Z.
d. B and Y are partners by estoppel and thus, are liable to Z.
36. A and B are equal partners in AB partnership by contributing a. X can recover P20,000 each from A, B and C only
P50,000 each on July 1, 2020. On July 2, 2020, the partnership b. X can recover P60,000 from either A or B or C
contracted an obligation to pay Z the amount of P180,000 payable on c. X can recover P15,000 each from A, B, C and D
August 15, 2020. On August 1, 2020, C was admitted as a new partner. d. X can recover P15,000 each from A, B and C but D is exempt
C contributed P50,00. How will the obligation be paid? because he is an industrial partner.
a. A, P60,000; B, P60,000; C, P60,000
b. A, P90,000; B, P90,000; C, none 72. A partnership suffered losses in the first year of its operation. A, a
c. A, P65,000; B, P65,000; C, P50,000 capitalist partner, cannot contribute an additional share to the capital
d. A, P180,000 or B, P180,000 and C, none because of insolvency. Can A be obliged to sell his interest to the other
37. A, B and C are equal partners in D-3 Partnership. On April 29, 1992, partners on the ground of such refusal?
partner C died. Not knowing that C died, on May 1, 1992 A contracted a a. Yes, A’s refusal to contribute additional share reflects his lack
liability to D who also does not know the death of C. The liability is of interest in the continuance of the partnership.
P90,000. After D exhausted the net assets of D-3 Partnership in the b. No, because there is actually no imminent loss of the
amount of P60,000, he can collect business.
a. P30,000 from A. c. Yes, provided that A is paid the value of his interest.
b. P15,000 from A and P15,000 from B. d. No, because his refusal is justifiable.
c. P10,000 from estate of C; P10,000 from A; P10,000 from B.
d. P20,000 from A and P10,000 from B. 77. The accused was convicted under BP 22 for having several checks
38. This is the order of preference in the liquidation of a general which were dishonored by the drawee bank on their due date because
partnership: the accused closed her account after the issuance of the checks. On
a. Outside creditors, Partners as creditors; Partners’ capital; appeal, she argued that she could not be convicted under BP 22 by
Partners’ profits. reason of the closing of her account because said law applies solely to
b. Partners as creditors; Outside creditors; Partners’ capital; checks dishonored by reason of insufficiency of funds and that at the
Partners’ profits. time she issued the checks concerned, she had adequate funds in the
c. Partners’ capital; Outside creditors’ Partners as creditors’ bank. Is her contention correct?
Partners’ profits. a. Yes, the application thereof would be tantamount to an ex
d. Outside creditors; Partners’ capital; Partners’ profits and post facto law
Partners as creditors. b. Yes, the application thereof would be a violation of the right
39. The partnership is insolvent. These are preferred as regards to the against double jeopardy
partnership property. c. No, the law punishes two acts and the act in case at bar falls
a. Partnership creditors. c. Partners with respect to their under the second way of violating it
capital. d. No, the proof beyond reasonable doubt was not established
b. Partners separate creditors. d. Partners with respect to their 86. Under EDBA, the law requires government agencies to act on
profits. applications within 3 days for simple transactions, 7 days for complex
40. A, B and C formed a limited partnership with A as general partner, B ones and __ days for the highly technical.
as limited partner and C as industrial partner. A and B contributed a. 15 days
P50,000 cash. The partnership failed and after disposing all its assets to b. 20 days
pay partnership debts there still remains a note payable in the sum of c. 25 days
P30,000. Against whom can the creditor demand payment of the note of d. 30 days
P30,000? e. 40 days
a. A legal representative of a limited partner.
b. A and B are liable to pay P15,000 each. May 2021 Final PB
c. Only A is liable to pay the P30,000 indebtedness. 10. The period to question the decision of the third person in
d. A and C are liable to pay P15,000 each. Partnership when its decision is manifest inequitable as to the sharing of
41. A, B and C are partners in X and Co. D owes the partnership, profits and losses.
P4,500. A, a partner received from D a share of P1,500 ahead of a. 1 month
partners B and C, by giving D, a receipt for his share only. When B and b. 2 months
C were collecting from D, the latter was already insolvent. c. 3 months
a. Partner A can be required to share the P1,500 with B and C. d. 6 months
b. A cannot be required to share the P1,500 with B and C. 14. A & B are partners in a real estate business. A & B were approached
c. B and C should automatically exhaust first all remedies to by X who offered to buy a parcel of land owned by the partnership.
collect from D. Thereafter, B sold to A, B’s share in the partnership. Then A sold the
d. B and C can automatically deduct from the capital land to X at a big profit.
contributions of A in the partnership, their respective share in a. A is liable to B for B’s share in the profits
the P1,500. b. The partnership is dissolved when A because the sole owner
68. One of the following is not a characteristic of contract of partnership c. A is not liable to B for the latter’s share in the profits
a. Real, in that the partners must deliver their contributions in d. The sale of the land to X is valid
order for the partnership contract to be perfected 15. A is the capitalist partner and B is the industrial partner. A engaged
b. Principal, because it can stand by itself personally in the same kind of business the partnership is engaged in.
c. Preparatory, because it is a means by which other contracts a. If there are losses, the partnership will bear the losses
will be entered into b. If there are profits, the profits will be shared by A and the
d. Onerous, because the parties contribute money, property or partnership
industry to the common fund c. If there are profits, A will give the profits to the partnership
d. A will be excluded from the partnership and pay damages
69. The partnership will bear the risk of loss of three of the following e. Answer not given
things, except 16. A is the managing partner of ABC and Company. X owes A
a. Things contributed to be sold personally and ABC and Company P20, 000 each. A collected and
b. Fungible things or those that cannot be kept without received form X P10, 000 and he issued a receipt wherein it is stated
deteriorating that the amount is applied against his personal credit.
c. Non-fungible things contributed so that only their use and a. The amount received will be applied in favor of the
fruits will be for the common benefit partnership credit
d. Things brought and appraised in the inventory b. The amount received will be applied in proportion to both
70. A partner’s interest in the partnership is his share of the profits and credits
surplus which he may assign to a third person. Which of the following c. The amount received will apply in the credit of A.
statements concerning such right is correct? d. All the partners will decide as to whose favor it will apply
a. The conveyance of the partner’s interest will cause the e. Answer not given
dissolution of the partnership 17. When cash or property worth P3,000 or more is contributed as
b. The assignee becomes a partner capital, the Articles of Co-Partnership shall be in a public instrument and
c. The assignee has a right to interfere in the management of registered with the Securities and Exchange Commission. If the said
the partnership business requirements are not complied with:
d. The assignee has the right to receive the profits which the a. It will render the partnership void
assigning partner would otherwise be entitled thereto b. It will not affect the liability of the partnership and the
partners thereof to third parties
71. A, B and C, capitalist partners, each contributed P10,000 and D, the c. It will not give a legal personality to the partnership
industrial partner contributed his services. Suppose X, is the creditor of d. It will give the partnership a de facto existence
the firm amounting to P90,000. After getting the P30,000 capital assets 75. Statement 1. If the partner is the sole manager of the partnership
of the partnership, which is correct? and he associate another person with him in his share in the
partnership, the person associated automatically becomes a partner in b. B may put up his bakery without need of securing A’s consent
the partnership c. Both A and B can put their restaurant and bakery business
Statement 2. A partner appointed as manager in a contract other than without the need of securing each other’s consent
the articles of partnership may be removed with or without cause d. Neither A nor B put up another business
a. Both are true 84. A partnership formed for the exercise for a profession which is duly
b. Both are false registered is an example of
c. No.1 is true; No.2 is false a. Universal partnership of profits
d. No. 1 is false; No.2 is true b. Universal partnership of all present property
76. Statement 1. The conveyance of the whole interest of a partner in c. Particular partnership
the partnership of itself dissolves the partnership. d. Partnership by estoppels
Statement 2. A partner has an interest in specific partnership property 97. When the manner of management has not been agreed upon,
which he can assign to anybody, according to his will or discretion a. Unanimous consent of all the managing partners is required
a. Both are true b. Vote of the partners owing the controlling interest prevails
b. Both are false c. All the partners are considered as partners
c. No.1 is true; No.2 is false d. Decision of the majority prevails
d. No. 1 is false; No.2 is true 98. If the appointment of a manager is in the articles of partnership, the
appointment is ____________.
77. Statement 1. The contractual liability of the partners to third persons a. revocable
is joint and subsidiary b. irrevocable
Statement 2. A person may become both a limited and an industrial c. permissible
partner in the same limited partnership d. mandatory
a. Both are true 99. Where the unanimity of action on the part of the managing partners
b. Both are false is stipulated, the general rule is –
c. No.1 is true; No.2 is false a. Unanimous consent of all the managing partners is required
d. No. 1 is false; No.2 is true b. Vote of the partners owing the controlling interest prevails
c. Decision of the majority prevails
78. A and B were partners. A, being the managing partner, invited C to d. None of the following
associate with him in his share in the partnership. What are the rights of 94. S1 – Notice of dishonor under BP 22 may be oral or in writing.
the partners? S2 – Violation of BP 22 is categorized as a transitory or continuing crime
a. A may have C as an associate in his share even without B’s a. Both are correct
consent b. Both are incorrect
b. A may not have C as an associate because he is already B’s c. S1 is correct, S2 is incorrect
partner d. S1 is incorrect, S2 is correct
c. C may become a partner upon invitation of A, the managing
partner Oct 2021 Final PB
d. B may refuse to accept C as A’s associate due to conflict of 13. A borrowed money from B in the amount of P90,000 and issued on
interest January 10, 2017 a check in the amount of P100,000 to the latter in
consideration thereof. The check is dated February 10, 2017. On the
79. Statement 1. In case of loss of the business of the partnership, any date of the maturity of the check. There was sufficiency of funds to
partner who refuses to contribute additional share to the capital of the cover the said check. However, A requested B not to deposit the check.
partnership shall be obliged to sell his interest in the partnership After two months, A requested B anew not to encash the check after
Statement 2. The partners are solidarily liable in case of a contractual three months considering that his fund in the bank is not enough to
liability cover the said check. B agreed. After three months, A requested B for
Statement 3. The liability of the partnership for culpa aquiliana is the third time to encash the check after four months for the same
solidary. reason. B agreed. After four months, B presented the check with the
a. All are true drawee bank for encashment; however, the bank dishonored the check
b. II and III are false; I is true for the reason “Stale Dated.” B demanded from A to pay him the face
c. I and II are true; III is false value of the check, but the latter refused to do so. Can A be held liable
d. I and III are false; II is true for violation of BP 22?
e. I and II are false; III is true a. Yes, mere issuance of a bouncing check is punishable
b. No, since the check has sufficient funds in the drawee bank
80. A profit or loss must be distributed based on capital contribution and c. Yes, BP 22 does not distinguish between any kind of check
not based on agreement between the partners under the following d. No, the check was dishonored by the drawee bank for the
except: reason “Stale Dated” and not “DAIF”
a. If the designation of the profit and loss was entrusted to one 30.S1 – For Plunder to be an Unlawful activity under AMLA, Plunder, it
of the parties must be at least P75 Million.
b. A stipulation which excludes one of the capitalist partner from S2 – Violation of Section 19 (A)(3) of Republic Act No. 10697, otherwise
any share in the profits known as “The Strategic Trade Management Act”, in relation to
c. A stipulation which excludes one of the industrial partner from Proliferation of Weapons of Mass Destruction (WMD) and Proliferation
any share in the profits financing are included as part of the Covered Transactions.
d. If the designation of the profit and loss was entrusted to third a. All are correct
person by agreement between the partners b. All are incorrect
c. Only S1 is correct
81. One of the following is not a characteristic of contract of partnership d. Only S2 is correct
a. Real, in that the partners must deliver their contributions in 27. S1 – A person cannot be charged of both the offense of money
order for the partnership contract to be perfected laundering and the unlawful activity.
b. Principal, because it can stand by itself S2 – Failure to report a covered transaction or suspicious transaction is
c. Preparatory, because it is a means by which other contracts one of the instances when money laundering is committed.
will be entered into a. All statements are correct
d. Onerous, because the parties contribute money, property or b. All statements are false
industry to the common fund c. Only S1 is incorrect
d. Only S2 is incorrect
82. One of the following is not a requisite of a contract of partnership. 31.It refers to a provisional remedy aimed at preserving monetary
Which is it? instruments or properties in any way related to an unlawful activity or
a. There must be a valid contract money laundering offense defined herein, during the pendency of civil
b. There must be a mutual contribution of money, property or forfeiture proceedings.
industry to a common fund a. Escheat
c. It is established for the common benefit of the partners which b. Freeze Order
is to obtain profits and divide the same among themselves c. Garnishment
d. The articles are kept secret among the members d. Asset Preservation Order
83. A and B put up a partnership to engage in distribution of books and e. Injunction
school supplies. A contributed P1M while B his services. A wants to put 9. Which of the following statements is correct?
up a restaurant on the opposite side of the street. On the other hand, B a. A partnership contract is not covered by Statute of Fraud.
wants to have a bakery beside A’s restaurant. Which of the following is b. A limited partnership is one having at least one general
correct? partner or one limited partner and the limited partner shall
a. A may put up his a restaurant without need of securing B’s not be liable for the obligations of the partnership.
consent
 c. A limited partner who takes active part in the management of 39. Which of the following is not an obligation of the partnership with
the firm becomes liable as a general partner. every partner?
d. The contract of partnership is void if it contains a stipulation a. To refund the amount disbursed on behalf of the firm plus
which excludes a partner from sharing in the profits of the interest from the time the expenses were made.
firm. b. To answer for obligation contracted in good faith in the
10. A Partnership is not dissolved upon the death of a interest of the partnership.
a. General partner c. Limited partner c. To answer for risks when only the use of specific and
b. Industrial partner d. General-limited partner determinate things is contributed to the partnership.
43. In a limited partnership, the creditor of a limited partner may charge d. To answer for risks in consequence of its management.
the interest of the indebted limited partner, the interest so charged may 40. L, B and C are partners. C is limited partner. Suppose Jose Pidal is a
be redeemed with: creditor of the firm to the amount of P100,000.00, and after exhausting
a. partnership property all the assets of the partnership, there is a balance of P30,000.00. How
b. separate property of any general partner can Jose Pidal recover the P30,000.00?
c. both partnership property and separate property of a general a. Jose Pidal must sue the firm and get the P30,000.00 from all
partner cumulatively the partners jointly.
d. both partnership property and separate property of a general b. Jose Pidal must sue the firm and get the P30,000.00 from L
partner alternatively and B
e. both partnership property and separate property of a general c. Jose Pidal can recover the balance of P30,000.00 from any of
partner successively the partners solidarily
56.A and B are capitalist partners with C as industrial partner. A and B d. None of the above
contributed P20,000 each to the capital of the partnership. A contractual 44. L, M and N entered into contract of partnership for the operation of
liability of P50,000 was incurred by the partnership in favor of X. The an employment agency. L contributed P1M cash and M a unit in a
assets of the partnership have been exhausted still leaving an unpaid commercial building. N contributed his industry being tasked to manage
liability of P12,000. What are the rights and the obligation of the the business. The contract was not accompanied with an inventory of
partners, if any? the property contributed by M and it is not in a public instrument.
a. A, B and C are liable to X, and C after giving his share may a. The contract is void because there is no inventory of the
ask reimbursement from A and B, unless otherwise stipulated. immovable property contributed attached to the said contract
b. A and B only b. The contract is valid because a contract of partnership can be
c. C only constituted in any form
d. A, B and C has no right for reimbursement from A and B c. The contract of partnership is invalid because it was not
unless expressly stipulated registered with the Securities and Exchange Commission
58. A, B, and C entered into an oral contract of partnership each d. The contract is void because it is not in a public instrument,
contributing P1M each to the common fund plus other personal and there is no inventory of the immovable property
properties of the same amount and failed to register the partnership contributed attached to said contract.
with the SEC. Is the partnership valid? 45. Which of the following cannot qualify as a Limited Partnership
a. No, because every contract of partnership having a capital of a. Partnership composed of an industrial partner, a capitalist
three thousand pesos or more in money or property must be partner and a limited partner
in public instrument and registered with the SEC. b. Partnership composed of 2 capitalist partners, and an
b. Yes, because public instrument is necessary only in case of industrial partner
contributions of immovables. c. Partnership composed of no industrial partner, 3 capitalist
c. Yes, because a partnership contract can always be oral. partners and 2 limited partners
d. No, because registration with the SEC is essential for a d. Partnership composed of 2 capitalist partners, 2 industrial
partnership to the valid and acquire juridical personality. partners and a limited partner
59.A and B are co-owners of a parcel of land from which they derive 46. Which of the following is entitled first preference in payment in a
profits in equal sharing being co-heirs in inheritance. Is there a general partnership during winding up:
partnership? a. Those owing to partnership creditors other than partners
a. There is a partnership because of the equal sharing of profits. b. Those owing to the separate creditors of the partners
b. There is no partnership because co-ownership by itself does c. Those owing to the partners other than for capital and profits
not establish a partnership despite the sharing of profits. d. Those owing to partners with respect to profits.
c. There is no partnership since in partnership division of profits 47. Q, R, S and T are capitalist partners while U is an industrial partner
is not always necessary among partners. in K partnership. The partnership is engaged in real estate business.
d. There is partnership they being co-owners and co-possessors. Without the consent of Q, R, S and T, partner U put up a construction
65.Which of the following is considered a prima facie evidence of being supply store to supply K partnership with construction materials. Which
a partner in a partnership? of the following statements is not correct?
a. When a person receives a share in the profits as payment for a. The capitalist partners may exclude U from the partnership.
a loan b. The capitalist partners may avail themselves of the benefits
b. When a person shares in the gross return of a business which U may have obtained from the operation of the
c. When the person receives a share in the income as a co- construction supply.
owner c. The capitalist partners may choose to exclude U from the
d. When a person receives a share in the profits partnership and avail themselves of the benefits arising from
66.A profit or loss must be distributed based on capital contribution and the latter's operation of construction supply.
not based on agreement between the partners under the following, d. The capitalist partners may exclude U from the partnership
except: and ask indemnity for damages.
a. If the designation of the profit and loss was intrusted to one 48. A, B, C, D, E and F entered into a contract of partnership with the
of the partners purpose of operating a crocodile farm in Palawan. The following are
b. A stipulation which excludes one of the capitalist partner from their respective contributions to the capital: A =5%, B =55% C=5%, D
any share in the profits =10% E =15% and F =10%. A and F were appointed managers without
c. A stipulation which excludes one of the industrial partner from specification of their respective powers and duties. A proposed a
any share in the profits business expansion in Cebu but was objected to by F. During the
d. If the designation of the profit and loss was intrusted to third discussion of the proposal at a partnership meeting, B sided with A
person by agreement between the partners while
67.The following right can be exercised by partner assignee of interest? C, D and E sided with F.
a. To inspect partnership book a. A's proposal should be adopted because it was approved by B
b. To demand true and full information of partnership affairs who represents the controlling interest.
c. To participate in the management b. A's proposal should not be adopted because that is the
d. To share in the profit in accordance with his contract to which decision of the majority of the partners.
the assigning partner would otherwise be entitled c. Since A and B are the managing partners, they alone should
25. In all prosecutions under B.P. 22, the introduction in evidence of any decide on the matter. Since under the circumstances, there is
unpaid and dishonored check, having the drawee’s refusal to pay disagreement between them, the same should be resolved by
stamped or written thereon or attached thereto, with the reason tossing of coins.
therefore as aforesaid, shall be: d. When important matters affecting the partnership are being
a. Conclusive Evidence decided upon like in the case at bar, the vote of the owner/s
b. Substantial Evidence representing majority of common fund should prevail.
c. Prima Facie Evidence 50. A, B and C formed X partnership to engage in retail trade with a
d. Circumstantial Evidence duration of ten years. Each contributed P100,000 to the common fund.
However, since A was appointed the manager, he was given 60% of the
May 2023 1st PB profits while B and C 20% each. Profit-sharing is made every end of
the year. After ten years of existence of the partnership, the partners 67. Statement no. 1 - A stipulation which excludes one or more of the
continued the partnership affairs without their express consent with the partners from any share in the profits or losses is void
same way it was habitually conducted to before the expiration of its Statement no. 2 - Any partner, as a general rule, shall have the rights to
period. Now, during the first profit-sharing, B and C claim that the a formal account as to partnership affairs
profits should be divided equally between the partners. Statement no. 3 - Delectus personarum means as “much as the
a. B and C's claim is legally tenable because the partners equally partnership deserves”
contributed to the common fund; a. All are true
b. The claim of B and C is incorrect because the profit-sharing b. I and II are true; III is false
should be the same the as the profit-sharing under the c. I and II are false; III is true
dissolved partnership; d. II and III are false; I is true
c. A should received the least profit to offset the benefits derived e. I and III are false; II is true
from the partnership because A had been receiving the 68. In a limited partnership, the creditor of a limited partner may charge
biggest share under the dissolved partnership; the interest of the indebted limited partner, the interest so charged may
d. The partnership can not be continued because the term be redeemed with
thereof has expired. Hence, immediately upon the expiration a. Partnership property
of the term, the parties should have liquidated the partnership b. Separate property of any general partner
affairs. c. Both partnership property and separate property of a general
51. A and B are partners in a certain business, A being the manager. C partner cumulatively
owes A P5,000 and the partnership P10,000, both debts are now due d. Both partnership property and separate property of a general
and demandable. C pays A P3,000 and the latter issues a receipt under partner alternatively
his name. e. Both partnership property and separate property of a general
a. The P3,000 applies to A's personal credit alone because he partner successively
issued a personal receipt. 10. Which of the following is a not suspicious transaction?
b. The P3,000 shall be applied to the partnership credit because a. Melvin, a minimum wage earner, depositing P300,000.00 in
the partnership's interest takes precedence over that of a her account in BDO.
partner. b. Ricky, a call center manager, deposits P100,000 three times
c. The P3,000 shall be divided equally between the and A, that weekly during the month of November.
is, P1,500 for the firm and P1,500 for A. c. Jose, the pay-master of a construction company, regularly
d. The P3,000 shall be applied proportionately to the partnership deposits P300,000.00 in his bank account that will be used to
credit and A's credit, that is, P2,000 to the former and P1,000 pay the salaries of the workers.
to the latter. d. Juan, who makes structured deposits in money in the bank
52. Which of the following is a ground for the judicial dissolution of below P500,000, in order not to fall under the covered
partnership? transaction of AMLA
a. Death of partner 14. Statement 1: For a person to be liable for violation of BP22, the
b. Expulsion of a partner check must have been issued for payment or guaranty of a pre-existing
c. Insolvency of a partner obligation.
d. Insanity of partner Statement 2: A person can be charged with estafa and violation of BP
53. A, B and C entered into a partnership where C contributed his 22 at the same time without violating the rule on Double Jeopardy.
apartment situated in Quiapo, Manila to be converted into Office of the a. True, True
firm. Before the delivery of the title and possession of the said property b. True, False
to the partnership, a fire completely razed the said apartment. What is c. False, False
the effect of the loss of the apartment? d. False, True
a. The partnership is dissolved by reason thereof because C can 17. S1: The BSP and PDIC can examine the deposit information of all
no longer deliver the contribution he has promised. depositors of the bank without the consent of the deposits to determine
b. The partnership subsists with the condition that C must the presence of unsafe bank practices.
replace his contribution with a property equally satisfactory; S2. Courts cannot issue an order for examination of bank deposit
c. The partnership is not dissolved because the land where the without the consent of the depositor.
apartment was situated remains. S3. S1: In Bouncing Check Law, lack of criminal intent is a defense.
d. The partnership is not dissolved because from the moment C a. All are true
promised to contribute the apartment, the partnership b. All are false
acquires ownership of the same and thus, the loss is bome by c. S1 I true, S2 and S3 are false
the partnership d. S1 is true, S2 is false, S3 is true
55. A, B and C formed a partnership to continue for a term of five (5) e. S1 is false, S2 and S3 are false
years. On the third year, C sold his entire interest to D. Which of the 2. In case of violation of the EDBA, to which government agency can
following is a right of D? the aggrieved party file a complaint?
a. D can ask for judicial rescission i. Regional Trial Court where the agency concerned is located
b. D can exercise acts of management inasmuch as he is now a ii. Civil Service Commission
partner. iii. Office of the Ombudsman
c. D has a right to receive profits to which C would otherwise be iv. Department of Justice
entitled. a. i, ii, and iii only
d. D can inspect the books of the partnership and ask for formal b. i, ii, and iv only
accounting. c. ii and iii only
65. In the dissolution of a limited partnership, which of the following is d. iii and iv only
the fourth in the priority in the distribution of partnership assets?
a. Those to general partners in respect to profits Oct 2023 1st PB
b. Those to general partners in respect to capital 6. Evan, Jasper, and Shanti decided to form a universal partnership of all
c. Those to limited partners in respect to their share of the present property. The contract of partnership was executed on October
profits and other compensation by way of income on their 1, 2021 but they commenced business on October 1, 2022. One of the
contributions following statements is not correct?
d. Those to limited partners in respect to the capital of their a. The partnership began its existence on October 1, 2021.
contributions b. If the partnership is for 10 years, but one of the partners
e. Those to general partners other than for capital and profits withdraws from the partnership on the 8th year, the firm is
66. Which of the following is a false statement? dissolved.
a. If a limited partnership will be created, registration is a c. If after the expiration of its term, the partners continue to
condition precedent for the creation of the limited partnership transact business, the partnership is converted to a
b. If one of the partners in a general partnership contributed a partnership at will.
building to the partnership, there must be a public instrument d. They will be deemed to share the losses in accordance with
and an inventory as a requirement, otherwise the partnership their capital contributions in the absence of any partnership
is void agreement specifically covering the division of losses among
c. If one of the partners contribute a specific car to the the partners.
partnership, even if there is no appraisal of the car, the e. The partnership covers all the present property of the
partnership is valid partners.
d. If a limited partnership will be created, registration is a 8. I. Justin, a newly admitted partner, is not liable forpre-existing
condition subsequent for the creation of the limited obligations of the partnership at the timeof his admission in favor of
partnership partnership creditors.
e. If a limited partnership is not registered, a general partnership II. An industrial partner shall share in the losses and his share in the
is created profits shall be just and equitable under the circumstances.
 a. Both statements are correct. d. A limited partner retires, dies, becomes insolvent or insane, or
b. Both statements are incorrect. is sentenced to civil interdiction and the business is continued
c. Statement I is correct while statement II is incorrect. in accordance with law
d. Statement I is incorrect while statement II is correct. 87. The partnership which is up for dissolution may be continued by the
36. Statement 1: A partner is a co-owner with the partnership of specific remaining general partners provide that the following are complied with,
partnership property. except:
Statement 2: A partner can assign his right in specific partnership a. They have the consent of all the members.
property. b. They have a right to do as stated in the certificate of
a. True, False c. False, True partnership.
b. True, True d. False, False c. The partners should have the means to continue the
46. The revocation of the power of a partner who has been appointed partnership.
manager after the constitution of the partnership requires: d. The certificate must be amended and registered with the SEC.
a. just cause and the vote of the majority of the partners. 88. A limited partner shall have the same rights as a general partner to
b. just cause and the vote of the majority of the managing the following, except:
partners. a. Have the partnership books kept at the principal place of business of
c. the vote of the partners representing the controlling interest, the partnership, and at a reasonable hour to inspect and copy any of
with or without just cause. them.
d. the vote of the partners representing the controlling interest b. Have on demand true and full information of all things affecting the
with just cause. partnership, and a formal account of partnership affairs whenever
e. the vote of the majority of the industrial partners, with or circumstances render it just and reasonable.
without just cause. c. Have dissolution and winding up by decree of court.
47. In case it should have been stipulated that none of the managing d. Have the management of the business.
partners shall act without the consent of the others, the validity of the 89. I. Those owing to creditors other than partners
acts of each partner would require: II. Those owing to partners other than for capital and profits
a. concurrence of the majority of the partners III. Those owing to partners in respect of capital
b. concurrence of the majority of the capitalist partners IV. Those owing to partners in respect of profits
c. concurrence of the managing partners Rank the liabilities in the order of payment in accordance with the law
d. concurrence of the majority of the managing partners e. on partnership in case there is no agreement:
concurrence of the partners having controlling interest a. I, II, III, IV c. I, II, IV, III
50. Articles of universal partnership, entered into without specification of b. II, I, IV, III d. I, III, II, IV
its nature, shall be deemed: 91. The statements below are true as regards dissolution of partnership,
a. a universal partnership of present property except:
b. a universal partnership of profits a. Dissolution may be voluntary or involuntary.
c. either a universal partnership of present property or a b. The dissolution is always automatic.
universal partnership of profits c. The dissolution may be caused without violation of the
d. neither a universal partnership of present property or a agreement between partners or in contravention of said
universal partnership of profits agreement.
56. The liability of the partners, including industrial partners for d. The dissolution may be effected extra-judicially or judicially.
partnership contracts entered into in its name and for its account, when 92. S1 – The liability of the partner if a partner misappropriates the
all partnership assets have been exhausted is property of the partnership is solidary.
a. Pro-rata c. Solidary S2 – The liability of the partner for contractual liability is joint and
b. Co-ownership d. Voluntary subsidiary.
75. A contract of partnership was executed by the partners on February S3 – Simple mistake of account vitiates a contract.
1, 2023. The partners stipulated that they would make the contribution S4 – Annulment requires mutual restitution on the part of the parties.
of Php 1 million each on March 1, 2023. On April 1, 2023, one of the S5 – There is retroactive effect in obligations subject to a resolutory
partners still failed to comply with his obligation thus a demand was condition.
made by the partnership. On May 1, 2023, the demand remained a. Only one statement is false.
unheeded, thus the compliant partners instituted a judicial action to get b. Only two statements are false.
the contribution. In this view, the interest and the damages shall accrue c. Only three statements are false.
from? d. Only four statements are false.
a. February 1, 2023 c. April 1, 2023 e. All statements are false.
b. March 1, 2023 d. May 1, 2023 93. S1 – The liability of the partner if a partner misappropriates the
76. Which of the following is FALSE concerning capitalist partners? property of the partnership is solidary.
a. As a rule, a capitalist partner is not bound to contribute to the S2 – The liability of the partner for contractual liability is joint and
partnership more than what he agreed to contribute. subsidiary.
b. In case, however, of an imminent loss of the business, and S3 – Simple mistake of account vitiates a contract.
there is no agreement to the contrary, he is under obligation S4 – Annulment requires mutual restitution on the part of the parties.
to contribute an additional share to save the venture. S5 – There is retroactive effect in obligations subject to a resolutory
c. If the additional share is necessary and the capitalist partner condition.
declined to contribute, the partnership is dissolved. a. S1, S2 and S3 are false.
d. If an additional share is necessary because of an imminent b. S2 and S3 are false.
loss and the capitalist partner refuses to contribute, he shall c. S2 and S4 are false.
be obliged to sell his interest to the other partner. d. S1, S4 and S5 are false.
77. AA and BB are partners in AB and Co., with AA as the managing e. S1, S3 and S5 are false.
partner. DD is indebted to AA in the amount of Php 1 million and at the 96. X, Y, and Z entered into a partnership contributing P1M each. They
same time to the partnership in the amount of Php 3 million. Both debts also agreed on equal distribution of profit. After 5 years of operation, Z
are due and demandable. AA collects the amount of Php 600,000.00 assigns his whole interest in the partnership to A, without knowledge
from DD and issued his own receipt. In this case, and consent of X and Y. Which of the following statements is correct?
a. Only Php 150,000.00 will be applied to the credit of AA a. A can take part in the control of the business.
b. Only Php 200,000.00 will be applied to the credit of AA b. A can inspect and copy the books since he is a partner and
c. Only Php 400,000.00 will be applied to the credit of AA there is a fiduciary relationship.
d. Only Php 450,000.00 will be applied to the credit of AA c. A cannot inspect the partnership books.
e. All of the Php 600,000.00 will be given to AA d. A can participate in the management of the partnership.
82. The certificate of partnership shall be canceled in the following 97. Which of the following statements is correct?
cases, except: a. The birth of the partnership is affected by the fact that the
a. When the partnership is dissolved. partners have not decided what the nature of the partnership
b. When all the limited partners cease to be such. is.
c. When there is a false or erroneous statement in the b. Persons who are prohibited from giving each other any
certificate. donation or advantage may enter into universal partnership.
d. Answer not given c. A partner who is liable for damages to the partnership due to
85. An amendment to the certificate of partnership is necessary under his negligence can pay such damages from his profits and
the following, except: benefits in the partnership.
a. A person is substituted as a limited partner d. Partner is a co-owner on specific partnership property, but his
b. An additional limited partner is admitted relationship with his other partners is not governed by the
c. A person is admitted as a general partner rules on co-ownership.
17. AA is a partner in ABC Co. He was provided a company vehicle for
his use in the usual conduct of the business. While on his way to meet
the client, he drove recklessly and sideswiped a pedestrian and incurred b. At least 3 years from the date of transaction or from date of
damages amounting to P500,000.00 of hospital expenses. Under the closure of the account
circumstances, c. At least 5 years from the date of transaction or fro date of
a. Only AA is solely liable since it arises out of his personal act closure of the account
b. The partnership and the partners of ABC Co. are solidarily d. At least 10 years from the date of transaction or from date of
liable closure of the account
c. AA is principally liable and the partnership is secondarily liable 88. S1 – BP 22 is a transitory crime, and it can be filed in the RTC where
d. There is no liability since there is no contractual liability it was issued, delivered and dishonored.
between the partnership and the pedestrian. S2 – Starting 2023, the contribution rate in SSS is set to 14%, with
e. The partnership and the partners of ABC Co. are pro rata and premium contributions of 9.5% for employer and 4.5% for the
subsidiarily liable for the contractual obligation. employee.
33. A and B are twins. They inherited from their parents townhouses S3 – 10 days Leave with pay for Victims of Violence Against Women and
which are leased to students. The rents are divided by them in equal their Children is granted to women employees who are victims of
share. In this case, A and B are: physical, sexual, psychological harm or suffering, or economic abuse.
a. Partners as to each other and therefore partners as to third S4 – Data sharing is the disclosure or transfer to a third party of
persons personal data under the custody of a personal information controller or
b. Partners as to each other but not partners as to third persons personal information processor.
c. Partners as to third persons but not partners as to each other a. Only Statement 1 is false
d. They are merely co-owners b. Only Statement 2 is false
36. A particular partnership: c. Only Statement 3 is false
a. Has for its object determinate things, their use of fruits, or a d. Only Statement 4 is false
specific undertaking, or the exercise of a profession or e. All statements are true
vocation
b. Has for its object indeterminate things, their use of fruits, or a Oct 2023 Final PB
specific undertaking, or the exercise of a profession or 14. Michael withdrew without authority funds of the partnership in the
vocation amounts of P500,000 and US$50,000 for services he claims he rendered
c. Has for its object determinate or indeterminate things, their for the benefit of the partnership. He deposited the P500,000 in his
use of fruits, or a specific undertaking, or the exercise of a personal peso current account with Prosperity Bank and the US$50,000
profession or vocation in his personal foreign currency savings account with Eastern Bank. The
d. Has for its object determinate and indeterminate things, their partnership instituted an action in court against Michael, Prosperity, and
use of fruits, or a specific undertaking, or the exercise of a Eastern to compel Michael to return the subject funds to the partnership
profession or vocation and pending litigation to order both banks to disallow any withdrawal
47. Which of the following is FALSE concerning capitalist from his accounts. At the initial hearing of the case the court ordered
partners? Prosperity to produce the records of Michael‘s peso current account, and
a. A capitalist partner is not bound to contribute to the Eastern to produce the records of his foreign currency savings account.
partnership more than what he agreed to contribute Can the court compel Prosperity and Eastern to disclose the bank
b. In case, however, of an imminent loss of the business, and deposits of Michael?
there is no agreement to the contrary, he is under obligation a. Yes, as far as the peso account is concerned. Sec 2 of RA
to contribute an additional share to save the venture 1405 allows the disclosure of bank deposits in case where the
c. If the additional share is necessary and the capitalist partner money deposited is the subject matter of litigation.
declined to contribute, the partnership is dissolved b. Yes, as far as the dollar account is concerned. FCDA allows
d. If an additional share is necessary because of an imminent the disclosure of bank deposits in case where the money
loss and the capitalist partner refuses to contribute, he shall deposited is under DOSRI account.
be obliged to sell his interest to the other partners c. Both the peso account and the dollar account as exception to
48. The contract of partnership was executed by the partners on the Bank Secrecy Law.
February 1, 2021. The partners stipulated that they would make the d. Neither the peso nor the dollar account as this constitutes
contributions of Php 1 million each on March 1, 2021. On April 1, 2021, intrusion to the explicit provision of the Bank Secrecy Law.
one of the partners still failed to comply with his obligation thus a 30. Statement 1: A person may be a general partner and a limited
demand was made by the partnership to deliver the said contribution. partner in the same Limited partnership at the same time.
On May 1, 2021, the demand remained unheeded, thus the partners Statement 2: Persons who are prohibited from giving each other any
instituted a judicial action to get the contribution. In this view, the donation or advantage cannot enter into a particular partnership.
interest and the damages shall accrue from? a. True, False c. False, True
a. February 1, 2021 c. April 1, 2021 b. True, True d. False, False
b. March 1, 2021 d. May 1, 2021 37. The sharing of losses in the partnership shall be in the order of:
77. The following are the effects or consequences of an a. Partners’ agreement; if none, then – proportion to capital
unlawful partnership, except: contribution; if cannot agree, then – profit- sharing ratio.
a. The contract is void ab initio and the partnership never b. Partners’ agreement; if none, then – profit-sharing ratio; if still
exsisted in the eyes of the law none, then – proportion to capital contribution.
b. The contributions of the partners shall be confiscated in favor c. Profit-sharing ratio; if none, then – proportion to capital
of the government contribution; if cannot agree, then – partners will shoulder
c. The instruments or tools and proceeds of crime shall be equal share.
forfeited on favor of the government d. Profit-sharing ratio; if none, then – partners’ agreement; if still
d. The profits shall be confiscated in favor of the government none, then – proportion to capital contribution.
99. S1 – The vote required for the dissolution of a Cooperative where no 39. X, Y, and Z entered into a partnership contributing P1M each. They
creditors is affected is Majority of the BOD plus 3⁄4 of the members also agreed on equal distribution of profit. After 5 years of operation, Z
entitled to vote. assigns his whole interest in the partnership to A, without knowledge
S2 - The vote required for the dissolution of a Corporation where no and consent of X and Y. Is the partnership dissolved?
creditors is affected is Majority of the BOD plus 2/3 of the OCS. a. The partnership was dissolved because the assignee, A,
S3 –The petition for voluntary proceedings of the insolvent debtor if it is automatically becomes a new partner.
a partnership must be approved by majority of the partners. b. It is dissolved since Z has ceased to be a partner due to the
a. S1 is true, S2 and S3 are false assignment of his whole interest to A.
b. S2 is true, S1 and S3 are false c. The partnership is not dissolved because the conveyance of a
c. S3 is true, S1 and S2 are false partner’s interest in the partnership does not of itself dissolve
d. S1 is false, S2 and S3 are true the partnership.
e. S2 is false, S1 and S3 are true d. The partnership is not dissolved because the assignment
3. Which of the following entities is not among the covered made by Z of his whole interest was without the knowledge
persons of AMLA? and consent of X and Y.
a. Thrift Bank of Lugi who receives deposits from corporations 44. Which of the following statements is not correct?
only a. A limited partner cannot manage the partnership.
b. CPA-Lawyer who acts as legal counsel of Thrift Bank of Lugi b. A limited partner is not prohibited from engaging in a business
c. Casino who regularly deposits money to Thrift Bank of Lugi like that of the partnership.
d. Jewelry dealer of the President of Thrift Bank of Lugi c. A limited partner is excluded from any active voice in the
44. The minimum retention period of all records of customer control of the affairs of the firm.
identification and transaction documents of their customers by a d. Limited partners are personally liable for partnership
covered person under AMLA? obligations; the said liability extends to his personal
a. At least 1 year from the date of transaction or from date of properties.
closure of the account e. A limited partner can be a general partner at the same time.
46. A partner shall have the right to a formal account of the partnership
affairs under the following circumstances, EXCEPT:
a. If he is wrongfully excluded from the partnership business.
b. As the circumstances render it just and reasonable.
c. If said right exists under the terms of any agreement.
d. If there is a sub-partnership agreement.
51. Which of the following stipulations is valid?
a. A stipulation excluding a capitalist partner from profits.
b. A stipulation exempting an industrial partner from losses.
c. A stipulation exempting a capitalist partner from losses.
d. A stipulation excluding an industrial partner from profits.
69. Which of the following statements are true?
I. There must be a verified ex parte petition filed by the AMLC for the
Court of Appeals to issue a freeze order.
II. CA must determine that probable cause exists that any monetary
instrument or property is in any way related to an unlawful activity as
defined in the AMLA.
III. The freeze order shall be effective immediately and shall be for a
period not exceeding six (6) months.
a. I and II only
b. I and III only
c. II and III only
d. All statements are true
73. The minimum retention period of all records of customer
identification and transaction documents of their customers by a
covered person under AMLA?
a. At least 1 year from the date of transaction or from date of
closure of the account
b. At least 3 years from the date of transaction or from date of
closure of the account
c. At least 5 years from the date of transaction or from date of
closure of the account
d. At least 10 years from the date of transaction or from date of
closure of the account
93. To be liable for a violation of BP 22, the following essential
elements, as paraphrased, must be present, except:
a. the making, drawing, and issuance of any check for value;
b. the knowledge of the maker, drawer, or issuer that at the time
of issuance he does not have sufficient funds in or credit with
the drawee bank; and
c. the subsequent dishonor of the check by the drawee bank for
insufficiency of funds or credit
d. There must be criminal intent to defraud on the part of the
drawer of the check.