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Corporation and Corporate Governance

Quiz by Prof Brenda Corcino

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30 questions
Show answers
  • Q1
    Which of the following provides the definition of the corporation as an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence?
    Corporation Code of the Philippines
    Law on Obligations &Contracts
    Law on Corporation & Partnerships
    Labor Code Of The Philippines
    30s
  • Q2
    Which of the attributes of a corporation means that it may continue to exist even in death, incapacity or insolvency of any of the member or stockholder?
    It has the right of succession
    It has powers, attributes and properties incident to its existence
    It is created by operation of law
    Its owners are called shareholders
    30s
  • Q3
    Which of the attributes of a corporation explains that a corporation can sue and can be sued in courts of law, as well as own and dispose properties but that the corporation’s personality is separate from its owners?
    It is created by operation of law
    It has continuity
    It has the right of succession
    It is an artificial being
    30s
  • Q4
    Which of the following refers to the party given the authority to implement the policies determined by the Board of Directors pertaining to the conduct of business?
    Board of Directors
    Management
    Shareholders
    Government
    30s
  • Q5
    They are considered the ultimate owners of the corporation, which may either be natural or artificial persons.
    Bondholders
    Shareholders
    Board of Directors
    Stakeholders
    30s
  • Q6
    Which of the following is known as a collegial body that exercises corporate powers of a corporation as specified in the corporation code?
    Bondholders
    Stakeholders
    Board of Directors
    Management
    30s
  • Q7
    Which of the following statements best explains that the corporation is an artificial being?
    That by regulation, a corporation becomes a unique person with responsibilities similar to that of an individual citizen of a country.
    That by virtue of a law, a corporation becomes like an individual person having its own obligations.
    That by virtue of a charter, a corporation acquires a juridical personality separate from that of its owners.
    That by a particular directive, a corporation becomes a unique personality different from that of an individual person.
    30s
  • Q8
    Among the stakeholders of a corporation, who are those who usually bear the brunt of the irresponsible conduct of business and become victims of business abuses and illegal practices?
    Creditors
    Government
    Shareholders
    Public
    30s
  • Q9
    Who are those who contribute skills, competencies, abilities and industry to the corporation confidently expecting that the latter would in turn give them some form of security?
    Creditors
    Management Team
    Board of Directors
    Employees
    30s
  • Q10
    Which of the following is considered to be the very reason for the continued existence of a business but who are the ones taking risks to pay a price for the services and products that the business offers?
    Public
    Customers
    Employees
    Government
    30s
  • Q11
    Which of the following is NOT among the primary purposes of a corporation?
    The corporation should endeavor to offer vital services to the public.
    The corporation must provide goods and services for the mass market.
    In the interest of the shareholders, the corporation must create new jobs.
    In the interest of the stakeholders, a corporation should increase its earnings.
    30s
  • Q12
    Which of the following DOES NOT constitute the right of the shareholders?
    The right to propose shareholders resolutions.
    The right to receive payments from the corporation’s clients.
    The right to elect members of the board of directors.
    The right to receive dividends.
    30s
  • Q13
    Which of the following refers to the system whereby shareholders, creditors and other stakeholders of a corporation ensure that management enhances the value of the corporation as it competes in an increasingly competitive and globalized market?
    Corporate Governance
    Business Management
    Accounting and Auditing
    Regulation and Monitoring
    30s
  • Q14
    Which of the following that corporate governance promotes actually refers to making significant, relevant information available to the stakeholders?
    Credibility
    Marketability
    Accountability
    Transparency
    30s
  • Q15
    Which of the following has the duty to account to the other stakeholders about the performance of the corporation?
    Shareholders
    Employees
    Board of Directors
    Creditors
    30s

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