First Exam Good Governance
Quiz by Prof Brenda Corcino
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49 questions
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- Q1The ___________________________ defines 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.Law of Obligations and ContractsCorporation Code of the PhilippinesBoard of InvestmentsLabor Code Of The Philippines30sEditDelete
- Q2Which 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?Shareholders are ownersPower, attributes and propertiesCreated by operation of lawRight of succession30sEditDelete
- Q3Which attribute of a corporation means that it has a distinct personality, separate from its owners.Created by operation of lawIt is an artificial beingShareholders are ownersRight of succession30sEditDelete
- Q4Which 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?ManagementShareholdersGovernmentBoard of Directors30sEditDelete
- Q5Who are those considered the ultimate owners of the corporation which may either be natural or artificial persons?Board of DirectorsBondholdersShareholdersStakeholders30sEditDelete
- Q6Which of the following is known as a collegial body that exercises corporate powers of a corporation stipulated in the corporation code?Board of DirectorsBondholdersShareholdersManagement30sEditDelete
- Q7Which of the following statements best explains that the corporation is an artificial being?That by regulation, a corporation becomes a person with rights and privileges of a human person.That by virtue of a charter, a corporation acquires a juridical personality apart from that of its owners.That by a particular directive, a corporation becomes a unique personality similar yet different from that of a human being.That by fabrication of an act, a corporation becomes like a human being having a life of its own.60sEditDelete
- Q8Who among the stakeholders contribute skills, abilities and industry to the corporation with confidence that the corporation would also give them a form of security?Management TeamBoard of DirectorsCreditorsEmployees30sEditDelete
- Q9Which of the following is considered to be the very reason for the continued existence of a business who also takes risk in willingness to pay and/or continually pay for the services and products that the business offers?GovernmentCustomersEmployeesPublic30sEditDelete
- Q10Which of the following is NOT among the primary purposes of a corporation?In the interest of the government, the corporation must create new jobs.In the interest of the stakeholders, the corporation must provide goods and servicesIn the interest of the stakeholders, a corporation should increase its earnings.In the interest of the public, the corporation should endeavor to offer vital services.60sEditDelete
- Q11Which of the following IS NOT a right of shareholders?The right to vote members to the board of directors.The right to propose shareholders resolutions.The right to receive dividends.The right to receive payments from its clients.45sEditDelete
- Q12Which of the following refers to a 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?AttestationCorporate GovernanceMonitoring & managementAuditing45sEditDelete
- Q13It refers to the act of making the right information available to the stakeholders which corporate governance promotes.TransparencyAccountabilityMarketabilityCredibility45sEditDelete
- Q14It pertains to the acknowledgement or assumption of responsibility for decisions, actions, policies, administration, governance and implementation of plans and programs in an organization that corporate governance promotes.AccountabilityMarketabilityPrudenceCredibility45sEditDelete
- Q15According to the Agency Theory in Governance, agency costs refer to the costs ______________________________.that arise due to conflicts of interest between shareholders and managers.associated with managing the demands of government agencies.incurred when management hire additional employees from a manpower company.involved when converting an entity from a proprietorship to a corporation.45sEditDelete
- Q16Which of the following is NOT among the roles of non-executive director?Develops strategy and acts as critique of management teamPrepares annual budgetsMonitors corporate performanceAudits and reports the firm’s financial performance & other practices45sEditDelete
- Q17Which of the following is NOT among the roles of Chief Financial Officer?Supervises major impact projectsReports on the fact and fairness of corporate accountsAdvises management on possible consequences of high risk transactionsFosters good relations with financial institutions45sEditDelete
- Q18The following are external risks that the audit committee should consider EXCEPTTurnover of key personnelUnrealistic earnings expectationRapid technological changesDownturns in the industry45sEditDelete
- Q19Which of the following contributes to information risk?Simplification of processes to shorten transactionsAccuracy of reports verified by other stakeholdersLack of sincere management supervisionInformation providers works well with users45sEditDelete
- Q20Which of the following is NOT among the effects of agency in governance?Conflict of interestManagerial opportunismShareholders’ interventionIncurrence of agency cost30sEditDelete