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12. C13. B14. C15. C16. C17. B18. A19. C20. C21. D22. B23. D24. C25. D26. B27. D28. D29. C30. D31. C32. B33. D34. A35. D36. D37. C38. D39. D40. B41. D42. B43. C44. D45. B46. B47. D48. C49. A50. C51. D52. A53. A54. A
CORPORATIONS - DIAGNOSTICEXERCISESTEST I - MULTIPLE CHOICE. Select the best answer by writing the letter of your choice.1.The articles of incorporation differ from the by-laws in that thearticles of incorporation are:a.the rules of action adopted by a corporation for itsinternal government.b.adopted before or after incorporation.c.a condition precedentinthe acquisition by acorporation of a juridical personality.d.approved by the stockholders if adopted afterincorporation.2.The following may be the consideration of the shares of stock ofa corporation, except:a.actual cash paid to the corporation.b.previously incurred indebtedness of the corporation.C.amounts transferred from unrestricted retained earnings.d.service to be performed by a lawyer on the proposedincrease in capital stock of the corporation.3.A certificate of stock is distinguished from share of stock in thata share of stock.-a.'is the written evidence of a stockholder's interest in theassets and management of a corporation.b.is tangible personal property.c.is one of the units into which the capital stock is divided.d.may not be issued if the subscription has not been fullypaid.4.The articles of incorporation of Acme Corporation provide for theissuance of100,000shares without par value and an issuedprice per share of P10.00. At the time of incorporation, thesubscription and paid-up capital should not be less than:a.P250,000.00 and P62,500.00, respectively.b.P1,000,000.00 and P250,000.00, respectively.c.P250,000.00 and P250,000.00, respectively.d.P250,000.00 and P125,000.00, respectively.5.Their names are mentioned in the articles of incorporation asoriginally forming the corporation and are signatories thereof.a.Corporators.b.Stockholders.C.Incorporators.d.Members.6.A corporation acquires juridical personality:a.upon the filing of the articles of incorporation.b.upon the filing of the by-laws.c.upon the issuance of the certificate of incorporation.d.within30days from the receipt of the notice of theissuance of the certificate of incorporation.
7.A delinquent stockholder is not entitled to the following rights,except the right:a.to be voted.b.to vote or be represented in the meetings ofstockholders.c.to dividends.d.He is not entitled to all the rights of a stockholder.8.A, B, C, D, F, F and G are the duly elected directors for 2010 ofExcellent Corporation whose articles of incorporation provide for7 directors. On August 1, 2010, Directors A, B, C, D and E rnetto fill two vacancies in the board brought about by the validremoval of F for disloyalty to the corporation and the death of G.In the said meeting, the remaining directors voted for X toreplace F, and Y, a son of G, to replace his father. Both X and Yare owners of at least one share of stock of the corporation.

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