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1. It is 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.

• a. Partnership

• b. Cooperative

• c. Proprietorship

• d. Corporation

2. It is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business of the partnership.

• a. Partnership Formation

• c. Partnership Dissolution

• b. Partnership Operation

• d. Partnership Liquidation

3. It is the winding up of its business activities characterized by sale of all non-cash assets, settlement of all liabilities and distribution of remaining cash to the partners.

• a. Partnership Formation

• b. Partnership Operation

• c. Partnership Dissolution

• d. Partnership Liquidation

4. A type of share where it gives its owners certain advantages which relate to the receipt of dividends when declared or priority claims on assets in the event of corporate liquidation.

• a. Ordinary share

• c. Fair share

• b. Preference share

• d. Agreed share

5. A corporation that is related to another corporation that it has the power to either directly or indirectly elect the majority of the directors of subsidiary corporation.

• a. Parent

• b. Subsidiary

• c. Private

• d. Civil

6. A corporation existing in fact but not in law.

• A. De Jure corporation

• B. De Facto corporation

• C. Open corporation

• d. Publicly-held corporation

7. A corporation with a class of equity securities listed on an exchange or with assets in excess of P50,000,000 and having 200 or more holders, at least 200 of which are holding at least 100 shares of a class of its equity securities.

• a. De Jure corporation

• b. De Facto corporation

• c. Open corporation

• d. Publicly-held corporation

8. A corporation established for public charity.

• a. Ecclesiastical

• b. Eleemosynary

• C. Civil

• d. Public

9. It is a corporation which consists of only one member or corporator and his successors such as bishop.

• a. Domestic corporation

• b. Foreign corporation

• C. Corporation aggregate

• d. Corporation sole

11. A corporation established for religious purposes.

• a. Ecclesiastical

• b. Eleemosynary

• C. Private

• d. Public