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WorksheetsFMT103_Quiz6
Total questions: 20
Worksheet time: 5hrs 0mins
Financing Companies shall be organized in the form of stock corporations at least _____ of the voting stock of which is owned by citizens of the Philippines.
40%
30%
50%
60%
Which of the following is not correct about Financing Companies capital requirements?
Shall have a paid-up capital of not less than P10,000,000 in case the financing company is located in Makati City
Shall have a paid-up capital of not less than P5,000,000 in case the financing company is located in a low class cities.
Shall have a paid-up capital of not less than P2,500,000 in case the financing company is located in a municipality
Shall have a paid-up capital of not less than P2,500,000 in case the financing company is located in a low class cities.
The corporate name of financing companies shall contain the term(s) "_____________", except:
financing company
finance company
Financing and investments company
Investments company
What are the documents required as Registration Papers to be submitted to SEC?
All documents required for the registration as a corporation
Information Sheet of registrant company
Personal Information Sheet of each the directors, officer with the rank of Vice President and up of the equivalent managing partners
All of these
Documents required of each Filipino director, officer to be appointed from the rank of Vice-President and up or their equivalent, such as the following:
Police clearance from local police of the city or municipality of which he is a resident
NBI clearance
Certificate of good moral character to be executed under oath at least (2) reputable and disinterested persons in the community
All of these
___________ are non-bank lenders that provide small business loans and can provide a wide array of business financing to businesses that don’t qualify for traditional bank loans.
Insurance Companies
Banking Institutions
Commercial Finance Companies
Mutual Fund Companies
Typically, this is a Kind of Financing Company makes loans to consumers who cannot obtain credit from other sources due to low income or poor credit history.
Consumer Finance Company
Sales Finance Company
Business Finance Company
Commercial Finance Company
These captive finance companies often offer interest rates below those of banks and other finance companies to increase sales.
Consumer Finance Company
Sales Finance Company
Business Finance Company
Commercial Finance Company
A Function of a Financing Company where Merchants that offer installment payment plans for sales of items such as large appliances use contracts from finance companies.
Asset-Based Loans
Factoring
Installment Loans
Personal Loans
A Function of a Financing Company where manufacturer sells its accounts receivable to the lender in return for approximately xx percent of the value of the receivables.
Asset-Based Loans
Factoring
Installment Loans
Personal Loans
A Function of a Financing Company where All loans must be secured by tangible personal assets.
Asset-Based Loans
Factoring
Installment Loans
Personal Loans
A Function of a Financing Company where The manufacturer pledges the account receivable, borrows the funds needed to begin manufacturing and repays the loan from collections.
Asset-Based Loans
Factoring
Installment Loans
Personal Loans
Which of the statements is not correct?
Aside from requiring compliance with the provisions of the Corporation Code, the Securities and Exchange Commission shall not register the articles of incorporation of any financing company unless its office is satisfied on the evidence submitted to it, that:
All the requirements of existing laws to engage in the business for which the applicant is proposed to be incorporated or organized have been complied with
The organization, direction and administration, as well as the integrity and responsibility of the organizers and administrators reasonably assure protection of the interest of the general public
All the requirements of this Act have been complied with
None of these
Which of the statements is not correct?
When providing medium and long-term credit to small and medium enterprises,
financing companies shall enjoy such other rights, powers, benefits and privileges as may be granted by the law or regulation to other non-bank financial institutions when they provide similar credit to such enterprises.
Financing companies shall not be liable for loss, damage or injury caused by a motor vehicle, aircraft, vessel, equipment, machinery or other property leased to a third person or entity except when the motor vehicle, aircraft, vessel, equipment or other property is operated by the financing company, its employees or agents at the time of the loss, damage or injury.
Financing companies providing the financial lease in such cases shall be entitled to any incentive, exemption, benefit or privilege available to lenders, importers, purchasers or other eligible person in such transactions under the applicable law or regulation.
None of these
________ is a person who pawns their possessions
Pawner
Pawnee
Pawnier
Pawnist
________ is the business of lending money on personal property that is physically delivered to the control and possession of the pawnshop operator as loan collateral.
Insurance Company
Mutual Fund Company
Financing Company
Pawnshop
______ is issued by a pawnbroker in exchange for an article pawned, bearing particulars of the loan
pawn ticket
OR
Invoice
All of these
Which of the following statements is correct?
An operator securing BSP’s Authority to Operate a pawnshop business shall file an application with the appropriate department of the BSP.
An operator securing SEC’s Authority to Operate a pawnshop business shall file an application with the appropriate department of the SEC.
An operator securing DTI’s Authority to Operate a pawnshop business shall file an application with the appropriate department of the DTI.
None of these
Which of the following is true about Pawnshop start-up Capital:
Amount of capital for Type A License is 10,000
Amount of capital for Type B License is 10,000,000
Amount of capital for Type C License is 5,000,000
Amount of capital for Type D License is 50,000,000
Any person can be a proprietor, partner, director, or officer of pawnshops provided that he/she:
has undergone a briefing on pawnshop regulations conducted by the BSP or any accredited service provider:
has Passed the Pawnbroker Licensure Examination via PRC
is not included in the BSP watchlist
None of these
