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Worksheets4. Special Laws on Banking and Finance
Total questions: 20
Worksheet time: 10mins
An act penalizing the making or drawing and issuance of a check without sufficient funds or credit.
A. Batas Pambansa Blg. 20
B. Batas Pambansa Blg. 21
C. Batas Pambansa Blg. 22
D. Batas Pambansa Blg. 23
What is the minimum number of days for maintaining a balance in the checking account to cover the check he issued for the drawer to be exempted from conviction for violation of BP 22?
A. A period of at least 90 days from the maturity date of check
B. A period of at least 90 days from the maturity date of check
C. A period of at least 150 days from the maturity date of check
D. A period of at least 180 days from the maturity date of check
Covered persons, natural or juridical, refer to
A. Banks, non-banks, quasi-banks, trust entities, foreign exchange dealers, pawnshops, money changers, remittance and transfer companies and other similar entities and all other persons and their subsidiaries and affiliates supervised or regulated by the Bangko Sentral ng Pilipinas
B. Insurance companies, pre-need companies and all other persons supervised or regulated by the Insurance Commission
C. Securities, dealers, brokers, salesmen, investment houses and other similar persons managing securities or rendering services as investment agent, advisor or consultant, mutual funds, closed-end investment companies, common trust funds, and other similar persons, and other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes and other similar monetary instruments or property supervised or regulated by the Securities and Exchange Commission
D. Casinos, including internet and ship-based casinos, with respect to their casino cash transactions related
E. All of the above
What is the objective of Anti-Money Laundering Law?
A. To protect and preserve the integrity and confidentiality of bank accounts
B. To ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity
C. Consistent with its foreign policy, to extend cooperation in transnational investigations and prosecutions of persons involved in money laundering activities wherever committed
D. All of the above
Which of the following is declared to be the policy of the Government under Republic Act No. 1405 a.k.a. Philippine Peso Deposit Secrecy Law?
I. To give encouragement to the people to deposit their money in banking institutions
II. To discourage private hoarding
A. Only Statement I
B. Only Statement II
C. Both Statements I and II
D. Neither Statements I nor II
Which act is covered by Republic Act No. 1405 a.k.a. Philippine Peso Deposit Secrecy Law?
A. Disclosing the amount of deposit of a judgment debtor to the court sheriff who is executing a garnishment order against him
B. Disclosing the name of the drawer of a check to the payee
C. Disclosing the amount of deposit of a taxpayer to a duly authorized BIR examiner who is examining his income tax liability
D. Disclosing the amount of deposit exceeding P500,000 in one banking day to Anti-Money Laundering Council
The Truth in Lending Act states that the policy of the State to protect its citizens from a lack of awareness of the true cost of credit to the user by assuring a full disclosure of such cost with a view of preventing the uninformed use of credit to the detriment of the national economy. Thus TILA requires that any creditor furnish to each person to whom credit is extended, PRIOR TO THE CONSUMMATION of the transaction, a clear STATEMENT IN WRITING (Disclosure Statement) setting forth several pieces of information on the loan extended. If an item charged was omitted from the disclosure:
I. All finance charges cannot be collected;
II. The entire contract is rendered void; and,
III. The total recoverable amount for all violations is Php 2000.
Which of the following is/are false?
A. Only two of the statements
B. Only one of the statements
C. All three of the statements
D. None of the statements
All registered CGEs shall charge interest based on:
A. The amount of loan extended at the signing of the loan
B. The outstanding balance of a loan at the beginning of an interest period
C. The amount of loan extended at the signing of the loan, net of any down payment or discounts
D. The outstanding balance of a loan at the end of an interest period
What is the government instrumentality created in 1963 by virtue of Republic Act 3591 to insure the deposits of all banks which are entitled to the benefits of insurance and considered as an attached agency of the Department of Finance?
A. Development Bank of the Philippines (DBP)
B. Landbank of the Philippines (LBP)
C. Philippine Deposit Insurance Corporation (PDIC)
D. Bangko Sentral ng Pilipinas (BSP)
It means the unpaid balance of money or its equivalent received by a bank in the usual course of business and for which it has given or is obliged to give credit to a commercial, checking, savings, time or thrift account, evidenced by a passbook, certificate of deposit, or other evidence of deposit issued in accordance with Bangko Sentral ng Pilipinas rules and regulations and other applicable laws, together with such other obligations of a bank
A. Insured Deposit
B. Insured Bank
C. Disputed Claim
D. Deposit
The Financial Rehabilitation and Insolvency Act (FRIA) of 2010 or Republic Act No. _________, states it is the policy of the State to encourage debtors, both juridical and natural persons, and their creditors to collectively and realistically resolve and adjust competing claims and property rights. In furtherance thereof, the State shall ensure a timely, fair, transparent, effective and efficient rehabilitation or liquidation of debtors. The rehabilitation or liquidation shall be made with a view to ensure or maintain certainty and predictability in commercial affairs, preserve and maximize the value of the assets of these debtors, recognize creditor rights and respect priority of claims, and ensure equitable treatment of creditors who are similarly situated. When rehabilitation is not feasible, it is in the interest of the State to facilitate a speedy and orderly liquidation of these debtors’ assets and the settlement of their obligations.
A. 10141
B. 10142
C. 10143
D. 10144
According to the Financial Rehabilitation and Insolvency Act (FRIA) of 2010:
Statement I: Rehabilitation shall refer to the restoration of the debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible and its creditors can recover by way of the present value of payments projected in the plan, more if the debtor continues as a going concern than if it is immediately liquidated;
Statement II: Illiquid shall refer to the financial condition of a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business; and,
Statement III: Insolvent shall refer to the financial condition of a debtor that has liabilities that are greater than its or his assets.
Which of the following is/are false?
A. Only two of the statements
B. Only one of the statements
C. All three of the statements
D. None of the statements
What is the quantum of evidence required for conviction of criminal offense involving violation of BP 22 for issuance of worthless checks?
A. Probable cause or prima facie evidence
B. Clear and convincing evidence
C. Preponderance of evidence
D. Proof of beyond reasonable doubt
Which of the following is not an element of violation of BP 22 for issuance of worthless check or no sufficient fund (NSF) check?
A. There must be knowledge of the maker, drawer, or issuer that at the time of issue, he does not have sufficient funds in or credit with the drawee bank for the payment of the check in full upon its presentment
B. There must be criminal intent to defraud on the part of the drawer of the check
C. There must be subsequent dishonor of the check by the drawee bank for insufficiency of funds or creditor dishonor for the same reason had not the drawer, without any valid cause, ordered the bank to stop payment
D. There must be making, drawing, and issuance of any check to apply for account or for value
Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of unlawful activity
A. Transacts said monetary instrument or property
B. Converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property
C. Conceals or disguise the true nature, source, location, disposition, movement or ownership of or rights with respect to said monetary instrument or property
D. All of the above
Which act is covered by Republic Act No. 1405 a.k.a. Philippine Peso Deposit Secrecy Law?
A. Disclosing the amount of deposit of a judgment debtor to the court sheriff who is executing a garnishment order against him
B. Disclosing the name of the drawer of a check to the payee
C. Disclosing the amount of deposit of a taxpayer to a duly authorized BIR examiner who is examining his income tax liability
D. Disclosing the amount of deposit exceeding P500,000 in one banking day to Anti-Money Laundering Council
CGEs shall be issued an Acknowledge of Registration by the BSP, which shall be valid for:
A. 1 year
B. 2 years
C. 3 years
D. 4 years
The following are the composition of the board of directors of the Philippine Deposit Insurance Corporation (PDIC) except
A. Secretary of Finance
B. President of the PDIC, who shall be appointed by the President of the Philippines
C. Four (4) members from the private sector to be appointed by the President of the Philippines
D. None of the above
According to the Financial Rehabilitation and Insolvency Act (FRIA) of 2010, a Rehabilitation Plan shall refer to a plan by which the financial well-being and viability of an insolvent debtor can be restored using various means including, but not limited to, debt forgiveness, debt rescheduling, reorganization or quasi reorganization, dacion en pago, debt-equity conversion and sale of the business (or parts of it) as a going concern, or setting-up of new business entity as prescribed in Section 62 hereof, or other similar arrangements as may be approved by the court or creditors. As such, it must be:
Statement I: Included as an attachment to the petition of the debtor/creditor subject to review by the rehabilitation receiver;
Statement II: Presented by the rehabilitation receiver to the creditors for their approval; and,
Statement III: Submitted by the rehabilitation receiver to the court for confirmation.
Which of the following is/are false?
A. Only two of the statements
B. Only one of the statements
C. All three of the statements
D. None of the statements
Which of the following is not a minimum customer identification to be required by a covered person from its client or customer?
A. Name of customer, date and place of birth and Present and permanent address
B. Nationality of customer
C. Name of all relatives of customer
D. Nature of work and name of employer
