M2S2 Legal, Regulatory and Political Issues 👨🏻⚖️ Flashcards
What is the primary purpose of a system of rules and regulations in law?
A) To promote technological advancement
B) To maintain social order and protect rights
C) To increase business profits
D) To control natural resources
Correct Answer: B) To maintain social order and protect rights
External regulation is primarily enforced by which entity?
A) Private corporations
B) Non-profit organizations
C) Government
D) Educational institutions
Correct Answer: C) Government
Which of the following is a government body responsible for regulating securities and financial markets?
A) BIR (Bureau of Internal Revenue)
B) DTI (Department of Trade and Industry)
C) LGU (Local Government Unit)
D) SEC (Securities and Exchange Commission)
Correct Answer: D) SEC (Securities and Exchange Commission)
What does DTI stand for, and what is its primary role?
A) Department of Transportation and Infrastructure; to manage public transportation
B) Department of Trade and Industry; to promote trade and protect consumer rights
C) Department of Technology and Innovation; to advance technological development
D) Department of Taxation and Investment; to oversee tax collection
Correct Answer: B) Department of Trade and Industry; to promote trade and protect consumer rights
What is the role of a Barangay (BRGY) in the Philippines?
A) To regulate national financial markets
B) To manage tax collection at the national level
C) To oversee local community governance and services
D) To promote international trade
Correct Answer: C) To oversee local community governance and services
Which body is responsible for ensuring fair trade practices and consumer protection in the Philippines?
A) SEC (Securities and Exchange Commission)
B) DTI (Department of Trade and Industry)
C) BIR (Bureau of Internal Revenue)
D) LGU (Local Government Unit)
Correct Answer: B) DTI (Department of Trade and Industry)
Which government body is responsible for tax collection and enforcement in the Philippines?
A) SEC (Securities and Exchange Commission)
B) DTI (Department of Trade and Industry)
C) BIR (Bureau of Internal Revenue)
D) LGU (Local Government Unit)
Correct Answer: C) BIR (Bureau of Internal Revenue)
Which government body typically handles community-level governance and local issues?
A) BIR (Bureau of Internal Revenue)
B) DTI (Department of Trade and Industry)
C) SEC (Securities and Exchange Commission)
D) BRGY (Barangay)
Correct Answer: D) BRGY (Barangay)
What does LGU stand for, and what is its primary function?
A) Local Government Unit; to manage local governance and community services
B) Legal Governance Unit; to oversee legal compliance in businesses
C) Labor Government Union; to represent workers’ rights
D) Land and Geographical Unit; to manage land resources
Correct Answer: A) Local Government Unit; to manage local governance and community services
External regulation by the government aims to achieve which of the following?
A) Increase business profits
B) Protect public interest and ensure compliance with laws
C) Promote technological innovation
D) Reduce government spending
Correct Answer: B) Protect public interest and ensure compliance with laws
Which branch of government is responsible for interpreting the law?
A) Legislative
B) Executive
C) Judiciary
D) Administrative
Correct Answer: C) Judiciary
Who is the head of the Judiciary?
A) President
B) Chief Justice
C) Senate President
D) Justice Secretary
Correct Answer: B) Chief Justice
Which of the following is a member of the Legislative branch?
A) President
B) Senator
C) Chief Justice
D) Justice Secretary
Correct Answer: B) Senator
What is the primary function of the Legislative branch?
A) Interpreting laws
B) Enforcing laws
C) Making laws
D) Adjudicating disputes
Correct Answer: C) Making laws
Who is responsible for enforcing the law within the government structure?
A) Judiciary
B) Legislative
C) Executive
D) Administrative
Correct Answer: C) Executive
In the hierarchy of the Executive branch, who is the second-in-command after the President?
A) Chief Justice
B) Senate President
C) House Speaker
D) Vice President
Correct Answer: D) Vice President
Which of the following is NOT part of the Executive branch?
A) President
B) Vice President
C) Senate President
D) Chief Justice
Correct Answer: D) Chief Justice
Who presides over the Senate in the Legislative branch?
A) Chief Justice
B) Senate President
C) House Speaker
D) Vice President
Correct Answer: B) Senate President
Which position is responsible for presiding over the House of Representatives?
A) President
B) Vice President
C) Senate President
D) House Speaker
Correct Answer: D) House Speaker
Which of the following officials is part of the Legislative branch at a local level?
A) Congressman
B) Justice Secretary
C) Chief Justice
D) Councillor
Correct Answer: D) Councillor
Which of the following individuals is part of the Legislative branch and helps create laws?
A) Justice Secretary
B) Board Members
C) Chief Justice
D) President
Correct Answer: B) Board Members
Who assists the President in enforcing laws and managing the operations of the Executive branch?
A) Chief Justice
B) Vice President
C) Senate President
D) Board Members
Correct Answer: B) Vice President
Who is the highest-ranking official in the Executive branch?
A) Chief Justice
B) Vice President
C) Senate President
D) President
Correct Answer: D) President
The Justice Secretary is part of which branch of government?
A) Executive
B) Legislative
C) Judiciary
D) None of the above
Correct Answer: C) Judiciary
Which of the following is a duty of the Judiciary branch?
A) Making laws
B) Enforcing laws
C) Interpreting laws
D) Vetoing laws
Correct Answer: C) Interpreting laws
Basic form of capitalism
Free Market
Monopoly of goods and services.
Capitalism
Improve corporate governance of member country
OECD
Organization for Economic Cooperation and Development
SOX
Sarbanes-Oxley Act of 2002
- Protects the interest of stockholders
- Safeguard against accounting fraud
Sarbanes-Oxley Act of 2002
