Write TRUE if the statement is correct and FALSE if incorrect. Thank you!

__________ 1.The rehabilitation proceedings initiated by the creditor are known as voluntary proceedings.

__________ 2.If the court finds the petition for voluntary rehabilitation is sufficient in form and substance, it will issue a closure order.

__________ 3.The right to express consumer interests in the making and execution of government policies is known as the consumer's right to redress.

__________ 4.A consumer product may be sold at a price higher than that stated in the price tag.

__________ 5.The Executive Committee takes the place of the management and the governing body of the debtor and assume their rights and responsibilities upon order of the court.

__________ 6.Inducing a consumer to enter into sales, lease or availment of services is a deceptive sales act and practice.

__________ 7.A zero-balance account is one in which checks "bounce" due to insufficient funds available to cover checks presented.

__________ 8.The Financial Rehabilitation and Insolvency Act expressly provides that "debtor" shall refer to individual debtor.

__________ 9.Product warranty include repair, replacement and refund..

__________ 10.The consumer Act of the Philippines provides protection to consumers against hazards to health and safety and deceptive, unfair and unconscionable sales acts and practices.

__________ 11. Consumer choice indicate competition.

__________ 12. Exclusive distributorship agreement are covered by the Philippine Competition Act.

__________13. The Philippine Competition Commission is a judicial body.

__________14. Exclusive distributorship agreements between suppliers and manufacturers are anti-competitive.

__________15. The Philippine Competition Act applies to the private sector only.