100+ Free Intermediate Economic Law Practice Questions

Prepare for the China National Accounting Professional Qualification (Intermediate) — Economic Law (全国会计专业技术资格中级经济法) exam with instant access — no signup required.

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2026 Statistics

Key Facts: Intermediate Economic Law Exam

5 Years

Maximum statutory period for LLC capital contribution

PRC Company Law (2023 Revision) Art. 47

2/3

Shareholder voting threshold for special corporate resolutions

PRC Company Law Arts. 66 & 116

3 Years

General statute of limitations period for civil claims

PRC Civil Code Art. 188

6 Months

Statutory guarantee period if unagreed

PRC Civil Code Art. 692

10 Days

PMSI super-priority registration grace period

PRC Civil Code Art. 416

2 Years

Insurance contract incontestable period

PRC Insurance Law Art. 16

Intermediate Economic Law is MOF's national qualification examination testing legal compliance and commercial regulations for intermediate accountants. The 120-minute computer-based exam requires a score of 60/100 to pass under a 2-year rolling window. Key tested areas include the 2023 revised Company Law (5-year capital contribution ceiling, founder joint liability, equity forfeiture, Board Audit Committees, 2/3 voting rules), Civil Code contract and property systems (PMSI super-priority, general guarantee presumption, 6-month guarantee period, subrogation, revocation), partnership liabilities, negotiable instruments recourse deadlines, securities insider trading/short-swing profits, insurance 2-year incontestable clauses, and government procurement rules. This bank delivers 100 verified practice MCQs with exhaustive legal explanations.

Sample Intermediate Economic Law Practice Questions

Try these sample questions to test your Intermediate Economic Law exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Civil Code of the PRC, which of the following civil juristic acts performed by an 8-year-old minor without the prior consent of their legal representative is valid immediately without requiring subsequent ratification?

A.Accepting a gift of RMB 500 from a relative that carries no obligations

B.Purchasing an expensive laptop worth RMB 8,000 using red envelope savings

C.Signing a copyright licensing contract for a self-written short story

D.Selling a mountain bicycle worth RMB 2,000 to a school classmate

Explanation: Under Article 145 of the PRC Civil Code, a person with limited civil capacity (an individual aged 8 or above but under 18) may independently perform civil juristic acts that purely confer benefits (such as receiving gifts or rewards without burdens) or acts that are appropriate to their age and intellectual maturity. Other acts require the prior consent of or subsequent ratification by their legal representative within 30 days. Accepting a pure cash gift of RMB 500 is an act purely conferring a benefit, so it is valid immediately upon performance.

2According to the Civil Code of the PRC, which of the following civil juristic acts is void from the moment it is performed?

A.A purchase contract signed by an enterprise purchasing agent beyond their authorization scope where the counterparty acted in good faith

B.A sales agreement entered into through malicious collusion between the buyer and seller that intentionally harms the legitimate property rights of a third party

C.A commercial procurement contract concluded by a buyer under a major misunderstanding regarding the origin of raw materials

D.A vehicle sale contract concluded where the buyer was deceived by fraudulent statements of the seller regarding mileage

Explanation: Under Article 154 of the PRC Civil Code, a civil juristic act conducted through malicious collusion between the actor and the counterparty that harms the lawful rights and interests of others is void (无效). Void acts have no legal binding effect from the outset (自始无效).

3Under the Civil Code of the PRC, what is the statutory time limit for a party to exercise the right of revocation in the case of a civil juristic act concluded as a result of a 'major misunderstanding' (重大误解)?

A.Within 1 year from the date the party knows or should have known of the cause for revocation

B.Within 6 months from the date the contract was executed

C.Within 90 days from the date the party knows or should have known of the cause for revocation

D.Within 2 years from the date the misunderstanding was discovered

Explanation: Under Article 152 of the PRC Civil Code, the right of revocation for major misunderstanding must be exercised within 90 days from the date the party knows or should have known of the cause for revocation. In contrast, for fraud or unconscionability, the period is 1 year from knowledge; for duress, it is 1 year from the date the duress ceases. In all cases, the right is extinguished if not exercised within 5 years from the occurrence of the juristic act.

4Company A and Company B agree in a contract that Company B will purchase Company A's warehouse only if Company A obtains a municipal commercial remodeling permit by November 30. However, Company A deliberately bribes an official to deny the permit so it can sell the warehouse to a higher bidder. Under the PRC Civil Code, what is the legal effect on the condition?

A.The condition is legally deemed to have failed, because the permit was not actually issued by November 30

B.The entire sales contract is void due to illegal interference

C.Company B must file a separate tort claim to force the administrative bureau to issue the permit

D.The condition is legally deemed to have been fulfilled, because Company A improperly prevented its fulfillment for its own benefit

Explanation: Under Article 159 of the PRC Civil Code, where a civil juristic act is subject to a condition, if a party improperly prevents the fulfillment of the condition for its own benefit, the condition shall be deemed to have been fulfilled (不正当阻止条件成就的，视为条件已成就). Conversely, if a party improperly promotes the fulfillment of the condition, it is deemed not to have been fulfilled.

5Zhao was an authorized procurement manager for Enterprise M. In July, Enterprise M fired Zhao and revoked his authority, but failed to retrieve Zhao's blank contracts stamped with the company's official contract seal. In August, Zhao presented the stamped blank contract to Supplier N (who was unaware of Zhao's dismissal) and purchased equipment worth RMB 200,000 in Enterprise M's name. What is the legal consequence of this transaction under the PRC Civil Code?

A.The contract constitutes apparent agency (表见代理) and is directly binding on Enterprise M

B.The contract is completely void because Zhao had no agency authority at the time of signing

C.The contract is of pending validity and has no legal effect unless Enterprise M's board of directors ratifies it

D.Supplier N can only hold Zhao personally liable for breach of contract and cannot demand performance from Enterprise M

Explanation: Under Article 172 of the PRC Civil Code, where an actor performs an act without authority, beyond authority, or after the termination of authority, but the relative party (counterparty) has reasonable grounds to believe that the actor has authority of agency, the act of agency is valid (apparent agency / 表见代理). Because Enterprise M left stamped blank contracts with Zhao, Supplier N had reasonable grounds to believe Zhao was authorized, making the contract directly binding on Enterprise M. Enterprise M may subsequently seek recourse against Zhao.

6Under the PRC Civil Code, when an unauthorized agent signs a contract on behalf of a principal without apparent agency, the counterparty who acts in good faith has specific statutory remedies. Which of the following statements is correct?

A.The good-faith counterparty must wait 6 months before taking any legal action

B.The good-faith counterparty may notify the principal to ratify within 30 days, or withdraw (rescind) the juristic act by notification before ratification

C.The principal's silence upon receiving the 30-day notice is legally deemed as ratification

D.Only the unauthorized agent has the right to withdraw from the contract before ratification

Explanation: Under Article 171 of the PRC Civil Code, the relative party may催告 (urge/demand) the principal to ratify the act within 30 days. If the principal remains silent, it is deemed a refusal to ratify (未作表示的，视为拒绝追认). Prior to ratification, a good-faith relative party has the right of withdrawal (撤销权 / 撤回) by delivering notice to the principal or agent.

7Under Article 168 of the PRC Civil Code, an agent is generally prohibited from performing civil juristic acts in the name of the principal with themselves (self-dealing) or simultaneously representing both principals in the same juristic act (dual agency), UNLESS which of the following conditions is met?

A.The transaction price is strictly higher than fair market value

B.The agent is a registered certified public accountant or licensed attorney

C.The act has been consented to or ratified by the principal(s)

D.The contract is notarized by a notary public office

Explanation: Under Article 168 of the PRC Civil Code, an agent shall not perform a civil juristic act in the principal's name with himself, nor perform a civil juristic act in the name of both principals whom he represents simultaneously, unless consented to or ratified by the principal(s) (经被代理人同意或者追认的除外).

8Under Article 196 of the PRC Civil Code, which of the following claims is NOT subject to the statute of limitations (诉讼时效)?

A.A claim for payment of outstanding goods under a standard commercial sales contract

B.A claim for liquidated damages arising from delayed construction work

C.A claim for compensation for property damage caused by an ordinary traffic accident

D.A claim requesting the return of immovable property by the registered property owner

Explanation: Under Article 196 of the PRC Civil Code, the statute of limitations does NOT apply to: (1) claims requesting cessation of infringement, removal of obstacles, or elimination of danger; (2) claims of the right holder of registered real property (or registered movable property) requesting the return of property; (3) claims requesting payment of child support, support for elderly parents, or maintenance/alimony; and (4) other claims exempt by law. Commercial sales, construction damages, and tort claims are all subject to the general 3-year limitation period.

9Under the PRC Civil Code, which of the following events causes the 'interruption' (中断) of the statute of limitations, causing the limitation period to restart anew from the date of the event?

A.The creditor delivers a written demand letter to the debtor requesting repayment of the due debt

B.A catastrophic earthquake traps the creditor in a remote area during the last 3 months of the limitation period

C.The creditor becomes incapacitated 2 months before the period expires and no guardian has been appointed

D.The creditor's legal representative passes away during the last month of the period

Explanation: Under Article 195 of the PRC Civil Code, the statute of limitations is interrupted (中断) when: (1) the obligee requests performance (demand); (2) the obligor agrees to perform obligations (acknowledgment); (3) the obligee files a lawsuit or applies for arbitration; or (4) other circumstances with equivalent legal effect occur. Upon interruption, the limitation period restarts anew (重新计算). Natural disasters and guardianship vacancies occurring in the last 6 months cause 'suspension' (中止) under Article 194, not interruption.

10Company X and Company Y signed a supply contract containing an arbitration clause stating: 'Any dispute arising from the performance of this contract shall be submitted to arbitration in Beijing.' The clause did not specify the name of any arbitration commission. When a dispute arose, the parties failed to reach a supplemental agreement regarding the arbitration institution. Under the PRC Arbitration Law, what is the legal status of this arbitration clause?

A.The arbitration agreement is automatically assigned to the Beijing Arbitration Commission by default

B.The arbitration agreement is invalid (void), and either party may file a lawsuit in the competent People's Court

C.The arbitration agreement remains valid and the China International Economic and Trade Arbitration Commission (CIETAC) has mandatory jurisdiction

D.The parties must submit the dispute to the Beijing Intermediate People's Court to designate an arbitrator

Explanation: Under Articles 16 and 18 of the PRC Arbitration Law, a valid arbitration agreement must include: (1) an expression of intention to apply for arbitration; (2) matters for arbitration; and (3) a designated arbitration commission. If the arbitration agreement does not specify an arbitration commission or the designation is unclear, the parties may conclude a supplementary agreement; if they fail to reach a supplementary agreement, the arbitration agreement is INVALID (无效). Consequently, the People's Court has jurisdiction.

About the Intermediate Economic Law Exam

The China National Accounting Professional Qualification (Intermediate Level) — Economic Law (全国中级会计职称考试 — 经济法) is the official national credential examination administered annually by the Ministry of Finance of the PRC. It qualifies accounting and finance professionals for mid-to-senior corporate financial management, comptroller, and accounting advisory roles across China. The syllabus encompasses General Legal Principles (civil juristic acts, agency, dispute resolution, statute of limitations), the Company Law of the PRC (including the landmark 2023 revision effective July 1, 2024), Partnership Enterprise Law, Material Rights and Property Law (Civil Code Property Book), Contract Law (Civil Code Contract Book), Financial and Securities Law (Negotiable Instruments, Securities, Insurance, and Trust Law), and State-Owned Assets and Government Procurement Law. This practice suite is an English-language MCQ study adaptation designed by OpenExamPrep. It translates key Chinese statutory terms, procedural deadlines, and legal doctrines into precise English commercial law terminology while maintaining strict alignment with current PRC statutes, Supreme People's Court judicial interpretations, and Ministry of Finance examination guidelines.

Assessment

Question count varies by module

Time Limit

120 minutes

Passing Score

60 / 100 points

Exam Fee

RMB 50–70 per subject (Ministry of Finance of the PRC (财政部会计财务评价中心))

Intermediate Economic Law Exam Content Outline

10%

General Legal Principles (法律基本原理)

Civil juristic acts (validity, condition, term), agency (unauthorized, apparent, representative power), arbitration agreements and judicial review, civil court jurisdiction, and statute of limitations (3-year general rule, suspension, interruption).

26%

Company Law of the PRC (公司法律制度)

2023 revised Company Law provisions: 5-year capital contribution rule (Art. 47), founder capital shortfall liability, equity forfeiture (失权制度), accelerated maturity, Audit Committee replacing Supervisory Board, small LLC sole director, shareholder meeting voting rules (2/3 majority), minority appraisal buyouts, shareholder derivative suits, capital reduction, and liquidation.

14%

Partnership Enterprise Law (合伙企业法律制度)

General Partnerships (GP) vs Limited Partnerships (LP), labor contribution rules, property disposal unanimous consent, profit/loss allocation prohibitions, unlimited joint liability, safe harbor rules for LPs, statutory retirement, expulsion, and conversion between GP and LP status.

16%

Material Rights & Property Law (物权法律制度)

Property transfer mechanisms, registration vs delivery, constructive/simple delivery, bona fide acquisition, right of habitation, easements, real estate vs movable mortgages, super-priority PMSI (Art. 416), floating mortgages, pledges, commercial vs civil liens, and security conflict rankings.

16%

Contract Law (合同法律制度)

Offer and acceptance, standard terms, insecurity defense, creditor preservation (subrogation and revocation), guarantee types (Civil Code general guarantee presumption), guarantee period (6 months), 20% deposit ceiling, liquidated damages adjustment, sales risk transfer, and 20-year lease limits.

12%

Financial & Securities Law (金融法律制度)

Negotiable Instruments Law (bills of exchange absolute items, restrictive endorsements, recourse deadlines: 2 years, 6 months, 3 months), Securities Law (registration system, disclosure, insider trading, short-swing profits), Insurance Law (insurable interest, 2-year incontestable clause, subrogation prohibition in life insurance), and Trust Law.

Enterprise State-Owned Assets & Government Procurement Law (国有资产与政府采购)

SASAC contributor functions, state-owned asset transfers and payment rules, government procurement methods (public bidding, single-source, competitive negotiation), supplementary contract 10% ceiling, and bid challenge/complaint statutory deadlines.

How to Pass the Intermediate Economic Law Exam

What You Need to Know

Passing score: 60 / 100 points
Assessment: Question count varies by module
Time limit: 120 minutes
Exam fee: RMB 50–70 per subject

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

Intermediate Economic Law Study Tips from Top Performers

1Master the 2023 Company Law revisions thoroughly: memorise the 5-year capital contribution deadline (Art. 47), the 60-day notice for equity forfeiture (Art. 52), and the 2/3 voting requirements for special resolutions.

2Distinguish General Partnerships from Limited Partnerships on 4 key dimensions: labor contribution (GP yes, LP no), self-dealing (GP prohibited without consent, LP permitted unless prohibited), non-compete (GP prohibited, LP permitted), and debt liability (GP unlimited joint, LP limited).

3Memorize the statutory guarantee default rule: under Civil Code Art. 686, unclear guarantee agreements are deemed GENERAL GUARANTEES, with a statutory guarantee period of 6 months.

4Drill the Negotiable Instruments Law deadlines: 2-year claim against bill acceptor/drawer, 6-month check claim against drawer, 6-month recourse against endorsers, and 3-month re-recourse.

5Understand the super-priority Purchase Money Security Interest (PMSI) under Civil Code Art. 416: registered within 10 days of delivery, it defeats prior floating mortgages.

6Review the Incontestable Clause in Insurance Law: insurers cannot rescind a contract after 2 years from conclusion for policyholder non-disclosure.

7Learn the Government Procurement challenge and complaint timeline: 7 working days to challenge, 7 working days for purchaser reply, 15 working days to complain to MOF, and 30 working days for administrative decision.

Frequently Asked Questions

What is the format and passing score of the Intermediate Economic Law exam?

The official examination is a 120-minute closed-book computer-based test scored out of 100 points. A score of 60 points or higher is required to pass. The paper contains single choice, multiple choice, true/false judgments, and case analysis questions.

How does the 2023 PRC Company Law affect the exam syllabus?

The revised Company Law (effective July 1, 2024) is a core testing focus. High-frequency topics include the 5-year capital contribution time limit for LLCs (Art. 47), joint liability of founding shareholders, equity forfeiture procedures for unpaid capital (Arts. 51-52), the ability of an Audit Committee of the Board to replace the Supervisory Board (Art. 69), single-director structures for small LLCs, and simplified capital reduction (Art. 225).

What is the difference between General Guarantee and Joint and Several Guarantee under the Civil Code?

Under Article 686 of the PRC Civil Code, if the parties do not specify the guarantee type, it is presumed to be a GENERAL GUARANTEE (一般保证). In a general guarantee, the guarantor has the benefit of discussion (先诉抗辩权) and can refuse to pay until the creditor has sued the debtor, obtained a judgment, and enforced against the debtor's assets without satisfaction. In a joint and several guarantee, the creditor can demand payment directly from the guarantor once the debt matures.

What are the recourse time limits under the PRC Negotiable Instruments Law?

Under Article 17 of the Negotiable Instruments Law: the holder's rights against the acceptor/drawer of a bill or promissory note expire 2 years from maturity; check holder rights against the drawer expire 6 months from issue; recourse rights against prior endorsers expire 6 months from refusal of payment/acceptance; and re-recourse rights expire 3 months from the date of voluntary settlement or lawsuit.

What is the rolling score validity rule?

Scores are valid on a 2-year rolling cycle. A candidate who passes Economic Law in Year 1 must pass the remaining two subjects (Intermediate Accounting Practice and Financial Management) by Year 2 to earn the Intermediate Accountant Qualification Certificate.

Is this practice bank authorized for official preparation?

This practice question bank is an English-language educational adaptation authored by OpenExamPrep. It offers verified practice questions mapped to the official Ministry of Finance syllabus and Chinese statutory law to aid global and bilingual learners.