BUS 263 FINAL QUESTIONS WITH VERIFIED
ANSWERS
Which of the following debt item(s) are not extinguished by a chapter 7 bankruptcy? -
Answers - Alimony
The final stage of bankruptcy is knows as: - Answers - Discharge in bankruptcy
Billy wants to borrow $10,000 to start a male belly dancing business. Creditors are not
anxious to lend him the funds. Billy Convinces Gary to back-up his credit. Gary is: -
Answers - The surety
Bankruptcy law: - Answers - is federal statutory law
Tiny borrows 20k from First Bank. Mike is the surety on the loan. Tiny defaults and First
required Mike to pay the balance of the loan. In this case, Mike may see: - Answers -
Tiny to reimburse of exonerate him
A mortgage will typically contain: - Answers - A description of the property
The amount of debt involved
Under Chapter 13, which kind of debt is subject to different repaying schedule? -
Answers - Long term secured debt
When a business lends another business money, it should perfect its security interest
by: - Answers - Filings its financial statement with the state secretary of state.
In the case of bankruptcy, which of the following classes of creditors have highest
priority - Answers - Secured creditors
Voluntary chapter 13 bankruptcies: - Answers - Apply to individuals only
According to the UCC, a creditor may repossess a product in which it has a security
interest: - Answers - Without judicial process
So long as this doesn't cause a breach of peace.
In order to establish a superior right, a creditor must: - Answers - Prohibit a default
A creditor is a person or business who: - Answers - lends money to someone else
ANSWERS
Which of the following debt item(s) are not extinguished by a chapter 7 bankruptcy? -
Answers - Alimony
The final stage of bankruptcy is knows as: - Answers - Discharge in bankruptcy
Billy wants to borrow $10,000 to start a male belly dancing business. Creditors are not
anxious to lend him the funds. Billy Convinces Gary to back-up his credit. Gary is: -
Answers - The surety
Bankruptcy law: - Answers - is federal statutory law
Tiny borrows 20k from First Bank. Mike is the surety on the loan. Tiny defaults and First
required Mike to pay the balance of the loan. In this case, Mike may see: - Answers -
Tiny to reimburse of exonerate him
A mortgage will typically contain: - Answers - A description of the property
The amount of debt involved
Under Chapter 13, which kind of debt is subject to different repaying schedule? -
Answers - Long term secured debt
When a business lends another business money, it should perfect its security interest
by: - Answers - Filings its financial statement with the state secretary of state.
In the case of bankruptcy, which of the following classes of creditors have highest
priority - Answers - Secured creditors
Voluntary chapter 13 bankruptcies: - Answers - Apply to individuals only
According to the UCC, a creditor may repossess a product in which it has a security
interest: - Answers - Without judicial process
So long as this doesn't cause a breach of peace.
In order to establish a superior right, a creditor must: - Answers - Prohibit a default
A creditor is a person or business who: - Answers - lends money to someone else
