Bankruptcy Ch.8 & 9

Bankruptcy Ch.8 & 9

Assessment

Flashcard

English

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a lien?

Back

A lien is a legal right to keep possession of property belonging to another person until a debt owed by that person is discharged.

2.

FLASHCARD QUESTION

Front

What does repossession mean?

Back

Repossession is the act of taking collateral when a borrower fails to repay a loan.

3.

FLASHCARD QUESTION

Front

What is garnishment?

Back

Garnishment is a legal procedure requiring a portion of the debtor’s pay to be set aside by the person’s employer to pay creditors.

4.

FLASHCARD QUESTION

Front

What is debt?

Back

Debt is something that is owed that will decrease future earnings.

5.

FLASHCARD QUESTION

Front

How do you calculate owner’s capital?

Back

Owner’s capital equals total assets minus total liabilities.

6.

FLASHCARD QUESTION

Front

What is Chapter 7 Bankruptcy?

Back

Chapter 7 Bankruptcy is a type of bankruptcy that involves the liquidation of assets to pay off debts.

7.

FLASHCARD QUESTION

Front

What is Chapter 11 Bankruptcy?

Back

Chapter 11 Bankruptcy is a type of bankruptcy that allows businesses to reorganize and continue operating while repaying creditors.

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