Understanding Bankruptcy

Understanding Bankruptcy

12th Grade

30 Qs

quiz-placeholder

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Understanding Bankruptcy

Understanding Bankruptcy

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Marty Hammond

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a 'Petition for Bankruptcy'?

To apply for a loan

To declare financial insolvency

To start a new business

To pay off debts.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: A 'Petition for Bankruptcy' is typically filed when an individual or business is unable to ______.

A) earn profits

B) manage employees

C) pay debts

D) expand operations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of debt?

Secured Debt

Unsecured Debt

Both A and B

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debt to income ratio is used to analyze ______.

Financial stability

Credit score

Income level

Spending habits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a legal process involving a person or business that is unable to repay outstanding debts?

Debt

Bankruptcy

Avoiding Debt

Savings

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To manage finances effectively, one should focus on ______.

Increasing Debt

Bankruptcy

Avoiding Debt

Ignoring Debt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a 'Petition for Bankruptcy'?

To apply for a loan

To declare inability to pay debts

To start a new business

To invest in stocks

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