
Understanding Bankruptcy

Interactive Video
•
Business
•
9th - 10th Grade
•
Hard
Jennifer Brown
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a reason someone might go bankrupt?
Poor financial decisions
Winning the lottery
Failed business ventures
Economic downturns
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common misconception about bankruptcy?
It is the end of financial life
It is a fresh start
It is a legal process
It affects credit score
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main consequences of filing for bankruptcy?
Increased income
Difficulty in borrowing money
Immediate wealth
Improved credit score
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to your credit score after filing for bankruptcy?
It remains unchanged
It improves immediately
It is significantly impacted
It becomes irrelevant
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a possible first step if you are unable to pay your debts?
Buy more on credit
File for divorce
Negotiate with creditors
Ignore the creditors
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a Chapter 7 bankruptcy, what is typically NOT sold to pay off debts?
Jewelry
Vacation home
Luxury yacht
Primary car
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of bankruptcy is commonly used by businesses to reorganize?
Chapter 9
Chapter 7
Chapter 11
Chapter 13
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