Understanding Bankruptcy

Understanding Bankruptcy

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

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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