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Bankruptcy Basics Quiz

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Questions and Answers

What does the term 'bankrupt' refer to?

A person or organization with high financial stability

A person or organization declared insolvent by a court (correct)

A person or organization with a successful investment portfolio

A person or organization with substantial savings

What is the primary consequence of being bankrupt?

Expansion of business operations

Liquidation of assets to repay debts (correct)

Access to new lines of credit

Increase in credit score

Which legal process allows individuals or organizations to declare bankruptcy?

Chapter 11 bankruptcy

Chapter 12 bankruptcy

Chapter 7 bankruptcy (correct)

Chapter 9 bankruptcy

What does 'bankrupt' mean?

Unable to pay debts Signup and view all the answers

What is the primary consequence of being bankrupt?

Liquidation of assets to pay off debts Signup and view all the answers

Which legal process allows individuals or organizations to declare bankruptcy?

Chapter 7 bankruptcy Signup and view all the answers

bankrupt Signup and view all the answers

bankrupt

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Study Notes

Bankruptcy

The term 'bankrupt' refers to a state of being unable to pay debts.
The primary consequence of being bankrupt is the inability to pay debts.
The legal process that allows individuals or organizations to declare bankruptcy is bankruptcy law or insolvency proceedings.

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Description

Test your knowledge of bankruptcy with this quiz! Learn what it means to be 'bankrupt' and explore the primary consequences of bankruptcy. Discover the legal process that allows individuals or organizations to declare bankruptcy.