Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What does the term 'bankrupt' refer to?
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?
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?
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?
What does 'bankrupt' mean?
Signup and view all the answers
What is the primary consequence of being bankrupt?
What is the primary consequence of being bankrupt?
Signup and view all the answers
Which legal process allows individuals or organizations to declare bankruptcy?
Which legal process allows individuals or organizations to declare bankruptcy?
Signup and view all the answers
Signup and view all the answers
bankrupt
bankrupt
Signup and view all the answers
Flashcards are hidden until you start studying
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
