
Key Bankruptcy Terms
Authored by Juan Jose Moncunill-Molto
Other
9th Grade
Used 1+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: An ______ is a resource with economic value that an individual, corporation, or country owns with the expectation that it will provide future benefits.
asset
liability
expense
debt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: ______ is a legal process for declaring that a person is unable to pay his or her debts.
Bankruptcy
Foreclosure
Liquidation
Repossession
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ ______ is an independent person appointed to administer a bankruptcy case, collect assets, and pay creditors.
Bankruptcy trustee
Financial advisor
Estate planner
Credit analyst
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ is an itemized summary of probable income and expenses for a given period.
Budget
Invoice
Receipt
Statement
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: ______ is a type of bankruptcy that requires individuals unable to pay their debts to sell his or her assets to pay creditors.
Chapter 7
Chapter 11
Chapter 13
Chapter 9
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ is a person, financial institution, or other business that lends money.
Creditor
Debtor
Borrower
Investor
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ is a person or business that owes money in exchange for loans or for goods or services purchased with credit.
Debtor
Creditor
Investor
Lender
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