Question 1

The UCC recognizes two types of intangible collateral: _____ and general intangibles.

Accepted Answer

A)  license 
B)  chattel paper 
C)  accounts 
D)  instruments 
A)  license 
B)  chattel paper 
C)  accounts 
D)  instruments

Question 2

Which of the following statements is true regarding accounts receivable?

Accepted Answer

A)  It is evidenced by a chattel paper or an instrument. 
B)  It falls under the category of intangible collaterals. 
C)  In the context of defining collateral, accounts receivable is used as a catchall phase for interests not otherwise covered unless they are specifically excluded. 
D)  It includes stocks, bonds and other investment securities. 
A)  It is evidenced by a chattel paper or an instrument. 
B)  It falls under the category of intangible collaterals. 
C)  In the context of defining collateral, accounts receivable is used as a catchall phase for interests not otherwise covered unless they are specifically excluded. 
D)  It includes stocks, bonds and other investment securities.

Question 3

Which of the following statements is true regarding a surety?

Accepted Answer

A)  The creditor must first try to collect from the debtor before the surety becomes obligated on the debt. 
B)  A surety usually does not become a part of the original agreement between the debtor and the creditor. 
C)  A surety is obligated to pay the debt as soon as it becomes due. 
D)  A surety usually enters into a separate contract with the surety who binds him to the first contract between the debtor and the creditor. 
A)  The creditor must first try to collect from the debtor before the surety becomes obligated on the debt. 
B)  A surety usually does not become a part of the original agreement between the debtor and the creditor. 
C)  A surety is obligated to pay the debt as soon as it becomes due. 
D)  A surety usually enters into a separate contract with the surety who binds him to the first contract between the debtor and the creditor.

Question 4

A guarantor usually makes a promise on the original agreement and becomes a party to that agreement.

Accepted Answer

A) True 
 B)False

Question 5

The right of _____ allows the surety to obtain a court decree ordering the debtor to pay the creditor.

Accepted Answer

A)  reimbursement 
B)  exoneration 
C)  subrogation 
D)  contribution 
A)  reimbursement 
B)  exoneration 
C)  subrogation 
D)  contribution

Question 6

The right of subrogation allows the surety to obtain a court decree ordering the debtor to pay the creditor.

Accepted Answer

A) True 
 B)False

Question 7

The refrigerator purchased by a physician to store medicines in her office is classified as a consumer good.

Accepted Answer

A) True 
 B)False

Question 8

Pensions are exempt from bankruptcy.

Accepted Answer

A) True 
 B)False

Question 9

A Chapter 13 bankruptcy is also called a ___.

Accepted Answer

A)  liquidation plan 
B)  reorganization bankruptcy 
C)  strategic bankruptcy 
D)  wage earner's plan 
A)  liquidation plan 
B)  reorganization bankruptcy 
C)  strategic bankruptcy 
D)  wage earner's plan

Question 10

Individuals must undergo a means test to determine if they qualify for _____ bankruptcy.

Accepted Answer

A)  Chapter 7 
B)  Chapter 9 
C)  Chapter 11 
D)  Chapter 12 
A)  Chapter 7 
B)  Chapter 9 
C)  Chapter 11 
D)  Chapter 12

Question 11

Which of the following statements is true about a Chapter 7 bankruptcy?

Accepted Answer

A)  Chapter 7 bankruptcy is frequently referred to as the 'Wage earner's plan.' 
B)  The debtor can remain "in possession of the assets" while undergoing the bankruptcy process under Chapter 7, without the appointment of a trustee. 
C)  Individuals must undergo a means test to determine if they qualify for Chapter 7 bankruptcy. 
D)  In Chapter 7 bankruptcy, the debtor is placed in a fiduciary relationship with the powers and rights of a trustee. 
A)  Chapter 7 bankruptcy is frequently referred to as the 'Wage earner's plan.' 
B)  The debtor can remain "in possession of the assets" while undergoing the bankruptcy process under Chapter 7, without the appointment of a trustee. 
C)  Individuals must undergo a means test to determine if they qualify for Chapter 7 bankruptcy. 
D)  In Chapter 7 bankruptcy, the debtor is placed in a fiduciary relationship with the powers and rights of a trustee.

Question 12

What are the various advantages of Chapter 13 bankruptcy?

Accepted Answer

A Chapter 13 bankruptcy is also called a

Question 13

With reference to indispensable paper, the term _____ includes negotiable instruments, stocks, bonds, and other investment securities.

Accepted Answer

A)  license 
B)  chattel paper 
C)  document 
D)  instrument 
A)  license 
B)  chattel paper 
C)  document 
D)  instrument

Question 14

Which of the following types of bankruptcies requires debtor to turn over all nonexempt property to the trustee so that it may be sold and the proceeds distributed among the unsecured creditors?

Accepted Answer

A)  Chapter 13 
B)  Chapter 7 
C)  Chapter 11 
D)  Chapter 2 
A)  Chapter 13 
B)  Chapter 7 
C)  Chapter 11 
D)  Chapter 2

Question 15

Discuss the various reasons due to which a debtor becomes eligible for involuntary bankruptcy.

Accepted Answer

An involuntary petition should be filed

The UCC recognizes two types of intangible collateral: _____ and general intangibles.

Which of the following statements is true regarding accounts receivable?

Which of the following statements is true regarding a surety?

A guarantor usually makes a promise on the original agreement and becomes a party to that agreement.

The right of _____ allows the surety to obtain a court decree ordering the debtor to pay the creditor.

The right of subrogation allows the surety to obtain a court decree ordering the debtor to pay the creditor.

The refrigerator purchased by a physician to store medicines in her office is classified as a consumer good.

Pensions are exempt from bankruptcy.

A Chapter 13 bankruptcy is also called a ___.

Individuals must undergo a means test to determine if they qualify for _____ bankruptcy.

Which of the following statements is true about a Chapter 7 bankruptcy?

What are the various advantages of Chapter 13 bankruptcy?

With reference to indispensable paper, the term _____ includes negotiable instruments, stocks, bonds, and other investment securities.

Which of the following types of bankruptcies requires debtor to turn over all nonexempt property to the trustee so that it may be sold and the proceeds distributed among the unsecured creditors?

Discuss the various reasons due to which a debtor becomes eligible for involuntary bankruptcy.

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Contracts and Sales

Torts

Property, Real and Personal

Business Crimes

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

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Environmental Law and Business

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Exam 9: Secured Transactions and Bankruptcy

The UCC recognizes two types of intangible collateral: _____ and general intangibles.

Which of the following statements is true regarding accounts receivable?

Which of the following statements is true regarding a surety?

A guarantor usually makes a promise on the original agreement and becomes a party to that agreement.

The right of _____ allows the surety to obtain a court decree ordering the debtor to pay the creditor.

The right of subrogation allows the surety to obtain a court decree ordering the debtor to pay the creditor.

The refrigerator purchased by a physician to store medicines in her office is classified as a consumer good.

Pensions are exempt from bankruptcy.

A Chapter 13 bankruptcy is also called a ___.

Individuals must undergo a means test to determine if they qualify for _____ bankruptcy.

Which of the following statements is true about a Chapter 7 bankruptcy?

What are the various advantages of Chapter 13 bankruptcy?

With reference to indispensable paper, the term _____ includes negotiable instruments, stocks, bonds, and other investment securities.

Which of the following types of bankruptcies requires debtor to turn over all nonexempt property to the trustee so that it may be sold and the proceeds distributed among the unsecured creditors?

Discuss the various reasons due to which a debtor becomes eligible for involuntary bankruptcy.

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Contracts and Sales

Torts

Property, Real and Personal

Business Crimes

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

Securities Regulation and Compliance

Antitrust and Trade Regulation

Intellectual Property

Environmental Law and Business

International Law and Business

Filters