Bankruptcy and Financial Laws

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How long can a history of bankruptcy follow a company or individual? Five years Ten years Twenty years Thirty years

Twenty years

Which of the following are commodities? Wheat Orange juice Water A and B

A and B

Which of the following describes a subprime loan? A loan with a lower than average interest rate A loan given for a specific purchase A loan given to a high-risk customer A loan which does not comply with credit laws

A loan given to a high-risk customer

The Sarbanes-Oxley Act of 2002: Is very controversial Was written to help correct corporate scandals Has benefited accounting companies All of the above

All of the above

Which of the following companies emerged successfully from bankruptcy? Fruit of the Loom Macy's Polaroid Corporation Kmart Corporation All of the above

All of the above

Which of the following is true of bankruptcy? It is a legal proceeding in which a company seeks protection from creditors while they try to survive It is commonly thought of as starting anew financially It applies also to individuals and businesses All of the above

All of the above

The word bankruptcy come from which of the following? The American Supreme Court A German word meaning "liability" A policy written for the American Finance Association An Italian phrase meaning "broken bench"

An Italian phrase meaning "broken bench"

Which of the following is the newly signed act which may form the future of bankruptcy? Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA) Protection of Bankrupt Businesses Act (PBBA) Bankruptcy Information and Knowledge Act (BIKA) Debt Prevention and Bankruptcy Advancement Act (DPBAA)

Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA)

Mergers and acquisitions are regulated by the Federal Trade Commission's __________________. Bureau of Competition Bureau of Investigation Bureau of M&A Board of Trustees

Bureau of Competition

Bankruptcy through liquidation is usually fined under which of the following? Chapter 11 Chapter 7 Chapter 9 Chapter 13

Chapter 7

Which of the following is true of the Federal Deposit Insurance Corporation? It insures bank money It protects consumers from fraud It regulates the sale of commodities It controls the law of car insurance

It insures bank money

Which of the following is NOT one of the suggested alternatives to bankruptcy? More careful spending Securing loans to pay off debt Seeking help from a debt counselor or nonprofit agency Dividing debt and transferring to multiple creditors

Dividing debt and transferring to multiple creditors

Much of financial law was written to deal with the stock market crash of 1987. True False

False

Which of the following is true of Chapter 11 bankruptcy? It is the most common form of bankruptcy for businesses It takes 11 months to complete It is most common for personal cases All of the above

It is the most common form of bankruptcy for businesses

Which of the following is a big downside to bankruptcy? Must consult a lawyer to handle the legal expertise Debtor may end up with much HIGHER credit rating May not clear all debt A and C

Must consult a lawyer to handle the legal expertise

Financial law does NOT include laws dealing with which savings and investment channel? Insurance Real estate Banks Commodities

Real estate

Which of the following develops and administers credit laws? The Federal Deposit Insurance Corporation The Securities and Exchange Commission The United States Financial Security Association The Federal Reserve System

The Federal Reserve System

Which of the following regulates stocks and bonds law? The Federal Deposit Insurance Corporation The Securities and Exchange Commission The United States Financial Security Association The Federal Reserve System

The Securities and Exchange Commission

When was the National Bank Act created? 1776 1863 1901 1934

1863

Bankruptcy is divided into two common types: liquidation and rehabilitation. True False

True


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