Economics Ch.2 Quiz #3

The histories of ______________________ are filled with terrible stories of debtors prisons and penal colonies where people were sent because they couldn't pay their debts

Great Britain and France

Central points in business

Hubs

The right to take,sell, or hold property as security or payment of a debt (creditor may hold property until the debt is satisfied)

Lien

The debtor surrenders his nonexempt property for division amount his creditors, but will still be obligated to pay any debts that the bankruptcy court determines have not been forgiven by the division amount the creditors. This is known as ______________

Liquidation

Jesus taught financial responsibility to the government. This passage is found in _____________

Matthew 17:27

A huge union of large corporations or utilities

Mega-merger

The responsibility to pay debts and due notes

financial obligation

Guidelines for controlling costs and expenditures by the consumer

Price-setting standard

Those that are in support of something

Proponents

Realigning or adjusting to meet new qualifications or needs

Restructuring

The exhortation by Paul in _____________ is "Owe no man anything, but to love one another; for he that lovers another Utah fulfilled the law". This simply means that continual debt is not pleasing to the Lord.

Romans 13:8

Promise to pay another a certain amount of money which has collateral that the creditor may seize

Secured debt

Work done for others

Service

Growth through successful scientific research and strength

Technological advance

The section of the US code they deals with the rules and procedures of bankruptcy

Title 11

What is one purpose of deregulation?

To open up the doors of competition to many businesses in order to offer consumers greater choice in purchasing services or products

A promise or obligation to pay to another a certain amount of money which has no collateral

Unsecured debt

Which of the following are true? -after passage of the 1996 deregulation law, the Baby Bells started merging with each other, and 2 of them attempted to re-merge into AT&T -a lone utility company, Detroit Edison and Consumers Power, faced new competition as deregulation gave people a choice between utility companies. The company tried to battle the act by asking for funds to cover "stranded costs" and lost income once the process was underway, but the deregulation went through -those in support of something are called opponents

-after passage of the 1996 deregulation law, the Baby Bells started merging with each other, and 2 of them attempted to re-merge into AT&T -a lone utility company, Detroit Edison and Consumers Power, faced new competition as deregulation gave people a choice between utility companies. The company tried to battle the act by asking for funds to cover "stranded costs" and lost income once the process was underway, but the deregulation went through

Which of these statements are true? -deregulated investor owned utilities are known as IOU's -the Marshall Plan was an anti-monopoly Act which awarded the victim of a monopoly 3x the amount that his business lost -in deregulation, government tightens controls and does not allow other companies to enter the market

-deregulated investor owned utilities are known as IOU's

Which of the following are true? -a ch. 7 bankruptcy is known as "straight liquidation" -financial responsibility in the home is found in the Bible passage of 1 Timothy 5:8 -a ch. 13 bankruptcy filing is called a reorganization -in a ch. 13 proceeding the debtor surrenders his nonexempt property for division amount his creditors

-in a ch. 13 proceeding the debtor surrenders his nonexempt property for division amount his creditors

What are the purposes of deregulation?

-to offer consumers greater choice -to encourage technological advances -to lower rates

"But if any provide not for his own; and specially for those of his own house, he hath denied the faith, and is worse than an infidel" __________________

1 Timothy 5:8

After deregulation the California electric costumer has his choice between _____ utilities throughout the state

7

In a _____________, the priority debts-the debts that the court feels should be paid first- are paid, then the unsecured debts are added up

Bankruptcy

The act of being declared legally insolvent

Bankruptcy

What state was the first to undertake the restructuring of the electric utility industry on a state-wide basis?

California

Deregulation is about ____________ rates and ______________ supplies

Decreasing; increasing

The dropping or relaxing of restrictions and limits

Deregulation