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Mixed Quiz
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1

The bankruptcy type that is most common is Chapter 11 bankruptcy.
A)True.
B)False.
2

The Bankruptcy Act of 1978 protects debtors from unfair demands by creditors.
A)True
B)False
3

Bankruptcy cannot be used as a bargaining chip with creditors to allow the venture to voluntarily reorganize.
A)True.
B)False.
4

Employees can claim wage payment under Chapter 13 bankruptcy.
A)True
B)False
5

Selling a company to employees is an example of an exit strategy.
A)True
B)False
6

According to the SBA, the failure rate of new businesses within the first few years is:
A)less than 25%.
B)50%.
C)about 70%.
D)none of the above.
7

The most common bankruptcies are:
A)corporate bankruptcies.
B)partnership bankruptcies.
C)S Corporation bankruptcies
D)individual bankruptcies.
8

Among firms that file for Chapter 11 about ________ percent make it through the process.
A)5-10
B)20-25
C)50-60
D)80-85
9

The party that has first priority of claim for payment under Chapter 13 is:
A)wage claims.
B)taxes.
C)general creditors.
D)secured creditors.
10

Early signs of bankruptcy are most often:
A)unavoidable.
B)apparent to the entrepreneur.
C)occur in isolated instances.
D)interrelated.





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