7 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 5:57 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 9 seconds out of 2 hours and Instructions Question 1 Kofi files a petition for bankruptcy. Kofi must include with the petition Selected Answer: [None Given] Correct Answer: a list of creditors and the amount of the debt owed to each, a list of property, and a statement of financial affairs. 0 out of 2 points Question 2 To create an enforceable security interest, the secured party must give value. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 3 Debts based on fraud may be discharged under Chapter 13. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 The payment of Hu's debt to Ian is guaranteed by Hu's personal property. To give public notice of his interest in Hu's property, Ian is most likely to Selected Answer: [None Given] Correct Answer: file a financing statement with the appropriate authority. 0 out of 2 points Question 5 Jay is a surety for Karen's loan from Little Bank. Jay's right to be repaid by Karen after having paid her debt is the right of Selected Answer: [None Given] Correct Answer: reimbursement. 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Question 6 If the proceeds of a foreclosure sale cover the costs and the mortgage debt, any surplus is a windfall to the creditor. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 7 A security interest cannot be perfected without the filing of a financing statement. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 8 On default, unless the security agreement states otherwise, the secured party has the right to repossess collateral. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 9 The last security interest to be perfected is the first in priority over any other perfected security interests. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 10 Jill believes that she should file a plan for a Chapter 13 discharge in bankruptcy. A Chapter 13 bankruptcy plan must provide for Selected Answer: [None Given] Correct Answer: the surrender of all collateral to the creditors. 0 out of 2 points Question 11 The payment of Yves's debt to Zach is guaranteed by Yves's personal property. Their agreement describes Yves's subject property by serial number. To establish Zach's interest, this is Selected Answer: [None Given] Correct Answer: sufficient if it accurately describes the parties' agreement. 0 out of 2 points
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

7 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online