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1) a voluntary petition under chapter 7:
a.cannot be filed by an insurance corporation.
b.requires that the debtors debts exceed his assets by $5000.
c.requires that the debtor have at least three creditors.
d.cannot be made by an individual.
2) under the bankruptcy code a debtor:
a.must elect to use either the set of exemptions provided by the state or the set provided
by the federal bankruptcy law.
b.must honor the instructions of the adjudicating court with regard to the set of
exemptions that he should take.
c.must accept the decision of the creditors with regard to the exemptions to be taken so
as to not jeopardize their chances of recovery.
d.may pick and choose between them the set of exemptions provided by the state or the
set provided by the federal bankruptcy law.
3) which of the following is also termed slander of title or a trade libel?
a.defamation
b.injurious falsehood
c.copyright violation
d.plagiarism
4) a memorandum on the sale of goods that does not indicate the _____ of goods to be
sold will not satisfy the uccs writing requirement.
a.quality
b.quantity
c.delivery
d.cost
5) stella, bob and chris are partners in sole services, a general partnership that operates a
shoe store. one day stellas ex-husband dan comes into the store to buy shoes. stella is
still angry over the divorce. while dans back is turned to stella, she stabs him with a
knife, inflicting serious injuries. dan wants to sue stella, the partnership, and each
partner. who could be required to pay for dans injuries?
a.stella only
b.stella and the partnership only
c.stella and each partner
d.stella, the partnership, and each partner
6) _____ attempts to bar mergers that may have an anticompetitive effect.
a.section 7 of the clayton act
b.section 2 of the sherman act
c.section 3 of the clayton act
d.section 1 of the sherman act
7) who has the primary responsibility for preventing, reducing and eliminating water
pollution under the clean water act of 1972?
a.the federal government
b.state government
c.local (county) government
d.business
8) which of the following is also called the slippery slope fallacy?
a.gamblers fallacy
b.reductio ad absurdum
c.sunk cost fallacy
d.argumentum ad hominem
9) the _____ has adopted a regulation that alters the rights of a holder in due course in
consumer purchase transactions.
a.securities and exchange commission
b.consumer product safety commission
c.bureau of consumer financial protection
d.federal trade commission
10) jane and her brother each own a interest in certain real property as tenants in
common. janes interest:
a.is considered personal property.
b.will pass to her brother by operation of law upon janes death.
c.will pass upon her death to the person jane designates in her will.
d.may not be transferred during janes lifetime without her brothers consent.
11) a creditor might try to obtain an advantage over other creditors by obtaining a(n)
_____ on the debtors property to secure an existing debt.
a.surety
b.preferential lien
c.presentment
d.equity of redemption
12) chicago school advocates view __________ as the primary, if not sole, goal of
antitrust enforcement.
a.intraindustry competition
b.anticoncentration of economic power
c.economic efficiency
d.anticoncentration of political power
