31 Jan Which chapter in bankruptcy

MBA5005 Law & Ethics for Managers

Week 4 Knowledge Check

Question 1 (1 point) Question 1 Unsaved

A _________ is designed for professional service firms such as accountants. This form of business provides limits on personal liability of the partners and allows “pass through” tax advantages.

Question 1 options:

A) Partnership

B) Limited liability partnership

C) Limited liability company

D) Corporation

Question 2

The business judgment rule means management will not be immune from liability for corporate actions even if the acts were made in good faith and with due care.

Question 2 options:

True

False

Question 3

The Securities Act of 1994 and the Securities Act of 2001 are designed to protect investors from deceptive, unfair, and manipulative practices when buying or selling securities.

Question 3 options:

True

False

Question 4

Chapter 13 bankruptcy is available to?

Question 4 options:

A) Individuals

B) Corporations

C) Partnerships

D) All of the above

Question 5

Which chapter in bankruptcy requires debtors to sell their assets to satisfy the debts owed?

Question 5 options:

A) 7

B) 11

C) 12

D) 13