Which of the following requirements must be met for creditors to file an involuntary bankruptcy petition under Chapter 7 of the Federal Bankruptcy Code?
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1 .Robin Corp. incurred substantial operating losses for the past three years. Unable to meet its current obligations, Robin filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code. Which of the following statements is correct?
A The reorganization plan may only be filed by Robin. B The creditors' committee must select a trustee to manage Robin's affairs. C Robin may continue in business only with the approval of a trustee. D A creditors' committee, if appointed, will consist of unsecured creditors.
2 .Strong Corp. filed a voluntary petition in bankruptcy under the reorganization provisions of Chapter 11 of the Federal Bankruptcy Code. A reorganization plan was filed and agreed to by all necessary parties. The court confirmed the plan and a final decree was entered.Which of the following statements best describes the effect of the entry of the court's final decree?
A Strong Corp. will be discharged only from the debts owed creditors who agreed to the reorganization plan. B Strong Corp. will be discharged from all its debts and liabilities. C Strong Corp. will be discharged from all its debts and liabilities that arose before the confirmation of the plan, excep...
3 .Karen sells her one-year-old sports car to her mother for USD100. The next week, Karen files for bankruptcy under Chapter 7. Regarding the sale of the car, the trustee may:
A Not cancel it because it is a sale, not a gift. B Not cancel it, but can sue Karen's mother for return of the USD100. C Cancel it as a voidable preference. D Cancel it as a fraudulent transfer.
4 .Which of the following statements is correct with respect to the reorganization provisions of Chapter 11 of the Federal Bankruptcy Code?
A The debtor must be insolvent if the bankruptcy petition was filed voluntarily. B A reorganization plan may be filed by a creditor anytime after the petition date. C The commencement of a bankruptcy case may be voluntary or involuntary. D A trustee must always be appointed.
5 .Under the liquidation provisions of Chapter 7 of the federal Bankruptcy Code, certain property acquired by the debtor after the filing of the petition becomes part of the bankruptcy estate. An example of such property is:
A Municipal bond interest received by the debtor within 180 days after the filing of the petition. B Gifts received by the debtor within one year after the filing of the petition. C Social Security payments received by the debtor within 180 days after the filing of the petition. D Alimony received b...
7 .Taxes payable under the Federal Unemployment Tax Act (FUTA) are:
A Withheld from the wages of all covered employees. B Calculated as a fixed percentage of all compensation paid to an employee. C Deductible by the employer as a business expense for federal income tax purposes. D Payable by employers for all employees.
8 .Under the Fair Labor Standards Act, if a covered, nonexempt employee works consecutive weeks of 45, 42, 38, and 33 hours, how many hours of overtime must be paid to the employee?
A 20 B 0 C 7 D 18
9 .Under which of the following conditions is an on-site inspection of a workplace by an investigator from the Occupational Safety and Health Administration (OSHA) permissible?
A Only if OSHA obtains a search warrant after showing probable cause. B At the request of employees. C Only if the inspection is conducted after working hours. D After OSHA provides the employer with at least 24 hours notice of the prospective inspection.
10 .An unemployed CPA generally would receive unemployment compensation benefits if the CPA:
A Was fired for embezzling from a client. B Was fired as a result of the employer's business reversals. C Left work voluntarily without good cause. D Refused to accept a job as an accountant while receiving extended benefits.
