Which of the Following Is True About Bankruptcy

question 47

Multiple Choice

Which of the following is true about bankruptcy?

• A) When one or more creditors file the bankruptcy petition against the debtor, it's called ordinary bankruptcy.
• B) Chapter 11 of the Bankruptcy Reform Act of 1978 contains a provision for reorganizing the bankrupt business only when the bankruptcy petition is filed voluntarily.
• C) Involuntary bankruptcy occurs when a debtor files an application with a court claiming that debts exceed assets and asks to be declared bankrupt.
• D) Under bankruptcy law, people or businesses can petition the courts to be relieved of the obligation to pay debts they cannot repay.

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Definitions:

Genetic Variability

The variation in genetic makeup among individuals within a population, serving as a fundamental resource for evolution and adaptation.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring, a key mechanism of evolution.

Mutation

A permanent alteration in the DNA sequence that makes up a gene, varying from a single base pair to large sections of a chromosome.

Scale of Nature

A historical concept proposing a hierarchical order of living organisms from simplest to most complex, often associated with pre-Darwinian theories of evolution.