Which of the Following Is True of a Voluntary Petition

question 17

Multiple Choice

Which of the following is true of a voluntary petition?

• A) It is filed by a debtor under Chapter 15.
• B) It involves a creditor placing a debtor in bankruptcy.
• C) Those who sign the voluntary petition must have unsecured claims of at least $12,300 in the aggregate.
• D) The petition must clearly state the debts of a debtor.

---

Definitions:

Income Statement

An account documenting an organization's economic activity, showing income, outlays, and net gains or deficits over a distinct timeframe.

Net Operating Income

This refers to a company's income after all operating expenses, but before interest and taxes, are subtracted from total revenue.

Contribution Format

An income statement format that separates fixed costs from variable costs, making it easier to see the contribution margin.

Income Statement

An account that displays the earnings, costs, and overall profit of a business for a given period.