What Would Be the Priority of the Claims as to the Distribution

question 8

Multiple Choice

What would be the priority of the claims as to the distribution of assets in a liquidation under Chapter 7 of the Bankruptcy Act? 1 is the highest claim, 5 is the lowest. (1) (2) (3) (4) (5) Taxes due to federal and state governments.

• A) 1, 4, 3, 5, 2
• B) 5, 4, 1, 3, 2
• C) 4, 1, 5, 3, 2
• D) 5, 1, 4, 2, 3
• E) 1, 5, 4, 3, 2

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Definitions:

Protein Synthesis

The biological process by which cells generate new proteins, translating genetic information from RNA into the amino acid sequence of proteins.

Initiation

The beginning or start of a process, event, or activity.

Elongation

Elongation in biology refers to the lengthening of structures or molecules, such as the growth of plant roots or the process during protein synthesis where the polypeptide chain is extended.

Termination

In genetics, termination refers to the end of the process of transcription or translation, finishing the synthesis of the RNA or protein molecule.