Priority of Claims, Which of the Following Has the Highest

question 26

Multiple Choice

Priority of Claims, which of the following has the highest general priority?

• A)Tax Claims.
• B)Consumer Claims.
• C)Wages, salaries and commisions.
• D)Preference shareholder claims.
• E)Ordinary shareholder claims.

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Definitions:

Landrum-Griffin Act

Federal legislation that primarily governs the internal operations of labor unions. It requires financial disclosures by unions, establishes penalties for financial abuses by union officials, and includes “Labor’s Bill of Rights” to protect employees from their own unions.

Gross Misconduct

Serious behavior on the part of an employee which can justify immediate dismissal without notice, typically because it causes significant harm to the business or its employees.

Consolidated Omnibus Reconciliation Act

A federal law that provides for the continuation of group health coverage under certain circumstances such as job loss or divorce.

Medical Benefits

Health care services and products provided to individuals, usually through insurance plans, to cover or offset health care costs.