Claims for Wages, Salaries, or Commissions Have Priority in the Payment

question 47

Multiple Choice

Claims for wages, salaries, or commissions have priority in the payment of unsecured debts over:

• A) costs and expenses of the administration of the bankruptcy case.
• B) claims arising in the ordinary course of business after commencement of the case.
• C) claims arising for contributions to employee benefit plans.
• D) none of the above.

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Definitions:

Minimum Acceptable Price

The lowest price at which a seller agrees to sell a product or service, often determined by costs or market conditions.

Excess Capacity

The additional production capability that a business can utilize without incurring additional fixed costs, often seen as an opportunity for growth.

Minimum Price

The lowest price at which a product or service can be sold, often determined by covering at least the costs of production or market regulations.

Special Order

A one-time customer order typically at a reduced sale price, which does not disrupt regular production or sales activities.