Chapter 7 of the Bankruptcy Code

question 87

Multiple Choice

Chapter 7 of the bankruptcy code:

• A)restores all the losses incurred by the borrower.
• B)results in the loss of all of one's assets.
• C)requires the debtor to pay back the debt in the future.
• D)sells only the home of the borrower.
• E)eliminates most of the financial obligations of the borrower.

---

Definitions:

Favorable

A term used in budgeting and accounting to describe a financial result or variance that is better than expected or budgeted.

Flexible Budget

A budget that adjusts or scales according to changes in the volume of activity, revenue, or other factors.

Sales Variance

The difference between actual sales and budgeted or forecasted sales, analyzed to understand revenue performance.

Flexible Budget Sales

Sales projections within a flexible budget that adjust based on actual levels of activity, rather than being fixed.