Jake, a Businessman, Filed for Bankruptcy and Was Declared Insolvent

question 14

Multiple Choice

Jake, a businessman, filed for bankruptcy and was declared insolvent by the courts. He owed $15,000 each to two creditors and $5,000 each to two others. The courts also decreed that he should sell his house worth $30,000, to pay his debts. Which of the following is legally permissible in this scenario?

• A)After selling his house, Jake will pay the creditors on a pro-rata basis.
• B)After selling his house, Jake will pay whomsoever he chooses.
• C)After selling his house, Jake will pay the creditors he to which owes the maximum amount of money.
• D)After selling his house, Jake will pay the creditors to which he owes the least amount of money.

Comprehend the concept of sustainable development and its importance.

Recognize the importance of reducing pollution through specific legislative and organizational practices.

Understand the significance of the first Earth Day and the role of environmental awareness.

Understand the economic and social responsibilities businesses have towards sustainability.

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Definitions:

Alliance

A formal agreement or union between parties, often organizations or nations, to work together towards common goals.

Achieving Legitimacy

The process through which an organization seeks to be accepted or regarded as proper or valid within a certain context or by a specific audience.

Institutionalized

Refers to processes or norms that have been established and accepted within an organization or society as standard or proper.

Corporate Philanthropy

The act of corporations donating some of their profits, or their resources, to charitable causes.