Reba Files a Chapter 7 Petition in Bankruptcy

question 6

Multiple Choice

Reba files a Chapter 7 petition in bankruptcy. She owns the following property: (1) an automobile valued at $2,800; (2) a homestead valued at $80,000, on which First Bank holds a mortgage of $60,000; (3) personal jewelry valued at $1,100; and (4) monthly disability payments of $1,000. Assuming Reba elects to use the exemptions listed in the Bankruptcy Code, what property may she keep?

• A) The disability payments only.
• B) The disability payments and the homestead only.
• C) The disability payments plus the automobile, the homestead, and the jewelry.
• D) Nothing. She must sell all of her assets and have the proceeds distributed to the creditors, and she must turn the disability payments over to the trustee.

Compute missing values in problems involving percentage increases or decreases.

Solve for an unknown in percentage problems, specifically finding the percentage.

Calculate the total in real-world scenarios involving percentages.

Calculate percentage increase or decrease in real-world contexts.

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Definitions:

Lost Sales

Revenue that a company could have earned but didn't because of not having enough stock, closing an order, or other reasons.

Merchandise Inventory

Refers to the goods a company holds for the purpose of selling them to customers. It is considered a current asset on the balance sheet.

Budgeted Cost

This refers to the predicted costs of goods, services, projects, or operations that are planned for a future period.

Merchandise Purchases Budget

An estimate detailing the amount of goods a company plans to purchase over a certain period to meet its sales and inventory needs.