The 2005 Act Was an Attempt to Meet the Complaints

question 47

Multiple Choice

The 2005 Act was an attempt to meet the complaints of the business community with regard to the ________.

• A)increase of unemployment insurance for debtors facing bad times
• B)issues related to the Bankruptcy Reform Act of 1978
• C)increase in the number of filings for personal bankruptcy
• D)allegation that debtors had begun evading payments to creditors

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Definitions:

Trade-In Allowance

A reduction in the price of a new item when an old item is given as part of the deal.

Accumulated Depreciation

The total amount of depreciation that has been recorded against a fixed asset since it was put into use.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been expensed since the asset was put into use.

Fair Market Value

The price that a property would sell for on the open market, between a willing buyer and seller, with both parties having reasonable knowledge of the relevant facts.