Anthony Believes That He Needs to Obtain a Chapter 13

question 42

Multiple Choice

Anthony believes that he needs to obtain a Chapter 13 discharge in bank-ruptcy.A Chapter 13 case can be initiated by a filing of a voluntary pe-tition by

• A)a creditor only.
• B)a corporation only.
• C)a debtor only.
• D)a trustee only.

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Definitions:

Margin of Safety

The difference between actual or expected sales and sales at the break-even point, indicating the risk margin for not reaching profit.

Dollars

The unit of currency used in the United States and other countries, represented by the symbol $.

Degree of Operating Leverage

The Degree of Operating Leverage is a measure that assesses the sensitivity of a company's operating income to changes in its sales volume, indicating the percentage change in operating income for a percentage change in sales.

Net Operating Income

A measure of a company's profitability from its regular business operations, deducting operating expenses from gross income.