Which of the Following Statements About a Chapter 7 Trustee

question 58

Multiple Choice

Which of the following statements about a Chapter 7 trustee is false?

• A)The trustee takes possession of the debtor's property and has it appraised.
• B)The trustee may operate the debtor's business.
• C)The trustee sells the bankrupt's exempt property as soon as possible,consistent with the best interest of the creditors.
• D)The trustee is required to keep an accurate account of all the property and money he receives and to promptly deposit moneys into the estate's accounts.

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Definitions:

Entrepreneur's Talent

The unique set of skills, insights, and abilities that an entrepreneur possesses, contributing to their success in creating and running businesses.

Annual Revenue

The total amount of money earned by a business over a year from its sales or services.

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues.

Explicit Costs

The direct payment made to others in the course of running a business, such as wages, rent, and materials.