A Technique Used by an Auto Salesperson Whereby an Artificially

question 44

Multiple Choice

A technique used by an auto salesperson whereby an artificially low price is agreed upon verbally but the salesperson claims a higher price is needed when it comes time to finalize the sale on paper by claiming that he/she could not get approval for the original price is called

• A)a dealer holdback.
• B)high-balling.
• C)low-balling.
• D)a rebate.

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Definitions:

Creditors' Claims

The rights or assertions by creditors to receive payment or compensation from a debtor's estate.

Chapter 7

A provision of the U.S. Bankruptcy Code that deals with liquidation, the process of selling a debtor's non-exempt property to pay off creditors.

Bankruptcy Code

The Bankruptcy Code is the set of laws that govern bankruptcy in the United States, providing procedures for individuals and businesses to discharge or reorganize their debts.

Liquidation Proceedings

A legal process during which a business closes operations, sells its assets, and pays off creditors, typically in the context of bankruptcy.