A Person Can Be Declared Insolvent If

question 66

Multiple Choice

A person can be declared insolvent if

• A)he or she has no assets.
• B)his or her spouse is insolvent as well.
• C)he or she owes $1000 and is unable to pay.
• D)monthly payments exceed $1000.

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Definitions:

Outstanding

Refers to shares that are currently held by investors, including both public shareholders and restricted company shares.

Adjusted Bank Balance

The bank account balance after accounting for transactions like outstanding checks and deposits in transit.

Total Float

The amount of time that a project task can be delayed without causing a delay to subsequent tasks or the project completion date.

Cheques

Cheques are written orders to a bank to pay the specified amount from the drawer's account to the payee or their account.