Chapter 7 Bankruptcy Cases Differ from Chapter 11 Bankruptcy Cases

question 40

Multiple Choice

Chapter 7 bankruptcy cases differ from Chapter 11 bankruptcy cases because Chapter 7 bankruptcy

• A)is involuntary.
• B)requires a reorganization plan that is approved by the court.
• C)requires the debtor corporation to file a list of creditors,schedule of assets and liabilities,and work with a trustee.
• D)leads to full liquidation of the bankrupt company.

---

Definitions:

Production Rules

A hypothesized mental representation of procedural memory that specifies a goal to be achieved, one or more conditions that must be true in order for the rule to be applied, and one or more actions that result from the application of the rule.

Typicality Effect

The phenomenon whereby experimental participants are faster to respond to typical instances of a concept (e.g., robin for the concept “bird”) than to atypical instances (e.g., penguin for the concept “bird”).

Cognitive Economy

A principle of hierarchical semantic networks such that properties and facts about a node are stored at the highest level possible. For example, the fact “is alive” would be stored with the node for “animal” rather than stored with each node under animal such as “dog” and “cat.”

Encoding Specificity

A principle of retrieval asserted by Tulving. At the time material is first put into long-term memory, it is encoded in a particular way, depending on the context present at the time. At the time of recall, the person is at a great advantage if the same contextually supplied information available at encoding is once again available.