Which of the Following Items Is NOT a Specified Priority

question 33

Multiple Choice

Which of the following items is NOT a specified priority for unsecured creditors in a bankruptcy petition?

• A) Administration fees incurred in administering the bankrupt's estate.
• B) Unsecured claims for wages earned within 90 days and are less than $4,650 per employee.
• C) Unsecured claims of governmental units for unpaid taxes.
• D) Unsecured claims on credit card charges that do not exceed $3,000.

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Definitions:

Expenses

The economic costs that a business incurs through its operations to earn revenue.

Purchase Inventory

The process by which a business buys goods and materials for use in producing its products or for resale to customers.

Advertising

Advertising is the action of calling public attention to products, services, needs, etc., through paid announcements by an identified sponsor.

Business Transaction

Any activity or event that involves the exchange of goods, services, or funds between two or more parties that affects the financial position of a business.