During a Recession

question 325

Multiple Choice

During a recession

• A) incomes rise and employment decreases.
• B) incomes fall and unemployment increases.
• C) incomes fall and unemployment falls.
• D) incomes rise and unemployment increases.

---

Definitions:

Bankruptcy Estate

The collective pool of assets and liabilities that are considered part of a debtor's estate under the bankruptcy code, subject to legal proceedings and distribution.

Secured Claims

are creditor's claims that are protected by a security interest in the assets of the debtor, giving the creditor a right to repossess the collateral if the debtor fails to fulfill the obligations.

Unsecured Claims

Debts or claims for which the creditor does not have any collateral security.

Chapter 12

A type of bankruptcy proceeding in the United States that provides for adjustment of debts of a "family farmer" or "family fisherman."