Reg 6

Question 1

Under chapter 7 bankruptcy liquidation code, income generated from _______ ________, property from a bequest, divorce, ___________, property settlement, divorce, or beneficial life ____________ interest after ____ days of filing petition NOT part of the bankruptcy estate

Answer 1

REAL ESTATE; INHERITANCE; INSURANCE 180

Question 2

Automatic stay is created upon filing a petition bankruptcy and stops any action or judgement to __________ the debtor’s wages but does not apply to ___________ payments

Answer 2

GARNISH, ALIMONY

Question 3

___________ and ___________ cannot be partitioned into involuntary bankruptcy

Answer 3

FARMERS; NONPROFITS

Question 4

Medicaid is a state run program and therefore is not a part of social security benefits, (OASI) old age and __________ insurance, (DI) ___________ insurance, (Medicare), (SSI) __________ security income are part of social security benefits

Answer 4

SURVIVORS, DISABILITY; SUPPLEMENTAL

Question 5

_________ provides workers and their dependents with benefits incase of death, disability or retirement, not for unemployment

Answer 5

FICA

Question 6

Taxes payable under the federal unemployment tax act (FUTA) are NOT deductible by the employer for federal tax purposes (T or F)

Answer 6

FALSE

Question 7

___________ workers can’t collect workers comp benefits and ___________ are liable whether they are at fault or not

Answer 7

TEMPORARY; EMPLOYERS

Question 8

A __________ partnership is a partnership where 2 people decide to run a partnership as co owners in a business for profit. No filing with a state agency is necessary

Answer 8

GENERAL

Question 9

A joint venture is an association of persons engaged as co-owners in a __________ project for profit

Answer 9

SINGLE

Question 10

people forming an LLC need to file with the state articles of ___________

Answer 10

ORGANIZATION