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Chris M., M.S.W. Social Work
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i need penn foster answers for 06057000

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i need penn foster answers for 06057000

1. Hope approached Jonathan, a newly hired loan officer, regarding
a loan to purchase a new big-screen television. Jonathan
agrees to lend Hope $1,800 for the television, and gives Hope
a check for that amount. Hope proceeds to the electronics store
and purchases the television. Why doesn’t Jonathan possess a
security interest in the television?
A. Jonathan failed to either obtain possession of the television
or to obtain a security agreement signed by Hope.
B. Jonathan failed to give Hope value to ensure that the
security interest was properly created.
C. Hope doesn’t have rights in the collateral, which is required
for a security interest to be properly created.
D. Hope failed to give Jonathan the information needed to
properly perfect the security interest.

2. Which one of the following statements is true regarding bankruptcy?
A. Only individuals may file for Chapter 7 bankruptcy.
B. Chapter 11 bankruptcy is most commonly filed by individuals.
C. Chapter 12 generally applies to corporations.
D. Chapter 13 results in full or partial payment to most creditors.
3. Josey borrowed money from First Bank to purchase a ski boat. First Bank perfected a
security interest in the ski boat. Ten days before First Bank perfected its security interest
in the ski boat, Josey went to Local Finance Company and borrowed money there, listing
the ski boat as collateral. Local Finance Company perfected a security interest in the ski
boat on the same day. Josey defaulted on both loans. According to the law, what should
happen to the ski boat?
A. First Bank will take the ski boat because it was the first to perfect.
B. Local Finance Company will take the ski boat because it was the first to perfect.
C. First Bank will take the ski boat because it has a purchase-money security interest.
D. Local Finance Company will take the ski boat because it has a purchase-money
security interest.
4. Toni contacted a local attorney, and retained the attorney to assist her in filing for
Chapter 7 bankruptcy. Which one of the following will apply to Toni?
A. The formation of a creditors’ committee
B. The formation of a reorganization plan
C. Confirmation of a reorganization plan
D. A meeting of the creditors
5. Chuck lent money to Pam so that Pam could purchase a DVD player. Based upon an
agreement signed by Pam, Chuck perfected a security interest in the DVD player. Which
of the following is true about this set of facts?
A. Chuck is the debtor in this scenario.
B. Chuck is the secured party in this scenario.
C. Pam is the co-debtor in this scenario.
D. Pam is the secured party in this scenario.
6. Jackie seeks to borrow money from Smalltown Bank to finance repairs for her car.
Because Jackie’s credit rating isn’t yet fully established, Smalltown Bank will approve the
loan only if Jackie’s father, Fred, signs an agreement stating that if Jackie fails to pay the
loan, he will pay the loan in full. Fred is best classified as a
A. surety. C. guarantor.
B. creditor. D. co-debtor
7. Prudence purchased an automobile with money borrowed from Local Bank. Local Bank
loaned Prudence the money because she told the bank she intended to purchase a car.
Prudence and Local Bank agreed that the bank would take a security interest in the car
until the loan was paid in full. Accordingly, Prudence signed an agreement with the bank
setting forth these terms. Which of the following is true about this set of facts?
A. Local Bank failed to properly perfect a security interest in the car because it failed to
properly file a financing statement.
B. Local Bank possesses a proper security interest in the car because Local Bank has a
purchase-money security interest in the car.
C. Local Bank failed to properly perfect a security interest in the car because Prudence
didn’t sign a security agreement.
D. Local Bank possesses a proper security interest in the car because it was unnecessary
for the Bank do anything other than loan Prudence the money.
8. Ken plans to file for Chapter 7 bankruptcy. Ken owns his own home, which is currently
worth $110,000, upon which Ken owes $100,000. Ken plans to reaffirm the debt on his
home. Ken also owns a 2002 Lexus, worth $30,000. Ken owes no money on the Lexus.
Which of the following is true about this set of facts?
A. Ken may exempt the equity in his residence, but may not exempt the full value of
the car.
B. Ken may exempt the equity in his residence and the full value of the car.
C. Ken may not exempt the equity in his residence or the full value of the car.
D. Ken may not exempt the equity in his residence, but may exempt part of the value of
the car.
9. Buddy agreed to loan Mario money to purchase some vacant land. Mario signed an
agreement stating that Buddy possessed a security interest in the land, and describing
where the land is located. Buddy loans Mario $10,000, and Mario purchases the land.
Which of the following is true about this set of facts?
A. Buddy does not have a security interest in the land because a valid security agreement
wasn’t signed by Mario.
B. Buddy created a valid security interest in the land because all of the requirements for
creating such an interest were met.
C. Buddy does not have a security interest in the land because the debtor must have
rights in the collateral.
D. Buddy created a valid security interest in the land because merely loaning Mario the
purchase money for the land created a security interest.
10. Leslie approaches Big Bank about borrowing money for her new daycare business.
The bank is unsure about the business venture, and will approve the loan only if Leslie’s
business partner, Amy, cosigns the loan. Leslie and Amy agree that if Amy has to make
any loan payments, Leslie will reimburse Amy. Amy is best described as a
A. guarantor. C. surety.
B. creditor. D. single debtor.
11. Bob grows wheat for a living. Wheat farming constitutes 100% of Bob’s gross income. Bob
formed a closely held corporation to conduct his farming business, and he owns 100% of
the corporation. Unfortunately, Bob has fallen into debt, with 85% of his debts due to his
farming business. Bob’s total debts are approximately $1 million. Which type of bankruptcy
would be best for Bob?
A. Chapter 7 C. Chapter 13
B. Chapter 11 D. Chapter 12
12. Middle Bank agrees to loan Farmer Ted money to see him through until his crop is
harvested. Farmer Ted agrees that in exchange for the loan, Middle Bank may have a
security interest in his crop. Middle Bank files a form with the proper state or local official
listing Farmer Ted’s name, and stating that he owes Middle Bank $5,000. Which of the
following is true regarding this set of facts?
A. Middle Bank failed to properly perfect a security interest because the financing
statement has no signature, address, or proper description of collateral.
B. Middle Bank failed to properly perfect a security interest because the financing
statement has no proper description of collateral.
C. Middle Bank properly perfected a security interest because the financing statement
filed listed all of the relevant information.
D. Middle Bank didn’t need to file anything with the appropriate state or local official
because Middle Bank made a farm loan to Farmer Ted.
13. Kellen loans Kaitlyn $5,000. Kellen and Kaitlyn agree that if Kaitlyn fails to pay Kellen
back within 2 years, Kellen may take possession of Kaitlyn’s automobile. Kellen takes
all of the necessary steps to ensure that his interest in the automobile are protected by
the agreement. Which of the following is true regarding this set of facts?
A. Kaitlyn is the secured party in this agreement.
B. Kellen is the debtor in this agreement.
C. Kellen possesses a security interest in the automobile.
D. Kaitlyn possesses a security interest in the automobile
14. Liza borrows money from First Finance Company for miscellaneous expenses. Liza and
First Finance agree that Liza’s diamond ring shall serve as collateral for the loan. Two
weeks later, Liza takes a loan from Second Finance Company listing the same diamond
ring as collateral. Neither First Finance nor Second Finance take any additional steps.
Liza defaults on both loans. Second Finance attaches (seeks to enforce an item’s security
interest) the diamond ring. One day later, First Finance seeks attachment of the diamond
ring. Which of the following is true about this set of facts?
A. First Finance Company possesses the priority claim because it loaned the money to
Liza before Second Finance.
B. Second Finance Company possesses the priority claim because it attached the
diamond ring first.
C. Neither finance company possesses a valid security interest in the diamond ring, and
neither possesses any remedy due to the failure to file a security interest.
D. Both First Finance and Second Finance possess equal rights in the diamond ring and
must equally divide any proceeds from the sale of the ring.
15. Jan is filing for Chapter 7 bankruptcy protection. Jan owns her own home, which is worth
$75,000, and upon which Jan owes $60,000. Jan also owns a $20,000 diamond ring,
which was given to her by her ex-husband. Which of the following is true about Jan’s
bankruptcy?
A. Jan may exempt her equity in the home, but she shouldn’t be able to exempt the full
value of the diamond ring.
B. Jan may not exempt the full value of the equity in the home or the full value of the
diamond ring.
C. Jan may exempt a portion of the value of the diamond ring, but she may not exempt
the full value of her equity in the home.
D. Jan may exempt the full value of the equity in her home and the full value of the
diamond ring.
16. Larry borrowed $10,000 from Jack. At the time of the loan, Larry signed an agreement
promising to pay back the $10,000 in full within one year. After two years, Larry still hasn’t
paid Jack back. To seek repayment of the debt, Jack should first seek a/an
A. artisan’s lien. C. writ of execution.
B. mechanic’s lien. D. judicial lien.
17. Dana borrows money from Jennifer. Dana signs a security agreement giving Jennifer a
security interest in Dana’s father’s stereo system to secure the loan. Which of the following
statements is true about this set of facts?
A. A security interest in Jennifer’s favor was created because all of the requirements
were met.
B. A security interest wasn’t created in Jennifer’s favor because the debtor must have
rights in the collateral.
C. A security interest in Jennifer’s favor was created because Jennifer loaned money to
Dana, and the two formed an oral agreement.
D. A security interest wasn’t created in Jennifer’s favor because the secured party must
give value.
18. Small Bank loaned money to Steve, and Steve signed a security agreement giving Small
Bank a security interest in his tools. Small Bank took all of the necessary steps to perfect
(protect) its security interest. Steve defaulted on the loan. Which of the following is true
about this set of facts?
A. Small Bank may take possession of only the tools.
B. Small Bank may take possession of the tools and/or seek a judicial judgment.
C. Small Bank may seek only a judicial judgment.
D. Small Bank has no recourse regarding the tools because its loan wasn’t for purchase
money.
19. Billy borrowed money from First Bank, and he entered an agreement listing his scooter as
collateral. First Bank took all necessary steps to properly perfect its security in the scooter
on the day of the loan. The next day, Billy borrowed money from Second Bank, and he
entered an agreement listing the same scooter as collateral. Second Bank also took all
necessary steps to properly perfect its security in the scooter on the day of the loan. Billy
defaults on both loans, defaulting on Second Bank and then on First Bank. Which of the
following is true about this set of facts?
A. Neither bank possesses a right to repossess the scooter because Billy listed it as
collateral with both banks.
B. Second Bank possesses the priority claim because Billy defaulted on Second Bank
first.
C. First Bank possesses the priority claim because it was the first to perfect its security
interest.
D. First Bank possesses the priority claim because it was the first bank to make the loan
that listed the scooter as collateral.
20. Johnny and David entered an agreement in which Johnny agreed to pay David for repairing
the roof on Johnny’s house. Upon completion of the work, Johnny refused to pay. David
should seek a/an _______ lien.
A. artisan’s C. mechanic’s
B. judicial D. execution
Submitted: 4 years ago.
Category: Homework
Expert:  Chris M. replied 4 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2479
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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