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Are You Financially Literate? Chapter 18 Quiz 1. Yukio has a large amount of credit card debt and student loans. He hasn’t been able to pay rent in 2 months and his landlord is threatening to evict him. Debt collectors call him all day. He’s decided to file for bankruptcy. Regarding the threatened eviction and phone calls, what will happen when he files bankruptcy and why? Explain your answer. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 2. Identify two reasons that the ability of a debtor to file for bankruptcy is good for the economy. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 3. Patrice manages his family’s fleet of fishing boats. They sell fish to local restaurants. Unfortunately, his customers have decided BBQ is the way to go and they’re no longer buying fish. Now he can’t pay the company’s bills. Patrice wants to file for bankruptcy, but wants the business to keep operating while he tries to drum up new customers. If Patrice files for bankruptcy, what chapter would he file? Will his family’s fishing business be able to keep operating? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 4. Jeanette had a pretty bad shopping habit. She let her credit card bills and other debts get out of hand. Now she’s facing unsurmountable credit card debt. She currently works as a sales rep earning $67,000 per year. She is planning to file Chapter 7 bankruptcy to wipe out all of her credit card debt. Will her plan work? Explain why or why not. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ PRODUCT PREVIEW
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 365
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