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Purdue MGMT 455 Final UPDATED Actual Questions and CORRECT Answers
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Purdue MGMT 455 Final UPDATED Actual Questions and CORRECT Answers A debtor in a chapter 7 proceeding may claim as exempt the equity in the family residence not to exceed $15,000. - CORRECT ANSWER- False: Family Residence- $19,300 A person may exempt $10,250 on tangible personal property. - ...

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  • October 6, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
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Purdue MGMT 455 Final UPDATED
Actual Questions and CORRECT Answers
A debtor in a chapter 7 proceeding may claim as exempt the equity in the family residence
not to exceed $15,000. - CORRECT ANSWER✔✔- False:
Family Residence- $19,300


A person may exempt $10,250 on tangible personal property. - CORRECT ANSWER✔✔-
True


A debtor in a chapter 7 proceeding is entitled to claim as exempt the value of intangible
personal property up to $4,000. - CORRECT ANSWER✔✔- False:
Intangible Personal Property- $400


You may claim as exempt an unlimited amount of money for a Retirement account. -
CORRECT ANSWER✔✔- True


A person who has lost a case in small claims court does have a right to appeal that decision
but there is a time limit of 30 days from the date of judgement to do so. - CORRECT
ANSWER✔✔- True


The role of the Sheriff is serving a writ of execution in order to pay the judgement by selling
those assets, collecting money, and passing it along to the person with the judgement. -
CORRECT ANSWER✔✔- True


Damages not able to be recovered in small claims court include actual damages. - CORRECT
ANSWER✔✔- False:
Actual damages are recoverable allowing them to recover "out of pocket" expenses (lost
wages)


A person may recover actual damages based upon the proof that was presented to support
such an award. - CORRECT ANSWER✔✔- False:
Compensatory damages

, A tort claim is not the same action as a suit for breach of contract. - CORRECT
ANSWER✔✔- True


The elements of a trot are duty, breach of that duty, and damage caused by the breach. -
CORRECT ANSWER✔✔- True


A tort is a public wrong for which a person will seek to obtain money for such wrong. -
CORRECT ANSWER✔✔- False:
Private wrong


The Indiana Tort Claims Act requires the person who has been injured to give written notice
to the governmental agency involved within 180 days of the date of the incident. -
CORRECT ANSWER✔✔- True


After the notice is sent to the state, the Indiana Tort Claims Act gives the state 100 days to
deal with the claim; but if not, you can sue before the 100 days. - CORRECT ANSWER✔✔-
False:
The state has 90 days to deal with the claim.
You have to wait until after the 90 days to sue.


An intentional tort is having a private duty to somebody and intentionally committing a
wrong. - CORRECT ANSWER✔✔- True


Libel is orally committing a wrong while slander is a written wrong. (Intentional Tort) -
CORRECT ANSWER✔✔- False:
Libel- written (letters)
Slander- oral (spoken)


You are not allowed to sue someone for keeping your property once it has been taken and not
given back. - CORRECT ANSWER✔✔- False:
Conversion- you can sue them to get it back

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