Peregrine Exam Day 11 with Complete
Solutions
interstate commerce - ANS-trade between two or more states
subpoena - ANS-a court order requiring appearance and/or testimony
Administrative Agency - ANS-a federal, state, or local government agency established
to perform a specific function
judical review - ANS-the power of the Supreme Court to declare laws and actions of
local, state, or national governments unconstitutional
Consumer Protection Laws - ANS-variety of laws and goverment agencies protect the
public against harmful products.
Chapter 7 Bankruptcy - ANS-a filing has been done, and a cease letter is sent to each
employee about three weeks before the close of the company. Next somebody can buy
your company and then no Bankruptcy will happen. If no buyer happens, the bank or
some other entity, will take a look at all the assets and then try and sell the assets.
Typically, only 1/3rd of employees are kept to finish the loose ends of the company.
Chapter 11 Bankruptcy - ANS-protects an insolvent firm from creditors during a period
of reorganization to restore profitability
Chapter 13 Bankruptcy - ANS-a reorganization form of bankruptcy for individuals that
allows the debtors to keep their property and use their income to pay a portion of their
debts over three to five years
Equal Credit Opportunity Act - ANS-Gives all applicants the same rights. Credit
providers may not discriminate based on: Age, Social Security, Housing loans.
Fair Credit Reporting Act - ANS-Act that protects privacy of background information and
ensures that information supplied is accurate.
Fair Credit and Charge Card Disclosure Act - ANS-An amendment to the TILA that
requires disclosure of certain credit terms on credit card and charge card solicitations
and applications
Solutions
interstate commerce - ANS-trade between two or more states
subpoena - ANS-a court order requiring appearance and/or testimony
Administrative Agency - ANS-a federal, state, or local government agency established
to perform a specific function
judical review - ANS-the power of the Supreme Court to declare laws and actions of
local, state, or national governments unconstitutional
Consumer Protection Laws - ANS-variety of laws and goverment agencies protect the
public against harmful products.
Chapter 7 Bankruptcy - ANS-a filing has been done, and a cease letter is sent to each
employee about three weeks before the close of the company. Next somebody can buy
your company and then no Bankruptcy will happen. If no buyer happens, the bank or
some other entity, will take a look at all the assets and then try and sell the assets.
Typically, only 1/3rd of employees are kept to finish the loose ends of the company.
Chapter 11 Bankruptcy - ANS-protects an insolvent firm from creditors during a period
of reorganization to restore profitability
Chapter 13 Bankruptcy - ANS-a reorganization form of bankruptcy for individuals that
allows the debtors to keep their property and use their income to pay a portion of their
debts over three to five years
Equal Credit Opportunity Act - ANS-Gives all applicants the same rights. Credit
providers may not discriminate based on: Age, Social Security, Housing loans.
Fair Credit Reporting Act - ANS-Act that protects privacy of background information and
ensures that information supplied is accurate.
Fair Credit and Charge Card Disclosure Act - ANS-An amendment to the TILA that
requires disclosure of certain credit terms on credit card and charge card solicitations
and applications
