Question 1

The concealment of assets during or in contemplation of a bankruptcy is:

Accepted Answer

A) Often used in divorce cases 
B) Often used in a planned bankruptcy 
C) How a bust-out is designed 
D) All of the above 
A) Often used in divorce cases 
B) Often used in a planned bankruptcy 
C) How a bust-out is designed 
D) All of the above

Question 2

Entering false financial information on bankruptcy petitions and schedules occurs in an estimated ____ of bankruptcy cases.

Accepted Answer

A) 10 percent 
B) 30 percent 
C) 50 percent 
D) 70 percent 
A) 10 percent 
B) 30 percent 
C) 50 percent 
D) 70 percent

Question 3

The Concealment of Assets,False Oaths and Claims,and Bribery section of the USC makes it a crime to "knowingly and fraudulently" do all of the following EXCEPT:

Accepted Answer

A) Receive property from the debtor after bankruptcy is filed 
B) Conceal records or property 
C) Transfer property to the debtor 
D) Make a false statement 
A) Receive property from the debtor after bankruptcy is filed 
B) Conceal records or property 
C) Transfer property to the debtor 
D) Make a false statement

Question 4

Bankruptcy and divorce can be:

Accepted Answer

A) Criminal matters 
B) Civil matters 
C) All of the above 
D) None of the above 
A) Criminal matters 
B) Civil matters 
C) All of the above 
D) None of the above

Question 5

Which of the following is not a purpose of bankruptcy?

Accepted Answer

A) Give debtors relief from the creditors. 
B) Protect debtors from unfair collection efforts by other creditors. 
C) Give debtors relief from foreclosure activities. 
D) Gives the debtor the ability to safeguard their most important assets. 
E) All of the above are purposes of bankruptcy 
A) Give debtors relief from the creditors. 
B) Protect debtors from unfair collection efforts by other creditors. 
C) Give debtors relief from foreclosure activities. 
D) Gives the debtor the ability to safeguard their most important assets. 
E) All of the above are purposes of bankruptcy

Question 6

Chapter 11 bankruptcy:

Accepted Answer

A) Constitutes a complete shutdown of the organization 
B) Requires the entity to reorganize to pay creditors 
C) Is available only to persons 
D) Requires debtors to repay creditors over a specified period 
A) Constitutes a complete shutdown of the organization 
B) Requires the entity to reorganize to pay creditors 
C) Is available only to persons 
D) Requires debtors to repay creditors over a specified period

Question 7

Fraud is common in:

Accepted Answer

A) Divorces 
B) Bankruptcies 
C) Both a and b 
D) Neither a nor b 
A) Divorces 
B) Bankruptcies 
C) Both a and b 
D) Neither a nor b

Question 8

Which is not something that a fraud perpetrator conducting a bust-out is likely to do?

Accepted Answer

A) Work to establish credibility 
B) Contact law enforcement to strengthen their cover 
C) Quietly buy an existing company that already has established credit or business 
D) Take on a business name similar to a well-reputed company 
E) A fraud perpetrator conducting a bust-out is likely to do all of the above 
A) Work to establish credibility 
B) Contact law enforcement to strengthen their cover 
C) Quietly buy an existing company that already has established credit or business 
D) Take on a business name similar to a well-reputed company 
E) A fraud perpetrator conducting a bust-out is likely to do all of the above

Question 9

Which of the following is one of the Court-Appointed or Panel Trustee's duties or characteristics?

Accepted Answer

A) Investigate the acts,conduct,liabilities,assets,and financial condition of the debtor,the operation of the debtor's business and the desirability of the continuance of that business. 
B) Approve reorganization plans 
C) Administering bankruptcy cases and reviewing employees and fee applications. 
D) Holds a valid claim against a debtor. 
A) Investigate the acts,conduct,liabilities,assets,and financial condition of the debtor,the operation of the debtor's business and the desirability of the continuance of that business. 
B) Approve reorganization plans 
C) Administering bankruptcy cases and reviewing employees and fee applications. 
D) Holds a valid claim against a debtor.

Question 10

Most divorce fraud cases are:

Accepted Answer

A) Civil cases. 
B) Criminal cases. 
C) Protected by Chapter 7. 
D) Rarely investigated through surveillance. 
A) Civil cases. 
B) Criminal cases. 
C) Protected by Chapter 7. 
D) Rarely investigated through surveillance.

Question 11

The duties of the court-appointed trustee in a chapter 11 case include all of the following except:

Accepted Answer

A) Investigate the acts,assets,liabilities,and financial condition of the debtor 
B) Examine proofs of claims 
C) Collect and liquidate the property of the debtor's estate 
D) All of the above are duties of a court-appointed trustee 
A) Investigate the acts,assets,liabilities,and financial condition of the debtor 
B) Examine proofs of claims 
C) Collect and liquidate the property of the debtor's estate 
D) All of the above are duties of a court-appointed trustee

Question 12

As a participant in divorce cases,an adjuster can be best described as a person who:

Accepted Answer

A) Investigates allegations of fraud or misconduct by the debtor or its principals 
B) Is the subject of a chapter 11 filing 
C) Is the one who holds a valid claim against a debtor 
D) Assists the trustee by performing such duties as securing business facilities and assets,locating assets of the debtors estate and arranging asset sales 
A) Investigates allegations of fraud or misconduct by the debtor or its principals 
B) Is the subject of a chapter 11 filing 
C) Is the one who holds a valid claim against a debtor 
D) Assists the trustee by performing such duties as securing business facilities and assets,locating assets of the debtors estate and arranging asset sales

Question 13

Karl Mathers set up a new company and obtained loans to buy inventory with the intention of filing for bankruptcy after 2 years and selling the inventory later to a close friend at deep discounts.This type of bankruptcy fraud is known as:

Accepted Answer

A) Commercial loan fraud 
B) Inventory dumping fraud 
C) Bust-out 
D) None of the above 
A) Commercial loan fraud 
B) Inventory dumping fraud 
C) Bust-out 
D) None of the above

Question 14

All bankruptcy petitions are subject to:

Accepted Answer

A) Federal claims court jurisdiction 
B) U.S.Tax court jurisdiction 
C) Supreme court jurisdiction 
D) U.S.district court jurisdiction 
A) Federal claims court jurisdiction 
B) U.S.Tax court jurisdiction 
C) Supreme court jurisdiction 
D) U.S.district court jurisdiction

Question 15

Bankruptcy and divorce parties can sue fraud investigators if:

Accepted Answer

A) The fraud investigator makes a statement supported by fact 
B) The fraud investigator makes a statement based on opinion 
C) The fraud investigator makes a statement about the opposing side 
D) The fraud investigator makes a statement about the court process 
A) The fraud investigator makes a statement supported by fact 
B) The fraud investigator makes a statement based on opinion 
C) The fraud investigator makes a statement about the opposing side 
D) The fraud investigator makes a statement about the court process

Question 16

Which of the following best explains why pressure to commit fraud exists in bankruptcy and divorce cases?

Accepted Answer

A) Fraudsters don't have accurate records 
B) Assets are taken away from one party and given to others 
C) To see if private investigators can find the hidden asset 
D) None of the above 
A) Fraudsters don't have accurate records 
B) Assets are taken away from one party and given to others 
C) To see if private investigators can find the hidden asset 
D) None of the above

Question 17

When fraud examiners investigate a bankruptcy or divorce resulting from fraud,where do they focus?

Accepted Answer

A) Activity shortly before the bankruptcy filing or divorce 
B) Activity after the bankruptcy filing or divorce 
C) Activity several years prior to the bankruptcy filing or divorce 
D) Activity throughout the individual's entire life 
A) Activity shortly before the bankruptcy filing or divorce 
B) Activity after the bankruptcy filing or divorce 
C) Activity several years prior to the bankruptcy filing or divorce 
D) Activity throughout the individual's entire life

Question 18

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

Accepted Answer

A) Furnish information about the estate and its administration 
B) Ensure that the debtor files the statement of intention to retain or surrender property 
C) After confirmation of a plan,file such reports as are necessary or as the court orders 
D) Oppose the discharge of the debtor when appropriate 
A) Furnish information about the estate and its administration 
B) Ensure that the debtor files the statement of intention to retain or surrender property 
C) After confirmation of a plan,file such reports as are necessary or as the court orders 
D) Oppose the discharge of the debtor when appropriate

Question 19

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

Accepted Answer

A) File a bankruptcy petition 
B) File a document in a bankruptcy proceeding 
C) Make a false or fraudulent representation,claim,or promise with respect to a bankruptcy proceeding 
D) All of the above 
A) File a bankruptcy petition 
B) File a document in a bankruptcy proceeding 
C) Make a false or fraudulent representation,claim,or promise with respect to a bankruptcy proceeding 
D) All of the above

Question 20

The Office of U.S.Trustee is responsible for all but which of the following functions?

Accepted Answer

A) Administering bankruptcy cases 
B) Officiating in court on matters of interest to the debtor's estate and creditors 
C) Overseeing and monitoring trustees 
D) Reviewing employees and fee applications 
E) The Office of U.S.Trustee is responsible for all of the above functions 
A) Administering bankruptcy cases 
B) Officiating in court on matters of interest to the debtor's estate and creditors 
C) Overseeing and monitoring trustees 
D) Reviewing employees and fee applications 
E) The Office of U.S.Trustee is responsible for all of the above functions

The concealment of assets during or in contemplation of a bankruptcy is:

Entering false financial information on bankruptcy petitions and schedules occurs in an estimated ____ of bankruptcy cases.

The Concealment of Assets,False Oaths and Claims,and Bribery section of the USC makes it a crime to "knowingly and fraudulently" do all of the following EXCEPT:

Bankruptcy and divorce can be:

Which of the following is not a purpose of bankruptcy?

Chapter 11 bankruptcy:

Fraud is common in:

Which is not something that a fraud perpetrator conducting a bust-out is likely to do?

Which of the following is one of the Court-Appointed or Panel Trustee's duties or characteristics?

Most divorce fraud cases are:

The duties of the court-appointed trustee in a chapter 11 case include all of the following except:

As a participant in divorce cases,an adjuster can be best described as a person who:

Karl Mathers set up a new company and obtained loans to buy inventory with the intention of filing for bankruptcy after 2 years and selling the inventory later to a close friend at deep discounts.This type of bankruptcy fraud is known as:

All bankruptcy petitions are subject to:

Bankruptcy and divorce parties can sue fraud investigators if:

Which of the following best explains why pressure to commit fraud exists in bankruptcy and divorce cases?

When fraud examiners investigate a bankruptcy or divorce resulting from fraud,where do they focus?

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

The Office of U.S.Trustee is responsible for all but which of the following functions?

The Nature of Fraud

Why People Commit Fraud

Fighting Fraud: an Overview

Preventing Fraud

Recognizing the Symptoms of Fraud

Data-Driven Fraud Detection

Investigating Theft Acts

Investigating Concealment

Conversion Investigation Methods

Inquiry Methods and Fraud Reports

Financial Statement Fraud

Revenue- and Inventory-Related Financial Statement Frauds

Liability,asset,and Inadequate Disclosure Frauds

Fraud Against Organizations

Consumer Fraud

Fraud in E-Commerce

Legal Follow-Up

Filters

Exam 16: Bankruptcy, divorce, and Tax Fraud

The concealment of assets during or in contemplation of a bankruptcy is:

Entering false financial information on bankruptcy petitions and schedules occurs in an estimated ____ of bankruptcy cases.

The Concealment of Assets,False Oaths and Claims,and Bribery section of the USC makes it a crime to "knowingly and fraudulently" do all of the following EXCEPT:

Bankruptcy and divorce can be:

Which of the following is not a purpose of bankruptcy?

Chapter 11 bankruptcy:

Fraud is common in:

Which is not something that a fraud perpetrator conducting a bust-out is likely to do?

Which of the following is one of the Court-Appointed or Panel Trustee's duties or characteristics?

Most divorce fraud cases are:

The duties of the court-appointed trustee in a chapter 11 case include all of the following except:

As a participant in divorce cases,an adjuster can be best described as a person who:

Karl Mathers set up a new company and obtained loans to buy inventory with the intention of filing for bankruptcy after 2 years and selling the inventory later to a close friend at deep discounts.This type of bankruptcy fraud is known as:

All bankruptcy petitions are subject to:

Bankruptcy and divorce parties can sue fraud investigators if:

Which of the following best explains why pressure to commit fraud exists in bankruptcy and divorce cases?

When fraud examiners investigate a bankruptcy or divorce resulting from fraud,where do they focus?

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

The Office of U.S.Trustee is responsible for all but which of the following functions?

The Nature of Fraud

Why People Commit Fraud

Fighting Fraud: an Overview

Preventing Fraud

Recognizing the Symptoms of Fraud

Data-Driven Fraud Detection

Investigating Theft Acts

Investigating Concealment

Conversion Investigation Methods

Inquiry Methods and Fraud Reports

Financial Statement Fraud

Revenue- and Inventory-Related Financial Statement Frauds

Liability,asset,and Inadequate Disclosure Frauds

Fraud Against Organizations

Consumer Fraud

Fraud in E-Commerce

Legal Follow-Up

Filters