Question 1

Indicators of possible asset or income concealment include all of the following except:

Accepted Answer

A) Missing,inaccurate,or damaged records 
B) Travel to off-shore tax havens or locations that allow secret bank accounts 
C) Transactions frequently made in cash but normally made on account 
D) Unusual increases in reported assets 
E) All of the above are indicators of possible asset or income concealment 
A) Missing,inaccurate,or damaged records 
B) Travel to off-shore tax havens or locations that allow secret bank accounts 
C) Transactions frequently made in cash but normally made on account 
D) Unusual increases in reported assets 
E) All of the above are indicators of possible asset or income concealment

Question 2

Government statistics estimate that losses to creditors from bust-outs amount to:

Accepted Answer

A) $100,000/day 
B) $50 billion/year 
C) $1 million/ year 
D) $10,000/day 
A) $100,000/day 
B) $50 billion/year 
C) $1 million/ year 
D) $10,000/day

Question 3

Which of the following is the best description for the purpose of an estate created for divorce or bankruptcy?

Accepted Answer

A) To pay for the all of the legal fees in filing a chapter 7,11,or 13 bankruptcy or to pay the legal fees of a divorce 
B) To protect the assets of the party filing bankruptcy so that no further losses are realized 
C) To settle the debts of the debtor or divorce partner of which the Bankruptcy or Divorce Court has control 
D) To hold only the physical assets of the divorce partner or debtor for the period of the bankruptcy or divorce 
A) To pay for the all of the legal fees in filing a chapter 7,11,or 13 bankruptcy or to pay the legal fees of a divorce 
B) To protect the assets of the party filing bankruptcy so that no further losses are realized 
C) To settle the debts of the debtor or divorce partner of which the Bankruptcy or Divorce Court has control 
D) To hold only the physical assets of the divorce partner or debtor for the period of the bankruptcy or divorce

Question 4

If reorganization does not work under Chapter 11 bankruptcy,judges will often order a ____ bankruptcy.

Accepted Answer

A) Chapter 5 
B) Chapter 9 
C) Chapter 10 
D) Chapter 13 
E) None of the above 
A) Chapter 5 
B) Chapter 9 
C) Chapter 10 
D) Chapter 13 
E) None of the above

Question 5

The Office of U.S.Trustee is an agency in which of the following departments?

Accepted Answer

A) Homeland Defense 
B) Department of Justice 
C) Department of the Treasury 
D) Department of Agriculture 
A) Homeland Defense 
B) Department of Justice 
C) Department of the Treasury 
D) Department of Agriculture

Question 6

True or false: In a "bust-out," fraud perpetrators plan to retain a business' assets while filing for bankruptcy in order to avoid responsibility for company liabilities.

Accepted Answer

A) True 
B) False 
A) True 
B) False

Question 7

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within a specified time period.That time period is ____ month(s).

Accepted Answer

A) 12 
B) 9 
C) 6 
D) 3 
E) 1 
A) 12 
B) 9 
C) 6 
D) 3 
E) 1

Question 8

Which title of the U.S.Code governs the bankruptcy process?

Accepted Answer

A) Title 9 
B) Title 11 
C) Title 13 
D) Title 7 
A) Title 9 
B) Title 11 
C) Title 13 
D) Title 7

Question 9

Court appointed trustees are individuals or firms who:

Accepted Answer

A) Identify and collect a debtor's assets and then allocate those assets to creditors in an orderly manner. 
B) Review fee applications,motions to appoint trustees and examiners,motions to convert or dismiss a case,and other pleadings 
C) Investigate criminal complaint in bankruptcy cases 
D) Make a false oath or account in a bankruptcy case 
A) Identify and collect a debtor's assets and then allocate those assets to creditors in an orderly manner. 
B) Review fee applications,motions to appoint trustees and examiners,motions to convert or dismiss a case,and other pleadings 
C) Investigate criminal complaint in bankruptcy cases 
D) Make a false oath or account in a bankruptcy case

Question 10

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

Accepted Answer

A) File a bankruptcy petition 
B) Make a false account in a bankruptcy case 
C) File a document in a bankruptcy proceeding 
D) Make a false or fraudulent representation,claim,or promise with respect to a bankruptcy proceeding,either before or after the bankruptcy petition is filed. 
A) File a bankruptcy petition 
B) Make a false account in a bankruptcy case 
C) File a document in a bankruptcy proceeding 
D) Make a false or fraudulent representation,claim,or promise with respect to a bankruptcy proceeding,either before or after the bankruptcy petition is filed.

Question 11

Which of the following actions is NOT prohibited for a trustee or other official overseeing bankruptcy proceedings?

Accepted Answer

A) Refusing to permit inspection of documents of the estate in the person's charge 
B) Refusing to sell assets in the person's charge 
C) Purchasing,indirectly,any property of the debtor's estate 
D) Purchasing,directly,any property of the debtor's estate 
A) Refusing to permit inspection of documents of the estate in the person's charge 
B) Refusing to sell assets in the person's charge 
C) Purchasing,indirectly,any property of the debtor's estate 
D) Purchasing,directly,any property of the debtor's estate

Question 12

Which of the following describes the result of a Chapter 7 filing?

Accepted Answer

A) "a complete liquidation or shutting down of the business" 
B) "courts give debtor time to reorganize" 
C) "2 years probation and/or up to 300 hours community service" 
D) "Debtors make regular payments for a number of years" 
A) "a complete liquidation or shutting down of the business" 
B) "courts give debtor time to reorganize" 
C) "2 years probation and/or up to 300 hours community service" 
D) "Debtors make regular payments for a number of years"

Question 13

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

Accepted Answer

A) U.S.Tax Court 
B) U.S.District Court 
C) U.S.Supreme Court 
D) Bankruptcy Court 
A) U.S.Tax Court 
B) U.S.District Court 
C) U.S.Supreme Court 
D) Bankruptcy Court

Question 14

The best description of a fraudulent transfer in a bankruptcy setting is:

Accepted Answer

A) A transfer of assets made with the intent of placing them outside the reach of a bankruptcy court 
B) A transfer of cash in exchange for supplies or other business assets 
C) A transfer of assets made to another institution before a bankruptcy is filed 
D) A transfer to a fund or other account to hold assets for a period of time 
A) A transfer of assets made with the intent of placing them outside the reach of a bankruptcy court 
B) A transfer of cash in exchange for supplies or other business assets 
C) A transfer of assets made to another institution before a bankruptcy is filed 
D) A transfer to a fund or other account to hold assets for a period of time

Question 15

All of the following are examples of ways to conceal assets in a bankruptcy or divorce fraud except:

Accepted Answer

A) Not reporting sales on the debtor's books but dispersing them to another entity 
B) Damaging or hiding the books and records of the debtor 
C) Dispersing cash received from receivables to third party 
D) Not disclosing interests held in other partnerships,corporations,or other assets 
E) All of the above are ways to conceal assets 
A) Not reporting sales on the debtor's books but dispersing them to another entity 
B) Damaging or hiding the books and records of the debtor 
C) Dispersing cash received from receivables to third party 
D) Not disclosing interests held in other partnerships,corporations,or other assets 
E) All of the above are ways to conceal assets

Question 16

Criminal bankruptcy fraud cases are generally prosecuted by the:

Accepted Answer

A) U.S.Attorney's office 
B) FBI 
C) CIA 
D) District Attorney's office 
A) U.S.Attorney's office 
B) FBI 
C) CIA 
D) District Attorney's office

Indicators of possible asset or income concealment include all of the following except:

Government statistics estimate that losses to creditors from bust-outs amount to:

Which of the following is the best description for the purpose of an estate created for divorce or bankruptcy?

If reorganization does not work under Chapter 11 bankruptcy,judges will often order a ____ bankruptcy.

The Office of U.S.Trustee is an agency in which of the following departments?

True or false: In a "bust-out," fraud perpetrators plan to retain a business' assets while filing for bankruptcy in order to avoid responsibility for company liabilities.

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within a specified time period.That time period is ____ month(s).

Which title of the U.S.Code governs the bankruptcy process?

Court appointed trustees are individuals or firms who:

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

Which of the following actions is NOT prohibited for a trustee or other official overseeing bankruptcy proceedings?

Which of the following describes the result of a Chapter 7 filing?

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

The best description of a fraudulent transfer in a bankruptcy setting is:

All of the following are examples of ways to conceal assets in a bankruptcy or divorce fraud except:

Criminal bankruptcy fraud cases are generally prosecuted by the:

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

Indicators of possible asset or income concealment include all of the following except:

Government statistics estimate that losses to creditors from bust-outs amount to:

Which of the following is the best description for the purpose of an estate created for divorce or bankruptcy?

If reorganization does not work under Chapter 11 bankruptcy,judges will often order a ____ bankruptcy.

The Office of U.S.Trustee is an agency in which of the following departments?

True or false: In a "bust-out," fraud perpetrators plan to retain a business' assets while filing for bankruptcy in order to avoid responsibility for company liabilities.

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within a specified time period.That time period is ____ month(s).

Which title of the U.S.Code governs the bankruptcy process?

Court appointed trustees are individuals or firms who:

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

Which of the following actions is NOT prohibited for a trustee or other official overseeing bankruptcy proceedings?

Which of the following describes the result of a Chapter 7 filing?

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

The best description of a fraudulent transfer in a bankruptcy setting is:

All of the following are examples of ways to conceal assets in a bankruptcy or divorce fraud except:

Criminal bankruptcy fraud cases are generally prosecuted by the:

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