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Slorach et al: Legal Systems and Skills 3e

Chapter 15: Self-test questions

Instructions

Answer the following questions and then press 'Submit' to get your score.

Question 1

What type of economy is the UK?

Question 2

Which one of the following statements is correct?

Question 3

When is an economy in recession?

Question 4

Which one of the following statements is correct?

Question 5

Which of the following is not an asset?

Question 6

Which one of the following is a current liability?

Question 7

Which one of the following statements is not correct?

Question 8

Which one of the following insolvency processes is not available to a company in the UK.

Question 9

XYZ Ltd goes into liquidation. Its balance sheet shows that the company owes £50,000 to its (unsecured) trade creditors and has further unsecured debts of £10,000 owed to customers who have ordered goods on credit. The liquidator calculates that after paying its secured creditors, the company's employees and the costs of the liquidation, the company has £20,000.

Which one of the following statements is correct?
[Note: all figures have been rounded down to the nearest full pence.]

Question 10

Which one of the following statements is not correct?