Question

10. The Wall Street Reform and Consumer Protection Act of 2010 requires that the amount of any interchange transaction fee that an issuer may receive or charge with respect to an electronic debit transaction, including those on debit cards issued by small banks and prepaid reloadable cards, must be reasonable and proportional to the cost incurred by the issuer, as determined by the Federal Reserve.

True

False

12.Chapter 3 of the Bankruptcy Code deals with:

	a.	the meetings of creditors.
	b.	proof of claims.
	c.	priority of claims.
	d.	All of the above.

5.Bankruptcy under Chapter 13 differs from Chapter 11 in that:

	a.	an individual cannot use Chapter 11.
	b.	a corporation cannot use Chapter 13.
	c.	Chapter 11 cannot be instituted by involuntary petition.
	d.	Chapter 13 requires unsecured debts to be less than $100,000.
	e.	Two of the above, (c) and (d

Answer 1

10. The given statement is true as Wall Street reform and Consumer protection act required that the amount of interchange transaction fees must be reasonable and proportional to the cost that has any relation to electronic debit transaction.

This has been formulated in order to protect the consumer interest and monitoring through Federal Reserve.

11. Chapter 3 of bankruptcy code deals with case administration which involves priority of claims and meeting of creditors as well as proof of claims so the answer would be all of the above.

Correct answer will be option( d).

12.bankruptcy code under chapter 13 differ from chapter 11 because chapter 13 cannot be used by a corporation. it can only be used by individuals and sole proprietors.

Rest of these statements are TRUE because chapter 11 can be used by individual and Chapter 11 can be instituted by involuntary petition.

Correct answer is option( B.)