Question: 8] A firm is technically insolvent when: [A] the value of its stock declines by more than 50 percent in any given 12-month period. [B]

8] A firm is technically insolvent when: [A] the value of its stock declines by more than 50 percent in any given 12-month period. [B] the value of the firm's assets is less than the value of the firm's liabilities. [C] it is unable to meet its financial obligations. [9] Which one of the following statements is correct concerning a Chapter 7 bankruptcy? [A] A firm reorganizes its operations in an effort to return to being a viable concern. [B] A trustee will assume control of the firm's assets until those assets can be liquidated.

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