Basic Details
Word: Bankruptcy
Part of Speech: Noun
Meaning: A legal state where a person or company is unable to pay their debts.
Synonyms: Insolvency, liquidation
Antonyms: Solvency, wealth
Idioms and Phrases
- Bankruptcy of ideas: When someone runs out of creative thoughts or suggestions. Example: "After brainstorming for an hour, we faced a bankruptcy of ideas for our project."
- To declare bankruptcy: To announce officially that you cannot repay your debts. Example: "After months of struggling to pay the bills, he was forced to declare bankruptcy."
Usage Examples
Example 1: The small shop went into bankruptcy after failing to attract enough customers.
Example 2: Many businesses suffered bankruptcy during the economic downturn.
Example 3: She learned a valuable lesson about managing finances after facing bankruptcy last year.
Fun Fact
Did you know that Charles Dickens wrote about bankruptcy in his novel "David Copperfield"? His characters often found themselves struggling with financial issues, reflecting the struggles of many people in his time.
Famous Quote
"Bankruptcy is a legal proceeding in which a person or business that is unable to repay their outstanding debts can seek relief from some or all of their debts." - unknown
Multiple Choice Questions (MCQs)
1. What does "bankruptcy" mean?
a) A type of bank
b) A legal state of not being able to pay debts
c) A form of investment
d) A bank account
Answer: b) A legal state of not being able to pay debts
2. Which of these is a synonym of "bankruptcy"?
a) Solvency
b) Wealth
c) Insolvency
d) Success
Answer: c) Insolvency
3. Which sentence uses "bankruptcy" correctly?
a) The bankruptcy danced at the party.
b) After months of trouble, the shop faced bankruptcy.
c) The bankruptcy was a great meal.
d) The fireworks showed bankruptcy in the sky.
Answer: b) After months of trouble, the shop faced bankruptcy.
4. Which idiom means to officially declare that you cannot pay debts?
a) Bankruptcy of ideas
b) To declare bankruptcy
c) To have a full bank
d) To count your pennies
Answer: b) To declare bankruptcy
5. What is the opposite of "bankruptcy"?
a) Insolvency
b) Wealth
c) Lost money
d) Failure
Answer: b) Wealth
