If a Person Dies Without a Will and Without Any

question 71

Multiple Choice

If a person dies without a will and without any heirs or next of kin,her property:

• A) escheats to a vestry commission.
• B) vests in her neighbors.
• C) vests in her church.
• D) escheats to the state.

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Definitions:

Common Stock

Shares that constitute ownership in a corporation, providing voting rights and entitling shareholders to a portion of the company’s profits through dividends.

Cash Dividend

A payment made by a company to its shareholders, usually in cash, out of its profits or reserves.

Bond Payable

A long-term debt instrument issued by corporations and governments, promising to pay the bondholder a specified sum of money at future dates.

Indirect Method

A method often used in cash flow statements to convert net income into net cash flow from operating activities by adjusting for non-cash transactions and changes in working capital.