If Provided for in the Controlling Agreement, a Trust Might

question 152

True/False

If provided for in the controlling agreement, a trust might terminate when the income beneficiary reaches age 35.

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Definitions:

Income

The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments.

Derived Demand

The demand for a good or service that arises from the demand for another good or service. For example, the demand for steel is derived from the demand for cars.

Factor Market

A market where factors of production (such as labor, capital, and land) are bought and sold, different from markets for goods and services.

Marginal Productivity Theory

An economic theory that explains the determination of wages in the factor market, based on the productivity of the marginal unit of labor or other factors of production.