If a Person Is Declared Legally Incompetent

question 11

Multiple Choice

If a person is declared legally incompetent,

• A) the courts supervise the day-to-day financial affairs of the guardian.
• B) the finding cannot be reversed at a later time.
• C) the guardian must periodically report to the court.
• D) All of the above.

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Definitions:

Activity

Actions taken or work performed, typically aimed at achieving certain goals or objectives.

Profitability

The ability of a business to earn a profit, which is a financial gain that results when the amount of revenue gained from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Asset Management

The practice of strategically managing company or individual assets to increase value and achieve financial objectives.

Return on Assets

A financial ratio that indicates how profitable a company is relative to its total assets, demonstrating the efficiency of management in using assets to generate profit.