Match the Most Appropriate Term to the Definition

question 44

Multiple Choice

Match the most appropriate term to the definition.
-Dies with a valid will

• A)per stirpes
• B)intestate
• C)personal representative
• D)spouse
• E)codicil
• F)incorporation by reference
• G)probate
• H)creditors
• I)witness
• J)petition
• K)will contest
• L)per capita
• M)forced share
• N)heir
• O)testate
• P)fiduciary
• Q)execute
• R)oral will
• S)revocation
• T)testamentary capacity

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Definitions:

Defined Contribution Plans

A type of retirement plan where the employer, employee, or both make contributions on a regular basis, and future benefits depend on the investment's performance.

Employee Vacation Pay

Compensation owed to employees for the time they have accrued but not taken as vacation.

Warranty Costs

Expenses a company incurs for repairing or replacing defective products under warranty.

Accrue

The process of recognizing revenue or expenses in the periods in which they are earned or incurred, regardless of when cash transactions occur.