Receiving One-Fourth of What Is Left in the Estate After

question 4

Multiple Choice

Receiving one-fourth of what is left in the estate after specific items are given to named individuals in a will is a(n) :

• A) specific gift
• B) intestate gift
• C) residuary gift
• D) quarter gift
• E) lapsed gift

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Definitions:

Accounting Profits

The difference between total revenues and explicit costs, representing the net income reported on a company's financial statements.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Accounting Profits

The net income for a company after all expenses have been deducted from revenues, according to generally accepted accounting principles.

Implicit Costs

The opportunity costs of using resources owned by the company for its own operations, rather than earning income elsewhere.