To Be Valid,a Will Must

question 5

Multiple Choice

To be valid,a will must:

• A)be notarized.
• B)be recorded in a court of law.
• C)be signed in the presence of two witnesses.
• D)be orally stated in front of two witnesses.
• E)not name an executor as the court will appoint one.

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Definitions:

Gross Profit Method

An accounting technique used to estimate the amount of ending inventory and cost of goods sold, based on the gross profit margin.

Ending Inventory

The total value of all unsold goods and materials that a company holds at the end of an accounting period.

Gross Profit on Sales

The difference between sales revenue and the cost of goods sold before deducting overheads, taxes, or interest.

FIFO Retail Inventory Method

An accounting method for valuing inventory where the first items purchased are the first ones to be sold.