The Terms of a Will Currently Undergoing Probate Are: "A

question 72

Multiple Choice

The terms of a will currently undergoing probate are: "A gift to my brother Chris of $40,000 cash; to my son Eric, $75,000 from my Redstone Savings Bank account; and to my daughter Lauryn, all of my remaining property." At the time of death, the balance in the savings account was $60,000, and there was additional cash (after payment of funeral expenses and all claims against the estate) of $95,000.The gift to Chris is a

• A) General legacy.
• B) Specific legacy.
• C) Demonstrative legacy.
• D) Residual legacy.
• E) Devise.

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Definitions:

Variable Inputs

Inputs or resources whose usage level can be changed in the short term to match the level of production output.

Property Resources

Physical and intangible entities that generate economic value owned by individuals or companies.

Labor

The human effort, including both physical and mental work, used in the production of goods and services.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or business activity.