MATCHING: -A Fill-In-The-Blank Will That Is Created and Authorized by Statute

question 29

Multiple Choice

MATCHING:
-A fill-in-the-blank will that is created and authorized by statute in a few states

• A)succession
• B)testacy
• C)statutory will
• D)legacy and bequest
• E)escheat
• F)nuncupative will
• G)holographic will
• H)living will
• I)affinity
• J)consanguinity

---

Definitions:

Relatively Elastic

Characterizes a situation where the quantity demanded of a good or service changes significantly due to a small change in price.

Excise Tax

A tax directly levied on certain goods, services, and activities such as tobacco, alcohol, and gambling.

Tax Structure

Specifies how a tax depends on the tax base; usually expressed in percentage terms.

Tax Base

The measure or value, such as income or property value, that determines how much tax an individual pays.