MATCHING: -A Trust Made When a Settlor Retains Title to Property

question 1

Multiple Choice

MATCHING:
-A trust made when a settlor retains title to property and simply declares himself/herself trustee of the property for the benefit of another person

• A)active trust
• B)inter vivos trust
• C)purchase-money resulting trust
• D)failed trust
• E)excessive endowment trust
• F)spendthrift trust
• G)sprinkling trust
• H)Totten trust
• I)declaration of trust
• J)irrevocable living trust

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Definitions:

Utility Maximizing

The economic principle that individuals and firms strive to achieve the highest satisfaction or benefit from their resources and choices.

Industry Demand Curve

A graphical representation showing the quantity of a product that consumers in an industry are willing and able to purchase at each price over a period of time.

Labor Demand Curves

Graphs showing the relationship between the wage rate and the quantity of labor that employers are willing to hire at that rate.

Competitive Labor Market

A market where there are many employers and job seekers, and the wages are determined by supply and demand for labor.