Use an Appropriate Assessment Tool That Would Encompass All of the Following

question 138

Short Answer

Use an appropriate assessment tool that would encompass all of the following information.
Julie and her 10 year old twin brother live with their dad Julio and their adopted sister Jan. Their mother Anita died in 2010 in a car accident. Anita had two children from a previous relationship with a man name John. Her boys names are John, age 14, and Jake, age 10. The boys continue to reside with Julio and their biological father no longer plays a role in their lives. Anita's mother Bonita continues to be a support to the family while her father passed away in 2006 from cancer. Anita also has two brothers and a sister. Her sister, Kaydan, resides close to the family and participates in many of their family functions while Anita's brothers live far away and maintain minimal contact with the family. Julio's parents, Ann and Charlie, are both deceased. Ann passed away in 2000 from a stroke and Charlie passed away in 2004 from s heart attack. Juilio has a brother, David. David and Julio have a close relationship together and work together in their family owned restaurant. Both Julio's grandparents and Anita's grandparents are deceased.

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Definitions:

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction, particularly in the United States.

Projected Benefit Obligation

The present value of estimated future payments required to settle the obligations of a pension plan over its employees' expected future service.

Plan Assets

Assets that are held by a retirement plan from which the benefits to the participants are to be paid.

Funded Status

A measure of the financial health of a pension plan, indicating the difference between plan assets and liabilities.