An Attorney Receives a Check from the Defendant in Settlement

question 33

Multiple Choice

An attorney receives a check from the defendant in settlement of a lawsuit brought by his client, the plaintiff.Even if the check is made out in the name of the attorney, it will belong to the client as a:

• A) spendthrift trust.
• B) totten trust.
• C) constructive trust.
• D) resulting trust.

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Definitions:

Unearned Ticket Revenue

Revenue received from tickets sold for future events, recognized as a liability until the service is performed or event takes place.

Sales Revenue

The total amount of money generated from the sale of goods or services before any costs or expenses are deducted.

Payroll Taxes

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay to their staff.

Current Liability

Financial obligations a company owes and is expected to pay within a year.