Instead of Inheriting Under the Terms of the Will, Surviving

question 21

Multiple Choice

Instead of inheriting under the terms of the will, surviving spouses may waive the will and take their

• A) exempt property.
• B) elective share.
• C) right of dower.
• D) right of curtesy.

Understand and explain the concept of simple and compound interest.

Describe the time value of money and its importance in finance.

Calculate and compare future values of investments with different interest compounding frequencies.

Define and calculate the present value (PV) of future cash flows.

---

Definitions:

Contractual Relationship

A legally binding connection between two or more parties defined by a mutual agreement and enforceable by law.

Verbally

involves the use of spoken words to convey information, instructions, or ideas.

Implied

Suggested or understood without being directly expressed or explicitly stated.

Unlimited Liability

The legal obligation of business owners to bear any and all debts of the business with their personal assets.