A Savings Bank Account in the Name of the Depositor

question 4

Multiple Choice

A savings bank account in the name of the depositor as trustee for another person is a

• A) spendthrift trust.
• B) spray trust.
• C) Totten trust.
• D) discretionary trust.

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Definitions:

Journal Entries

Journal entries are records in financial accounting that document transactions in chronological order, affecting at least two accounts.

Not-for-Profit

An organization that operates for purposes other than generating profit, focusing instead on serving a public or mutual benefit.

Five-step Progression

A sequential approach or methodology, often applied to processes requiring stages of development or evaluation.

Health Care Entity

An organization involved in the provision of medical, surgical, dental, or other health services.