Which of the Following Is Not an Example of Nonprobate

question 264

Multiple Choice

Which of the following is not an example of nonprobate property?

• A)Property owned by joint-tenancy with rights of survivorship
• B)Property designated in a will
• C)A retirement account such as a 401(k) or IRA
• D)A bank account with a payable-on-death designation

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, illustrating profit or loss.

Profit

The financial gain obtained when the revenues generated from a business activity exceed the expenses, costs, and taxes needed to sustain the activity.

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Expenses

The costs incurred in the process of generating revenue, including but not limited to rent, salaries, and utilities.