Shea Makes a Will

question 1

Multiple Choice

Shea makes a will. As a person who makes a will,Shea is

• A)an administrator.
• B)an executor.
• C)a beneficiary.
• D)a testator.

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Definitions:

Liabilities

Financial obligations or debts that a company or individual owes, which are required to be paid in the future.

Beginning Equity

The value of an owner's interest in a company at the start of an accounting period, before any transactions affecting equity occur.

Net Income

The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Dividends

Disbursements from a corporation to individuals holding its stock, serving as their share of the earnings.