Letters Testamentary

question 12

Multiple Choice

Letters testamentary:

• A) are given to an administrator.
• B) are given to an executor.
• C) require a bond to be filed by the person to whom they are given if the will exempts the requirement.
• D) none of the above.

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Definitions:

Nominal NNP

The Gross National Product measured at current market prices, without adjusting for inflation.

Real NNP

Net National Product adjusted for inflation; measures the value of goods and services produced by a country's economy, less the value of goods and services used up in production, adjusted for price changes.

Price Index

A statistical measurement that tracks changes in the price level of a basket of goods and services over time.

Inventories

The raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.