Ivan Owned a House in Florida

question 44

Multiple Choice

Ivan owned a house in Florida.He died without making a valid will,and therefore,the property passed to his son,Mario.The method by which Mario acquired the property is called _____.

• A) acquisition by will
• B) acquisition by inheritance
• C) acquisition by gift
• D) acquisition by adverse possession

---

Definitions:

Net Income

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

Net Sales

The revenues from a company's primary activities after deducting returns, allowances, and discounts.

Working Capital Ratio

A financial metric measuring a company's ability to cover its short-term liabilities with its short-term assets.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.