Use the Following to Answer Questions

question 19

Multiple Choice

Use the following to answer questions :
Figure 13-1
-At a wage rate of $7 in Figure 13-1, what is income?

• A)$24.5
• B)$35
• C)$56
• D)$63
• E)none of the above

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Definitions:

Trustee

An individual or firm that holds or administers property or assets for the benefit of a third party.

Beneficiary

An individual or entity entitled to benefits or advantages from something, such as a trust, insurance policy, or a will.

Decedent's Estate

The real and personal property owned by an individual at the time of their death, subject to distribution according to their will or state laws.

Spendthrift Trust

A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time, and most states prohibit creditors from attaching assets of the trust.