Estate Planning Has Two Parts

question 92

Multiple Choice

Estate planning has two parts.The first part consists of:

• A)building your estate through savings,investments,and insurance.
• B)transferring your estate,while you are alive,in the manner you have specified.
• C)deciding who is going to get what.
• D)evaluating your assets and liabilities.
• E)planning for the period right after you die.

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Definitions:

Administrative Expense

Costs related to the general operation of a company, such as salaries of executive personnel, office supplies, and utilities, not directly related to production or sales.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead.

Finished Goods

Items that have finished the production stage and are available for purchase by buyers.

Work in Process

Inventory in the production process but not yet completed, representing part of a company's current assets.