A Simple Document Stating That Anything You May Have Neglected

question 60

Multiple Choice

A simple document stating that anything you may have neglected to place in your trust during your lifetime should be placed in it at your death is called a:

• A)letter of last instruction.
• B)ethical will.
• C)prenuptial agreement.
• D)codicil.
• E)pourover will.

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing a measure of producer welfare.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, reflecting the economic benefit to consumers.

Tax

An obligatory financial obligation or other form of levy placed on a taxpayer by a government agency to fund government operations and diverse public spending.

Price Paid

Price paid refers to the actual amount of money exchanged for the acquisition of a good or service.