Which of the Following Is the Most Practical First Step

question 45

Multiple Choice

Which of the following is the most practical first step in estate planning?

• A)Preparing a will
• B)Gathering military service records
• C)Obtaining court documents with legal name changes
• D)Reviewing automobile registrations
• E)Purchasing life insurance

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Definitions:

Demand Probability

The likelihood or chance that a product or service will be desired or required by the market at a certain time.

Monte Carlo Simulation

A statistical technique employing random variables to simulate a model numerous times, thereby estimating the probable outcomes of various decisions or future events.

Cumulative Probability

The probability that a random variable is less than or equal to a specific value, often visualized as the area under the probability distribution curve to that point.

Demand Probability

The likelihood that a product or service will be purchased at various price levels within a specified time period.