If You Die Without a Valid Will

question 71

Multiple Choice

If you die without a valid will:

• A)the IRS confiscates your property.
• B)a federal court decides how your property will be distributed.
• C)your closest relative will receive all your property according to federal law.
• D)your letter of instruction becomes your will.
• E)your state's law of descent and distribution becomes your will.

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Definitions:

Total Fixed Costs

The sum of all costs that do not change with the level of output within a certain range of activity for a specified period.

Average Operating Assets

The average value of the assets used in the normal operations of a business over a period.

Stockholders' Equity

Stockholders' Equity is the portion of a company's assets that belongs to shareholders after all liabilities have been subtracted, also known as shareholders' equity.

Net Operating Income

Earnings from a company’s primary business activities, discounting the effects of financing and tax considerations.