If a Person Names a Not-For-Profit Organization in His or Her

question 4

Multiple Choice

If a person names a not-for-profit organization in his or her will, this is considered a(n) ________ and is __________.

• A) Conditional promise to give; not recorded
• B) Unconditional promise to give; recorded
• C) Intention to give; recorded
• D) Intention to give; not recorded

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Definitions:

11%

11% typically refers to an interest or annual rate, indicating that 11 percent of the principal amount will be paid in interest over a year.

Nominal Rate

The promoted or declared rate of interest on a loan or investment, excluding the impacts of compounding and inflation.

Compounded Monthly

Interest calculation method involving the addition of interest to the principal sum of a loan or deposit, repeated every month.

Compounded Semi-Annually

Interest calculation method where interest is added to the principal sum twice a year, leading to interest earnings on interest.