Steven Needs to Write a Will

question 107

Multiple Choice

Steven needs to write a will. His best resource is (a)

• A) Class action lawsuit.
• B) Attorney.
• C) Mediator.
• D) Arbitrator.
• E) Small claims court.

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Definitions:

Stockholders' Equity

The owners' claim after subtracting total liabilities from total assets, representing the net value of a company to its shareholders.

Net Income

The residual financial gain of a company after deducting every cost, tax, and expense from the total earnings.

Note Payable

A written agreement where one party promises to pay another party a certain amount of money at a future date or on demand.

Accounting Equation

The foundational principle of accounting that maintains that assets equal the sum of liabilities and owner's equity.