________ Is the Act of Planning How Wealth Will Be

question 17

Multiple Choice

________ is the act of planning how wealth will be allocated on or before your death.

• A) Asset allocation
• B) Estate planning
• C) Liquidity planning
• D) Management planning

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Definitions:

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle.

FICA Taxes Payable

Taxes that are due on employee and employer contributions to Social Security and Medicare.

Federal Income Taxes Payable

A liability account on the balance sheet representing the amount of income taxes a company owes to the government.

State Income Taxes Payable

This is a liability on a company's balance sheet representing the amount of income taxes owed to various state governments.