Use the Figure for the Question(s) Below

question 78

Multiple Choice

Use the figure for the question(s) below.

-Which of the following statements regarding the timeline is FALSE?

• A)Date 1 is the end of the first year.
• B)Date 0 is the beginning of the first year.
• C)The space between date 0 and date 1 represents the time period between two specific dates.
• D)You will find the timeline most useful in tracking cash flows if you interpret each point on the timeline as a period or interval of time.

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Definitions:

Intestacy Laws

The body of law that governs the distribution of a deceased person's estate when they die without a valid will.

Estate

The collective assets and liabilities of a person, especially considered in the context of their will or the administration of their property after death.

Codicil

A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.

Per Capita

A statistical measure that divides an aggregate amount by the number of units or individuals to determine the average amount per person.