Tia Funds an Irrevocable Trust with $100,000, Naming Vonda to Receive

question 72

Multiple Choice

Tia funds an irrevocable trust with $100,000, naming Vonda to receive income for life. Tia also grants Vonda a general power of appointment during her life. During the next year, Vonda directs the trustee to give $100,000 to Rick. Which of the following statements is not correct?

• A)Tia made a $100,000 gift to Rick.
• B)Vonda makes a $100,000 gift to Rick.
• C)Tia has made a gift of $100,000 to Vonda.
• D)Exercising a general power of appointment constitutes a gift.

Identify the impacts of beginning and ending inventory levels on cost calculations.

Explain the principles of process costing system including the calculation of cost per equivalent unit and the allocation of these costs to units completed and transferred out as well as ending inventory.

Understand the concept of age bias and strategies to mitigate it in the workplace.

Recognize the construction of self-image based on primary and secondary dimensions of diversity.

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Definitions:

Lower Costs

The reduction of expenditure or expenses in the production, acquisition, or maintenance of goods and services without compromising quality.

Purchase Price

The amount of money paid to acquire a good or service, including the base cost plus any additional charges or fees.

Management Philosophy

A belief system or framework that guides the managerial decisions, actions, and behaviors of an organization.

Maximizing Customer Value

The process of increasing the benefits a customer receives from a product or service relative to its cost, enhancing customer satisfaction and loyalty.