What Is the Process of Abatement

question 23

Multiple Choice

What is the process of abatement?

• A) an attempt to determine the deceased's intentions when the terms of the will are unclear.
• B) a reduction of various bequests when the estate is not adequate to satisfy them completely.
• C) selling of assets included in an estate to be able to pay creditors.
• D) payment of the claims of creditors.
• E) the establishment of how the creditors will be paid.

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Definitions:

Privatization

The process of transferring ownership or control of a public sector enterprise or service to private sector individuals or companies.

Federal Budget

An annual financial statement presenting the government's proposed revenues and spending for the forthcoming fiscal year.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not controlled by the state.

Bureaucratic Reform

Efforts aimed at improving the efficiency, effectiveness, and accountability of administrative agencies and public sector organizations.