For UGMA/UTMA Accounts, All of the Following Statements Are True

question 41

Multiple Choice

For UGMA/UTMA accounts, all of the following statements are true except:

• A) They are custodial accounts set up in a child's name
• B) They are taxed at child's rate
• C) They are an irrevocable gift for the child
• D) They can be used for any purpose by the child

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Definitions:

Colour Vision

The capability of the visual system to distinguish objects based on the wavelengths of the light they reflect, emit, or transmit.

Vision Clarity

The sharpness and clearness of vision, often measured by the ability to discern letters or numbers at a specified distance.

Eye Movements

The voluntary or involuntary movement of the eyes, which can be important in visual tracking, reading, and expressing emotions.

Saccades

Rapid, ballistic movements of the eyes that abruptly change the point of fixation, allowing the visual system to quickly move from one object of interest to another.