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:

Anorexia Nervosa

A serious eating disorder characterized by self-imposed starvation and excessive weight loss due to an overwhelming fear of gaining weight.

Affluent Western Cultures

Societies in the Western hemisphere characterized by significant wealth, high standards of living, and advanced economic and technological development.

Antisocial Personality Disorder

A psychological condition marked by a persistent tendency to ignore or infringe upon the rights of other individuals.

Remorse

A deep feeling of regret or guilt for a wrong committed.