Gigi,a Twenty-Year-Old,wants to Execute a Will Before She Undertakes a Moun?tain-Climbing

question 10

Multiple Choice

Gigi,a twenty-year-old,wants to execute a will before she undertakes a moun?tain-climbing trip on a peak in the Himalaya Mountains.In most states,the legal age for executing a will is

• A)sixteen years of age.
• B)eighteen years of age.
• C)twenty-one years of age.
• D)twenty-five years of age.

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Definitions:

Tax Revenue

The financial earnings governments receive through taxing.

Income Inequality

The unequal distribution of an economy’s total income among households or families.

Minimum Standard

A predefined level of quality, performance, or capability that products, services, or processes must meet or exceed, often set by regulatory bodies.

Marginal Tax Rate

The marginal tax rate is the percentage of tax applied to your income for each tax bracket in which you qualify, essentially the tax rate on your last dollar of income.