All of the Following Represent a Related Entity to an Organization

question 71

Multiple Choice

All of the following represent a related entity to an organization except

• A)the president's son.
• B)an affiliate with common ownership.
• C)customers.
• D)primary owners.

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Definitions:

Life Tenant

An individual who has the right to use and benefit from a property during their lifetime, but does not own the property outright.

Trust Investment

A financial arrangement where assets are managed by one party for the benefit of another under a legally established trust.

Trust Instrument

A legal document that outlines the terms and conditions under which a trust operates, specifying how assets placed in trust are to be managed and distributed.

Corpus

The principal amount in a trust or estate as distinct from interest or dividends earned on that principal amount.