Responsibility for One's Conduct Is a Changing Concept

question 22

Multiple Choice

Responsibility for one's conduct is a changing concept. Its interpretation can be influenced by:

• A) social conditions
• B) political conditions
• C) cultural conditions
• D) all of these

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Definitions:

Trust

(1) A business arrangement in which stock owners appoint beneficiaries and place their securities with a trustee, who manages the company and pays a share of the earnings to the stockholders. (2) An estate-planning arrangement whereby a person transfers property to another person and the property is used for the benefit of a third person.

Transfer Property

The act of legally changing ownership of property or assets from one party to another.

Allocation

The process of distributing resources or assigning tasks among people or projects based on a plan or a set of criteria.

Potential Beneficiary

An individual or entity that stands to receive a benefit or rights under a will, trust, or insurance policy, pending upon certain conditions or events.