Accounting 175 - Estate Gift and Trust Taxation » Spring 2021 » Week 4 Test

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
Once executed, a will can be revoked only by changing it or writing an entirely new will.
A.   TRUE
B.   FALSE
Question #2
An agent is required to help with the purchase of long-term care insurance.
A.   TRUE
B.   FALSE
Question #3
Which person is generally NOT automatically covered when the term children is used in a will?
A.   Natural marital child
B.   Stepchild
C.   Non marital child
D.   Adopted child
Question #4
Which is a tangible personal property?
A.   Automobiles
B.   Cash
C.   Stocks and bonds
D.   Vacation home
Question #5
Which is a Medicare qualified facility that specialized in skilled care or rehabilitation services under the supervision or license nurses and based on a doctors orders?
A.   Assisted living facility
B.   Skilled nursing home facility
C.   Nursing home
D.   Continuing care retirement community
Question #6
Which of the following is not covered by Medicare?
A.   Prescription drugs
B.   Hospice care
C.   Physician services
D.   Long-term care expenses in a nursing home or at home
Question #7
Which is NOT a way to accomplish revocation?
A.   By Operation of law
B.   By subsequent writing
C.   By intent
D.   By physical act
Question #8
Which part of a will names the person whom the testator wishes to care for his/her events of the testators death?
A.   Provision for residue of estate
B.   Appointment of personal and/or property guardian
C.   testimonium clause
D.   Testamentary trust clause
Question #9
The passage of an intestate decedents property to the state when there is no surviving blood relative or a spouse
A.   succession
B.   legacy and bequest
C.   testacy
D.   escheat
Question #10
What is the name of an orally made will?
A.   living will
B.   holographic will
C.   statutory will
D.   nuncupative will

Need help with your exam preparation?

Existing Quiz Clients Login here