Test Bank For
Business Law and the Legal
Environment, Standard Edition, 10th
Edition By Jeffrey Beatty, Susan
Samuelson, Patricia Abril
(All Chapters 1-44, 100% Original
Verified, A+ Grade)
All Chapters Arranged Reverse: 44-1
This is The Original Test Bank For
10th Edition, All other Files in The
Market are Fake/Old/Wrong Edition.
,Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
Indicate whether the statement is true or false.
1. The Uniform Probate Code has been adopted in all states.
a. True
b. False
ANSWER: False
FEEDBACK: Correct Only the states, and not the federal government, have probate codes to
regulate the creation and implementation of wills and trusts. These codes
vary from state to state.
Incorrect Only the states, and not the federal government, have probate codes to
regulate the creation and implementation of wills and trusts. These codes
vary from state to state.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.1 - Explain the purpose of estate planning.
TOPICS: Introduction to Estate Planning
KEYWORDS: Bloom's: Remember
2. Estate planning has two primary goals. First, to ensure property is distributed as the owner desires and second, to
minimize estate taxes.
a. True
b. False
ANSWER: True
FEEDBACK: Correct Estate planning has two primary goals: to ensure that property is
distributed as the owner desires and to minimize estate taxes. Estate
planning is also the process of giving away property after (or in
anticipation of) death.
Incorrect Estate planning has two primary goals: to ensure that property is
distributed as the owner desires and to minimize estate taxes. Estate
planning is also the process of giving away property after (or in
anticipation of) death.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.1 - Explain the purpose of estate planning.
TOPICS: Introduction to Estate Planning
KEYWORDS: Bloom's: Remember
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,Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
3. Per capita means each heir gets an equal share of an estate.
a. True
b. False
ANSWER: True
FEEDBACK: Correct When each heir receives the same amount, it is called per capita. If the
children have died, then each grandchild inherits the same share, although
one child may have had more children than another.
Incorrect When each heir receives the same amount, it is called per capita. If the
children have died, then each grandchild inherits the same share, although
one child may have had more children than another.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
4. A will is a legal document that disposes of the testator’s property after death.
a. True
b. False
ANSWER: True
FEEDBACK: Correct A will is a legal document that disposes of the testator’s property after
death. It can, in most instances, be revoked or altered at any time until
death.
Incorrect A will is a legal document that disposes of the testator’s property after
death. It can, in most instances, be revoked or altered at any time until
death.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Understand
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, Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
5. Parents may not disinherit their minor children without good reason.
a. True
b. False
ANSWER: False
FEEDBACK: Correct Parents are not required to leave assets to their children. They may
disinherit their children for any reason.
Incorrect Parents are not required to leave assets to their children. They may
disinherit their children for any reason.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
6. Property of a person who dies without a will is distributed according to intestacy laws.
a. True
b. False
ANSWER: True
FEEDBACK: Correct When someone dies intestate, the law steps in and determines how to
distribute the decedent’s property. Although, in theory, intestacy laws are
based on what most people would prefer, in practice, they are not. The
vast majority of married people, for instance, leave all their assets to their
surviving spouse.
Incorrect When someone dies intestate, the law steps in and determines how to
distribute the decedent’s property. Although, in theory, intestacy laws are
based on what most people would prefer, in practice, they are not. The
vast majority of married people, for instance, leave all their assets to their
surviving spouse.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
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Business Law and the Legal
Environment, Standard Edition, 10th
Edition By Jeffrey Beatty, Susan
Samuelson, Patricia Abril
(All Chapters 1-44, 100% Original
Verified, A+ Grade)
All Chapters Arranged Reverse: 44-1
This is The Original Test Bank For
10th Edition, All other Files in The
Market are Fake/Old/Wrong Edition.
,Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
Indicate whether the statement is true or false.
1. The Uniform Probate Code has been adopted in all states.
a. True
b. False
ANSWER: False
FEEDBACK: Correct Only the states, and not the federal government, have probate codes to
regulate the creation and implementation of wills and trusts. These codes
vary from state to state.
Incorrect Only the states, and not the federal government, have probate codes to
regulate the creation and implementation of wills and trusts. These codes
vary from state to state.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.1 - Explain the purpose of estate planning.
TOPICS: Introduction to Estate Planning
KEYWORDS: Bloom's: Remember
2. Estate planning has two primary goals. First, to ensure property is distributed as the owner desires and second, to
minimize estate taxes.
a. True
b. False
ANSWER: True
FEEDBACK: Correct Estate planning has two primary goals: to ensure that property is
distributed as the owner desires and to minimize estate taxes. Estate
planning is also the process of giving away property after (or in
anticipation of) death.
Incorrect Estate planning has two primary goals: to ensure that property is
distributed as the owner desires and to minimize estate taxes. Estate
planning is also the process of giving away property after (or in
anticipation of) death.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.1 - Explain the purpose of estate planning.
TOPICS: Introduction to Estate Planning
KEYWORDS: Bloom's: Remember
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,Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
3. Per capita means each heir gets an equal share of an estate.
a. True
b. False
ANSWER: True
FEEDBACK: Correct When each heir receives the same amount, it is called per capita. If the
children have died, then each grandchild inherits the same share, although
one child may have had more children than another.
Incorrect When each heir receives the same amount, it is called per capita. If the
children have died, then each grandchild inherits the same share, although
one child may have had more children than another.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
4. A will is a legal document that disposes of the testator’s property after death.
a. True
b. False
ANSWER: True
FEEDBACK: Correct A will is a legal document that disposes of the testator’s property after
death. It can, in most instances, be revoked or altered at any time until
death.
Incorrect A will is a legal document that disposes of the testator’s property after
death. It can, in most instances, be revoked or altered at any time until
death.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Understand
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, Name: Class: Date:
Chapter 44 - Planning for the Future: Wills, Trusts, and Insurance
5. Parents may not disinherit their minor children without good reason.
a. True
b. False
ANSWER: False
FEEDBACK: Correct Parents are not required to leave assets to their children. They may
disinherit their children for any reason.
Incorrect Parents are not required to leave assets to their children. They may
disinherit their children for any reason.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
6. Property of a person who dies without a will is distributed according to intestacy laws.
a. True
b. False
ANSWER: True
FEEDBACK: Correct When someone dies intestate, the law steps in and determines how to
distribute the decedent’s property. Although, in theory, intestacy laws are
based on what most people would prefer, in practice, they are not. The
vast majority of married people, for instance, leave all their assets to their
surviving spouse.
Incorrect When someone dies intestate, the law steps in and determines how to
distribute the decedent’s property. Although, in theory, intestacy laws are
based on what most people would prefer, in practice, they are not. The
vast majority of married people, for instance, leave all their assets to their
surviving spouse.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: BLLE STD.BEATTY.26.CH44.LO 44.2 - List the requirements to execute a valid
will.
TOPICS: Wills
KEYWORDS: Bloom's: Remember
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