Cannon Trust School I -
Knowledge Check Practice
Questions Final Exam
Questions And Answers 2025
Already Graded A+
Which forms of ownership avoid probate Joint
| | | | | |
Tenancy
|
Tenants by the Entirety
| | |
Contract Property |
Living Trust Property
| | |
Which forms of ownership are subject to probate?
| | | | | | |
,Sole Ownership
|
Tenants in Common
| | |
Community Property
| |
Which forms can be used only by spouses?
| | | | | | |
Tenants by the Entirety | | |
Community Property
| |
Which forms pass automatically?
| | |
Tenants in the Entirety | | |
Joint Tenancy
| |
Contract Property
| |
Yoko dies with the following property:
| | | | |
-Car in her name $15,000
| | | |
-Home in Joint Names with Brother: $500,000
| | | | | |
-Insurance Policy naming sister beneficiary: $150,000
| | | | |
-Bank account in her name: $10,000
| | | | |
Her Last Will & Testament leaves everything she owns to her
| | | | | | | | | |
sister
|
1. What will her sister receive?| | | |
2. What will her brother receive?
| | | |
3. What is the value of her probate estate?
| | | | | | |
4. What is the value of her taxable estate?
| | | | | | |
,1. $175,000
2. $500,000
3. $25,000
4. $675,000
Principal or Income: Municipal Bond Interest
| | | | |
Income
|
Principal or Income: Cash Dividend
| | | |
Income
|
Principal or Income: Stock Dividend
| | | |
Principal
|
Principal or Income: Stock Split
| | | |
Principal
|
Principal or Income: Rental Income
| | | |
Income
|
Principal or Income: Oil and Gas Income
| | | | | |
Income (10%) Principal (90%)
| | | |
Principal or Income: Sale of Unproductive Property at a
| | | | | | | |
Profit
|
Principal
Principal or Income: Trustee Fees
| | | |
, 1/2 Principal 1/2 Income
| | |
Principal or Income: Realtor's Commission
| | | |
Principal
|
Principal or Income: Income Tax | | | |
Income
|
Principal or Income: Capital Gain Tax
| | | | |
Principal
|
A Trust has $100 of dividend income, $500 of municipal
| | | | | | | | |
bond income, $250 of long-term capital gains, $150 of
| | | | | | | | |
trustee fees. What is the FAI?
| | | | | |
$525
A trust this year earns $2,000 of dividend income, $3,000 of
| | | | | | | | | |
municipal bond income, $1,250 of long-term capital
| | | | | | |
gains, $1,500 of trustee fees. Then, the Fair Market Value is
| | | | | | | | | | |
$100,000. What is the FAI if it is a 4% unitrust?
| | | | | | | | | | |
$4,000
A trust this year earns $1,000 of dividend income, $2,500 of
| | | | | | | | | |
municipal bond income, $2,000 of long-term capital
| | | | | | |
gains, $1,500 of trustee fees. Then, the Fair Market Value is
| | | | | | | | | | |
$100,000. What is the FAI if it is a 3% unitrust?
| | | | | | | | | | |
$3,000
Knowledge Check Practice
Questions Final Exam
Questions And Answers 2025
Already Graded A+
Which forms of ownership avoid probate Joint
| | | | | |
Tenancy
|
Tenants by the Entirety
| | |
Contract Property |
Living Trust Property
| | |
Which forms of ownership are subject to probate?
| | | | | | |
,Sole Ownership
|
Tenants in Common
| | |
Community Property
| |
Which forms can be used only by spouses?
| | | | | | |
Tenants by the Entirety | | |
Community Property
| |
Which forms pass automatically?
| | |
Tenants in the Entirety | | |
Joint Tenancy
| |
Contract Property
| |
Yoko dies with the following property:
| | | | |
-Car in her name $15,000
| | | |
-Home in Joint Names with Brother: $500,000
| | | | | |
-Insurance Policy naming sister beneficiary: $150,000
| | | | |
-Bank account in her name: $10,000
| | | | |
Her Last Will & Testament leaves everything she owns to her
| | | | | | | | | |
sister
|
1. What will her sister receive?| | | |
2. What will her brother receive?
| | | |
3. What is the value of her probate estate?
| | | | | | |
4. What is the value of her taxable estate?
| | | | | | |
,1. $175,000
2. $500,000
3. $25,000
4. $675,000
Principal or Income: Municipal Bond Interest
| | | | |
Income
|
Principal or Income: Cash Dividend
| | | |
Income
|
Principal or Income: Stock Dividend
| | | |
Principal
|
Principal or Income: Stock Split
| | | |
Principal
|
Principal or Income: Rental Income
| | | |
Income
|
Principal or Income: Oil and Gas Income
| | | | | |
Income (10%) Principal (90%)
| | | |
Principal or Income: Sale of Unproductive Property at a
| | | | | | | |
Profit
|
Principal
Principal or Income: Trustee Fees
| | | |
, 1/2 Principal 1/2 Income
| | |
Principal or Income: Realtor's Commission
| | | |
Principal
|
Principal or Income: Income Tax | | | |
Income
|
Principal or Income: Capital Gain Tax
| | | | |
Principal
|
A Trust has $100 of dividend income, $500 of municipal
| | | | | | | | |
bond income, $250 of long-term capital gains, $150 of
| | | | | | | | |
trustee fees. What is the FAI?
| | | | | |
$525
A trust this year earns $2,000 of dividend income, $3,000 of
| | | | | | | | | |
municipal bond income, $1,250 of long-term capital
| | | | | | |
gains, $1,500 of trustee fees. Then, the Fair Market Value is
| | | | | | | | | | |
$100,000. What is the FAI if it is a 4% unitrust?
| | | | | | | | | | |
$4,000
A trust this year earns $1,000 of dividend income, $2,500 of
| | | | | | | | | |
municipal bond income, $2,000 of long-term capital
| | | | | | |
gains, $1,500 of trustee fees. Then, the Fair Market Value is
| | | | | | | | | | |
$100,000. What is the FAI if it is a 3% unitrust?
| | | | | | | | | | |
$3,000
