Exam (elaborations) - University of arkansas econ 101 chapter 15 exam review test answered 100% correc...

1. Which of the following is not a financial planning objective associated with estate planning? A. To match the amount and type of assets to be distributed to circumstances and our wishes. B. To match taxes outstanding with debt liability upon death. C. To leave other heirs with little or no conflict wherever possible. D. To protect ourselves while we are still alive. E. All of the above are financial planning objectives associated with state planning. 2. What is the fourth step of estate planning? A. Establish a will. B. Consider other estate planning tools to meet objectives. C. Evaluate obstacles and ways to overcome them. D. Become familiar with all types of relevant taxes. E. None of the above. 3. Can the estate planning process be the same for large and small estates? A. Yes. B. No. C. Yes, though the amount of supervision varies. D. No, though the amount of supervision does not vary. E. None of the above. 4. Which of the following is irrelevant to the outcome strategies associated with estate planning? A. Whether assets are joint or separately owned. B. The original cost. C. Current fair market value. D. All of the above are relevant. E. All of the above are irrelevant. 5. The executor of a will is: A.In charge of administering the estate, but is not in charge of complying with legal requirements and liquidating its assets. B.In charge of administering the estate and complying with legal requirements, but is not in charge of liquidating its assets. C. In charge of administering the estate, complying with legal requirements, and liquidating its assets. D. Is in charge of people unable to care for themselves. E. None of the above. 6. Which of the following is not a factor for which a legally recognized will should be evaluated? A. Are your wishes unambiguously stated in the will? B. Does the will comply with municipal law? C. Are there overlooked assets? D. Can the w