Identify the parties that are present when an estate is created and their key duties. Then do the same for a trust.
What will be an ideal response?
An estate of a decedent is created either by law or by will. The executor manages the decedent’s assets and satisfies any obligations. Distributions are made to income beneficiaries. When the estate terminates, the corpus is distributed to the remainder beneficiaries.?A trust is created when the grantor transfers assets to the trustee who takes title to the assets so assigned. The trustee manages the corpus, making distributions to the income beneficiaries. When the trust terminates, the corpus is distributed to the remainder beneficiaries.
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The difference between the amortized cost basis of a debt security and the present value of expected cash flows for that security discounted at the effective interest rate implicit in the debt instrument when it was originally acquired is called the:
A. other-than-temporary impairment. B. amount related to all other factors. C. amount representing the credit loss. D. subsequent recovery in fair value.
A graphical representation in which the sample space is represented by a rectangle and events are represented as circles is called a
A. Pie chart. B. Venn diagram. C. Pareto chart. D. Box plot.
Answer the following statements true (T) or false (F)
1. Managers perform the management functions in a linear, or step-wise, order, starting with planning and ending with controlling. 2. The three traditional levels of management are top, middle, and first-line. 3. Middle managers can be either general or functional managers. 4. While both general managers and project managers supervise employees from several functional departments, not all general managers are project managers.
Answer the following statements true (T) or false (F)
1. One of the reasons a process may need to be reexamined once it has been implemented is that the product is not selling well. 2. Value stream mapping assesses the time taken for each step in the value stream. 3. Potential for outsourcing needs to be considered in offering a service. 4. The volume of service is low for mass services. 5. A goal for manufacturers in designing their individual internal processes is to provide locations most convenient for the manufacturers.