KTHS - Economics 2nd Quarter Review

A guardian does which of the following?

• Distributes a person’s estate

• Enforces a contract

• Agrees to care for a person’s children in the event of the person’s death

• Agrees to take over the premiums on a life insurance policy

A simple will leaves your possessions to whom?

• A spouse

• Your spouse and a charitable organization

• Your spouse and in trust for other heirs

• A charitable organization

Handwritten wills are also known as which of the following?

• Formal wills

• Statutory wills

• Holographic wills

• Penmanship wills

If someone dies without a will, who handles the distribution of the person’s estate?

• Their children

• Their spouse

• A lawyer of the family’s choice

• The state

If someone dies without a will, a situation known as intestate, the state will step in to handle the distribution of the estate, even if it is not what you may have wanted.

• True

• False

In a contract, each party has what?

• A guarantee of gain

• An obligation or responsibility

• A verbal agreement

• Balloons

Negligence is typically thought of as a failure to take reasonable actions to prevent injury or damage.

• True

• False

Negligence is typically thought of as a failure to take reasonable actions to prevent injury or damage.

• True

• False

Only individuals over the age of 60 need to create an estate plan.

• True

• False

The power of attorney is a legal document that gives the person of your choice the authority to act on your behalf.

• True

• False