Business 207 Test 1

Business 207 Test 1 - Business 207 Test 1 1.) Your spouse...

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Business 207 Test 1 1.) Your spouse and children died in a car accident. Your parents are deceased as well. You did not make a will and died, who receives your estate? a. Siblings b. Grandparents c. Cousins d. Grandchildren e. Nobody, the estate is received by the government 2.) Which of the following is not part of the probate process? a. Letters Testamentary b. Paying taxes, debts, and fees c. Proving the will d. Appraising the estate e. All are part of the process 3.) Which of the following would not be defined as “land”? a. Apple tree b. House c. Oil d. Bird e. Water 4.) Tangible or intangible? a. Car b. Partnership c. Lamp d. Trash can e. Shares f. Boxers 5.) Matching a. Conquest _addition of value to that which already exists b. Production _something for nothing c. Accession _property retrieved after being stolen, lost, abandoned, etc. d. Involuntary transfer _power of state to take private property for public use e. Voluntary transfer _form of estoppels regarding ownership of property f. Gift _natural increase(or decrease) of property due to natural action g. Sale _owner lost the rights to ownership; rights go to someone
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This note was uploaded on 11/21/2011 for the course BUS 207 taught by Professor Perello during the Fall '03 term at Cal Poly.

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Business 207 Test 1 - Business 207 Test 1 1.) Your spouse...

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