1. The key employees of a sole proprietorship are logical choices to be purchase
ID: 3363969 • Letter: 1
Question
1. The key employees of a sole proprietorship are logical choices to be purchasers of the business at the sole proprietor's death for which of the following reasons?
I. They are familiar with the business.
II. They want to protect their own future employment.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
2. Which of the following statements concerning the use of Medicaid to meet long-term care needs is (are) correct?
I. It is available only if a person is poor or has a low income and has exhausted most other assets.
II. It eliminates the social stigma of accepting welfare.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
3. Which of the following statements concerning the trust endorsement to a personal auto policy (PAP) is (are) correct?
I. The endorsement modifies the PAP to handle situations in which the vehicle is titled solely in the name of a trust.
II. A client who establishes a revocable living trust for estate planning reasons may need to add this endorsement to his or her PAP.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Explanation / Answer
1. Answer is A. (I only)
Because, key employer is familiar with that business and he known everything about that business. He know how to run the business in future.
2. Answer is C. ( Both I and II)
Because, Medicaid is federally and state-founded programme in United states. It eliminates the social stigma of social stigma of accepting welfare and that helps medical cost for some peoples with limited and resources.
3. Answer is B. ( II only)
Because, a client who establishes a revocable living trust for estate planning reasons may need to add this endorsement to his or her personal auto policy to reduce the chance of loss in future.
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