Unit 8: Quiz 3 Flashcards

1
Q

Likely to occur at any moment.

A

imminent

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2
Q

A contract renting land, buildings, etc, to another for a specified period of time and payment.

A

lease

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3
Q

To put under legal obligation

A

legally binding

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4
Q

A check register is a book of forms that provides space for writing in the dates, amounts, and payees for all checks.

A

register

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5
Q

Having signed or joined in signing a document

A

signatory

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6
Q

The process of checking information for completeness and accuracy

A

verify

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7
Q

Define a bill of sale

A

Written evidence of the transfer of title from one party to another

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8
Q

What three things should a bill of sale include?

A

a. description

b. date

c. signatures

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9
Q

Why is it important to know what the intestacy laws of your state are?

A

Because that is what determines the distribution of your assets when you die if you do not have a will.

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10
Q

What is the preferred place to store your will?

A

A safe deposit box

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11
Q

An instrument for measuring distance traveled, such as on an automobile

A

odometer

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12
Q

a person who has died

A

decedent

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13
Q

directs medical personnel to withhold or withdraw “heroic measures” or life-support

A

living will

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14
Q

a document that states the decedents wishes for the distribution of his/her assets

A

will

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15
Q

a document that gives legal rights to a designated person to handle your financial affairs and make and manage your health care decisions in the event that you can no longer do so

A

durable power of attorney

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16
Q

formal permission from a constituted authority to do a specific thing

A

license

17
Q

a contract renting land, property to another for a specified period of time and payment

A

lease

18
Q

persons designated as the recipients of funds or other property under a will, trust, insurance policy, etc.

A

beneficiaries

19
Q

the state of having not made a will at death

A

intestacy

20
Q

the official proving of a will as authentic or valid in a court

A

probate