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09 Oct 2023, 11:56
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I write this, my last Will and Testament, to determine the division of my assets in the event of my passing.
I have dedicated $100,000 to the settling of my affairs, including the cost of my burial and any outstanding costs that must be paid in my absence. This includes the fees charged by my attorney to handle these affairs. Any remaining balance will be at the discretion of my attorney.
This $100,000 will also include the establishment of a $15,000 trust, to be awarded to the person who takes possession and care of any pets I may leave without care in the event of my death.
Additionally, $100,000 is to be donated to the Children's Hospital and Trial Medical Clinic, $100,000 is to be donated to local cancer charities, and $100,000 is to be donated to the creation of an entirely new exhibit at the Landers Field Zoo.
My remaining wealth is to be divided among my four children in equal parts. Sincerely,
Shirley Lands
I have dedicated $100,000 to the settling of my affairs, including the cost of my burial and any outstanding costs that must be paid in my absence. This includes the fees charged by my attorney to handle these affairs. Any remaining balance will be at the discretion of my attorney.
This $100,000 will also include the establishment of a $15,000 trust, to be awarded to the person who takes possession and care of any pets I may leave without care in the event of my death.
Additionally, $100,000 is to be donated to the Children's Hospital and Trial Medical Clinic, $100,000 is to be donated to local cancer charities, and $100,000 is to be donated to the creation of an entirely new exhibit at the Landers Field Zoo.
My remaining wealth is to be divided among my four children in equal parts. Sincerely,
Shirley Lands
Mrs. Lands's four children will receive more than $1 million each when the estate is settled.: No
The total estate is valued at more than $3 million.: Yes
Mrs. Lands had more than three sources of investment income at the time of her retirement.: No
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
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Question Stats:
25% (03:26) correct
75%
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wrong
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1. Consider each of the following statements. Does the information in the three sources support the inference as stated?
| Yes | No | |
| Mrs. Lands's four children will receive more than $1 million each when the estate is settled. | ||
| The total estate is valued at more than $3 million. | ||
| Mrs. Lands had more than three sources of investment income at the time of her retirement. |
ShowHide Answer
Official Answer
Mrs. Lands's four children will receive more than $1 million each when the estate is settled.: No
The total estate is valued at more than $3 million.: Yes
Mrs. Lands had more than three sources of investment income at the time of her retirement.: No
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Data Insights (DI) Quiz-II 2023 [Question #12, Date: Oct-09-2023] [Click here for Details]
10 Oct 2023, 00:27
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NO YES YES
I hope this will was mine but not when i am as old as Mrs Shirley Lands
1. Mrs. Lands's four children will receive more than $1 million each when the estate is settled.
Total estate value = 1.3x10^6 + 0.227x10^6 + 0.552x10^6 + 0.509x10^6 + 0.442x10^6 + 0.139x10^6 = 3.169x10^6
if we equally divide among 4, each of them will NOT receive more than a million.
NO
2. The total estate is valued at more than $3 million.
As calculated above, total estate is valued more than 3 million.
YES
3. Mrs. Lands had more than three sources of investment income at the time of her retirement.
Only liquid assets are considered as a investment income. Stocks and Bonds, Real Estate, Money Market, Life Insurance. We have got more than 3.
YES
I hope this will was mine but not when i am as old as Mrs Shirley Lands
1. Mrs. Lands's four children will receive more than $1 million each when the estate is settled.
Total estate value = 1.3x10^6 + 0.227x10^6 + 0.552x10^6 + 0.509x10^6 + 0.442x10^6 + 0.139x10^6 = 3.169x10^6
if we equally divide among 4, each of them will NOT receive more than a million.
NO
2. The total estate is valued at more than $3 million.
As calculated above, total estate is valued more than 3 million.
YES
3. Mrs. Lands had more than three sources of investment income at the time of her retirement.
Only liquid assets are considered as a investment income. Stocks and Bonds, Real Estate, Money Market, Life Insurance. We have got more than 3.
YES
10 Oct 2023, 03:25
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i) Mrs. Lands's four children will receive more than $1 million each when the estate is settled
Estate value =1.3 mn
Liquid assets =1.869
Total = 3.169
Since the amount is < 4 mn thus each child will get less than 1 mn
false
ii) The total estate is valued at more than $3 million- True
The estate is appraised at (1.3 mn)+ estate liquid assets (1.869 mn)= 3.169 mn
iii) Mrs. Lands had more than three sources of investment income at the time of her retirement- Stocks, Real Estate, Savings are sources of income- False
Estate value =1.3 mn
Liquid assets =1.869
Total = 3.169
Since the amount is < 4 mn thus each child will get less than 1 mn
false
ii) The total estate is valued at more than $3 million- True
The estate is appraised at (1.3 mn)+ estate liquid assets (1.869 mn)= 3.169 mn
iii) Mrs. Lands had more than three sources of investment income at the time of her retirement- Stocks, Real Estate, Savings are sources of income- False
