FNSACC601 Quiz 2 - review

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School

Monarch Institute *

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Course

FNSACC601

Subject

Economics

Date

May 12, 2024

Type

pdf

Pages

11

Uploaded by EarlKangarooMaster1058 on coursehero.com

Question 1 Correct Mark 1.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 Started on Saturday, 11 May 2024, 12:35 PM State Finished Completed on Saturday, 11 May 2024, 12:54 PM Time taken 19 mins 1 sec Marks 31.00/31.00 Grade 100.00 out of 100.00 Feedback Sensational! - You have shown an indepth understanding of this material, and have achieved an excellent result. Well done. Which of the following is not an example of a trust? Select one: a. None of the answers are correct b. Property of a deceased taxpayer held on behalf of the beneficiaries c. Shares and real estate held jointly by a husband and wife d. A bank account held on behalf of a child e. A superannuation fund Which of the following is true of beneficiaries? Select one: a. They are entitled to benefit from the trust property b. They must be persons c. They are deemed to be a resident for tax purposes d. They are liable for all taxes of the trust e. None of the answers are correct
Question 3 Correct Mark 1.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Question 5 Correct Mark 1.00 out of 1.00 Which of the following beneficiaries is not under a legal disability? Select one: a. An undischarged bankrupt b. A 19 year-old engaged in fulltime study c. A beneficiary who is certified insane d. None of the answers are correct e. A 17 year-old engaged in fulltime employment Which of the following is not an example of an inter vivos trust? Select one: a. None of the answers are correct b. A service trust created to operate a professional practice c. A unit trust d. A deceased estate e. A discretionary trust holding investments on behalf of a family The Trustee of an inter vivos trust retains $10,000 of trust net income to which no beneficiary is presently entitled. Which section(s) of the 1936 ITAA applies to assess the Trustee on this amount? Select one: a. Section 98 b. Section 99 or 99A c. None of the answers are correct d. Section 97A e. Section 98A
Question 6 Correct Mark 1.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 Question 8 Correct Mark 1.00 out of 1.00 Question 9 Correct Mark 1.00 out of 1.00 In legal terms, a trust is a relationship not a legal entity Select one: True False The person who creates a trust is the: Select one: a. Trustee b. Settlor c. Trust estate d. Beneficiary A trustee may be a company or a natural person. Select one: True False A beneficiary has to be a natural person. A company or a trust cannot be named as a beneficiary. Select one: True False
Question 10 Correct Mark 1.00 out of 1.00 Question 11 Correct Mark 1.00 out of 1.00 Question 12 Correct Mark 1.00 out of 1.00 Question 13 Correct Mark 1.00 out of 1.00 A sole trustee can be a beneficiary of a trust as long as they are not the sole beneficiary of the trust. Select one: True False A trustee has legal title to trust property and can derive benefits from that property. Select one: True False In a discretionary trust, the trustee has discretionary powers to vary income and capital distributions to the beneficiaries each year. Select one: True False In a fixed trust, the trustee has authority to vary proportions of the trust estate which the beneficiaries receive. Select one: True False
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