This is on customer accounts which was pretty straight forward.
Missed 3?s. # 5, 8, 12.
5 was a question on custodial account. i know that if the acct makes income of more than 1400/yr it must be taxed at the custodian's rate. but i answered that the minor would pay those taxes under their SSN, but it is actually a portion of the $1400 at the child's rate (*15% usually) and the balance at the custodian's higher tax rate (i.e. 30%).
missed a question about a fiduciary account where the answer should have been the prudent man rule, not the fiduciary investing as he or she sees fit. Which to me, is kind of the same, but i get what they're trying to get across here.
if an individual dies w/a will it is testate. if they die w/o a will, it is intestate. the question says if the individual dies leaving a detailed will which of the following types of accounts distribute the estate? answer a) intestate b) executor account. they said the right answer is A and I answered B because *an executor is the executor of the will...
so i think i'm right on that last one.
12/15 or 13/15 depending on my appeal. :D
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