Choose the best answer for each of the following questions.

1			The personal representative of an estate may not:
			A)	Take possession and control of the decedent's property
			B)	Obtain title to the decedent's property in trust for the benefit of creditors and devisees
			C)	Operate a single proprietorship of the decedent indefinitely if the proprietorship is profitable
			D)	Allocate revenue and expenses of the estate to principal and income as provided by the will or by law
2			Which of the following procedures is acceptable in accounting for an estate of a decedent?
			A)	Funeral costs are charged to income of the estate.
			B)	The cash basis of accounting is adopted by the executor.
			C)	Liens against real property on the date of death of the testator are recorded in the accounting records of the estate.
			D)	None of the foregoing
3			Household furniture and personal effects with a specified aggregate value are classified under the Uniform Probate Code as:
			A)	Family allowance
			B)	Exempt property
			C)	Residuary devise
			D)	Homestead allowance
4			The Kathy Moody Trust was established on March 1, 2002. The property of the trust included interest receivable of $2,400. During the remainder of 2002, interest and dividends received amounted to $36,000, and expenses chargeable to income were $6,200. In addition, bonds were disposed of at a gain of $6,800, common stocks were disposed of at a loss of $2,700, and common stock received as an 8% stock dividend was disposed of for $3,220. The income of the trust for 2002 was:
			A)	$34,720
			B)	$31,500
			C)	$29,800
			D)	$27,400
			E)	Some other amount
5			Which of the following is appropriately charged against the principal of an estate?
			A)	Depreciation of real property of the estate
			B)	Property taxes
			C)	Special assessment taxes for installation of sewage system
			D)	Amortization of discount on corporate bonds owned by the estate
6			If estate property that is not exempt is insufficient to cover creditors' claims and all devises, which of the following is least threatened by the possibility of abatement?
			A)	Property not disposed of by the will
			B)	Specific devises
			C)	Residuary devises
			D)	General devises
7			The settlor of a trust is most likely to instruct the trustee to record depreciation on trust property if the settlor:
			A)	Intended for the trustee to distribute all cash receipts less cash expenditures to the beneficiaries
			B)	Created a trust of short duration and intended for the trustee to transfer title to depreciable property to a nonprofit organization
			C)	Intended for the trustee to maintain the principal of the trust intact
			D)	Wanted to maintain intact the purchasing power of the trust
8			In the charge and discharge statement prepared by the executor of the will of Julio Chan, the total "charges" were listed at $120,000 and total "credits" were listed at $105,000. Which of the following is correct?
			A)	The income of the estate was $15,000 for the period covered by the charge and discharge statement.
			B)	Administrative costs for the period were $15,000.
			C)	Property discovered subsequent to the filing of the inventory of estate property with the probate court amounts to $15,000.
			D)	The undistributed property of the estate amounted to $15,000 on the date the charge and discharge statement was prepared.
9			Under the provisions of the Revised Uniform Principal and Income Act, a reasonable amount of depreciation on estate property is charged against the income of an estate.
			A)	True
			B)	False
10			The Internal Revenue Code does not consider estates and trusts to be taxable entities.
			A)	True
			B)	False
11			State laws (known as probate codes) regulate the administration of estates.
			A)	True
			B)	False
12			Absence of a will, the decedent is said to have died intestate, the decedent's property goes to heirs, as described in the code.
			A)	True
			B)	False
13			An administrator of an estate is named in the decedent's will.
			A)	True
			B)	False