Trust Accounts: Types & Taxation

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a trust?

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1. Which is NOT one of the four components of a trust?

2. Which is NOT a reason why a person would want to create a trust?

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About This Quiz & Worksheet

This assessment on trust account types is a fast way to see what you know about this topic. See how well you do in answering questions about the basic components of a trust and what the roles and responsibilities of a trustee are.

Quiz & Worksheet Goals

You will be asked questions on the following:

  • Meaning of a trust and a trustee
  • Four basic components of a trust
  • Reasons for creating a trust
  • Irrevocable trust characteristics

Skills Practiced

  • Interpreting information - verify that you can review information regarding a trustee's responsibilities and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the characteristics of an irrevocable trust
  • Knowledge application - use your knowledge to identify advantages for putting assets in trust

Additional Learning

For more information about this topic, take a look at the lesson named Trust Accounts: Types & Taxation. Get familiar with:

  • How many beneficiaries a trust can have
  • When a testamentary trust becomes enforceable
  • Type of trust that allows the trustor to change beneficiaries of the trust at a later date
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