1. Estate planning benefits a property owner and his or her family by which of the following? Indicate all correct answers.

	A.	Allowing the decedent to avoid federal, state, and local income taxes on income earned by the decedent in the last year of their life.
	B.	If properly done, minimizing estate taxes.
	C.	Preventing creditors who were owed money by the decedent prior to the decedent's death from recovering any money from the decedent's estate after the decedent's death.
	D.	Enabling supervision of the estate under federal probate law.
	E.	Eliminating the need for formal legal documents.
	F.	Ensuring a person's property is distributed as he or she wishes after death.

2. Which of the following is the best description of generally accepted accounting principles (GAAP)?

	A.	GAAP are rules for preparing financial statements.
	B.	GAAP are the rules that dictate when an accountant may serve on the board of directors of a client.
	C.	GAAP are accounting rules that are accepted worldwide .
	D.	GAAP are rules promulgated by the Securities and Exchange Commission governing content of registration statements.

3. An employee may not be fired for which of the following?

	A.	Violating a lawful company policy.
	B.	Serving on a jury.
	C.	Exercising a legal right.
	D.	Breaking the law.
	E.	Refusing to break the law.

4. The Family and Medical Leave Act

	A.	applies to employers with 50 or more employees.
	B.	leaves the obligation of providing medical insurance for persons with families to the states and requires such insurance for families of four or more.
	C.	requires up to 12 weeks' unpaid leave for employees who have worked full time in the preceding 12 months.
	D.	provides for leave in the event of birth or adoption of a child or medical emergencies.

5. The court in Leber v. Konigsberg held that

A.		the clients in this case waived any fiduciary duties their accountants may have owed.
B.		the criminal acts of Bernie Madoff pre-empted any fiduciary duty that may have been owed by the accountants to the clients.
C.		the accounting firm violated a fiduciary duty to Leber.
D.		the accounting firm may have violated a fiduciary duty to Leber.