1. Explain the role of finance in the business world. 2. What do you think are the attributes (give at least three) that a competent financial manager should possess? Why? 3. Discuss the flow of funds and the flow of financial instruments in the financial system.

a. Estate Tax An estate tax is a tax on the privilege of the decedent to transmit property at the time of death. As such, it is in the nature of an excise tax. The tax is also imposed on "certain transfers of property, made by the decedent during his lifetime which, under the law, are in the nature of testamentary dispositions. Estate Tax is a tax imposed on the privilege that a person is given in controlling to a certain extent, the disposition of his property to take effect upon death. Estate Tax Formula: Gross Estate Less: Deductions Allowed Net Estate Less: Share of Spouse in Conjugal Property Taxable Net Estate