Future Business Leaders of America (FBLA) Agribusiness Practice Test

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Enhance your FBLA Agribusiness knowledge with our comprehensive test. Dive into flashcards and multiple-choice questions, complete with hints and explanations, to ensure exam success. Prepare confidently for a bright future!

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What is a primary function of an executor in the probate process?

To create the corporate structure
To file taxes on behalf of the deceased
To pay off debts of the estate
To establish a new trust

The correct answer is: To pay off debts of the estate

In the probate process, the primary function of an executor is to manage the estate of a deceased person, which includes paying off any debts and obligations that the estate may have. This responsibility involves identifying all outstanding debts, settling them in accordance with the law, and ensuring that any financial claims against the estate are properly addressed. The executor acts as the representative of the estate and must follow the legal requirements for probate, which includes managing the estate's assets, ensuring taxes are filed, and distributing the remaining assets to the beneficiaries. Creating corporate structures, filing taxes specifically for the deceased (which can be part of the executor's role but is more focused on personal income tax rather than a primary function), or establishing a new trust are not core responsibilities of an executor in the probate process. The main focus is ensuring that the estate is settled correctly and according to the deceased's wishes and applicable laws, emphasizing the importance of debt resolution.