?1.The wealth you accumulate over your lifetime less any debts you owe is your estate.??A)True??B)False??2.It is crucial in estate planning to plan the transfer of ownership of your assets.??A)True??B)False??3.Probate is a court procedure to distribute assets of an estate.??A)True??B)False??4.All property included in an estate must go through probate.??A)True??B)False??5.Covered calls means??A)I own 100 shares of the call I wrote??B)I don’t own 100 shares of the call I wrote??6.Naked calls writing??A)I own 100 shares of the call I wrote??B)I don’t own 100 shares of the call I wrote??7.Legal heirs to an estate are defined by the federal government.??A)True??B)False??8.A will is a written document that directs the disposition of assets after death.??A)True??B)False??9.A person who inherits or is entitled by law or by the terms of a will to inherit some asset is called an heir.??A)True??B)False??10.When one dies without a will, the judge who probates the estate has control over the distribution of property.??A)True??B)False??11.Derivatives derive their value based on an underlying security.??A)True??B)False??12.If you buy a call, you are betting the stock will go past the strike price you wrote the call for??A)True??B)False??13.A beneficiary is a person or organization designate to receive a benefit, such as an IRA or 401(k) plan.??A)True??B)False??14.A 401k plan is named after the tax code of the IRS that states what a employee sponsored retirement plan can be ??A)True??B)False??15.Property owned in joint tenancy with right of survivorship is distributed through probate.??A)True??B)False??16.The partnership theory of marriage rights is the basis for the presumed intent of wedded couples to share their fortunes equally.??A)True??B)False??17.If you…