8/21/24, 7:41 AM CLFP -2024/2025 MOST RECENT VERSION CLASS REVIEW STUDY QUESTIONS WELL ANSWERED WITH A GUARANT…
CLFP -2024/2025 MOST RECENT VERSION
CLASS REVIEW STUDY QUESTIONS WELL
ANSWERED WITH A GUARANTEED PASS!
Terms in this set (243)
Delivery of property from a bailor to a bailee with an
Bailment
obligation by the bailee to return it.
Method of accounting used to report a company's
Book Accounting
financial activity.
A lease that includes additional services such as
Bundle Lease maintenance, insurance and property tax that are paid
by the lessor.
A lease in which the lessee has entered in to it for
Business Lease
business purposes.
A lease that has the characteristics of a purchase
Capital Lease
agreement and meets the FASB 13 requirements.
A lien placed on personal property for the purposes
Chattel Mortgage
of securing a debt.
A lease that DOES NOT contain a purchase or renewal
Closed End Lease
option. Lessee HAS TO RETURN the equipment.
a. financing of property, title which will pass only when
the buyer has met their obligations. b. lessee is treated
Conditional Sales Contract
as the owner of the asset for IRS (55-540; IF PETS), but,
clouds title by a lien until all terms are met.
A lease in which the lessee enters to acquire property
Consumer Lease
for personal, family or household use.
A capital lease that DOES NOT give rise to
Direct Financing Lease
manufacturers or dealer's profit (or loss) to the lessor.
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A lease in which the payment stream is assigned by the
Discounted Lease lessor to a funding source in return for immediate
payment of the PV of the stream of payments.
A NET LEASE, traditionally for aircraft or marine
vessels, which requires the LESSEE TO PROCURE all
Dry Lease
personnel, fuel and provisions necessary to operate
the craft.
The assignment by a lessee of accounts receivable to a
lessor as collateral for a specified term and payment
Factoring
amount resulting in liquidity to improve cash flow or
make capital acquisitions.
A net lease, used to finance the use of property for the
Finance Lease
majority of its useful life.
A lease in which the LESSOR RECOVERS, through the
lease payments, ALL COSTS incurred in the lease plus
Full Payout Lease
an acceptable rate of return, WITHOUT reliance on the
leased property's RESIDUAL value.
Any loan, the terms of which call for regular or
Installment Loan irregular periodic payments, the sum of which will
repay the debt and interest.
A transaction in which the form is a lease, but the
Lease Intended as security substance is a conditional sale contract or a loan with a
security agreement on the property.
Any lease involving, at minimum, a lessee, a lessor and
a funding source from whom the lessor borrows a
Leveraged Lease
significant portion of the cost of equipment and holds
an (minimum of 20%) equity position.
A document under which a lessee may add additional
Master Lease schedules representing property later acquired,
subject to the same general terms and conditions.
A NON-TAX or CSC where the title is intended to pass
Money-over-Money Lease
to the lessee at the end of the lease term.
A lease to a municipality or government agency, which
Municipal Lease isn't typically a true lease and from which the interest
CLFP -2024/2025 MOST RECENT
earnings VERSION
to the lessor CLASS REVIEW...
are tax exempt.
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