Exam (elaborations)
CLFP EXAM (Casey's Exam) with Questions & Answers Graded ACLFP EXAM (Casey's Exam) with Questions & Answers Graded A
- Course
- Institution
CLFP EXAM (Casey's Exam) with Questions & Answers Graded A
[Show more]
Seller
Follow
Content preview
CLFP EXAM (Casey's Exam) withQuestions & Answers Graded A
Industry Participants - ✔✔- Equipment end-users (borrower/lessee)
- Third party organizations (Brokers, alternative lenders)
- Lessors & Lenders (suppliers of the finance produce)
- Investors (capital market buyers and sellers)
- Regulators (IRS, CFPB)
- Trade associations (AACFB, CLFP, NEFA, ELFA)
- Service companies (software, insurance, UCC filings)
- Equipment suppliers (dealers, vendors)
Government Leasing - ✔✔Three categories
- Municipal leasing
- Leases to the federal government
- Lease to Native American tribes and nations
Each is subject to unique tax implications, documentation, structure, and early
termination requirements
The interest paid by a municipal government for public purposes is normally not subject to federal tax
income
Competition to equipment financing - ✔✔- Cash
- Unsecured lines of Credit
- Personal or Corporate Credit Card
, - Secured Loans
- Merchant Cash Advances
Alternative Funding - ✔✔- Merchant Cash Advance
- Working Capital
- Invoice Factoring
Merchant Cash Advance - ✔✔- Typically for transactional/retail oriented small
businesses - Borrower receives an advance on future credit card receivables
Working Capital - ✔✔- Short-term, unsecured loans often used as a complement to a lease
- Gives quick access to funds to run or grow a business
- Allows for flexibility in the ways the borrower may use the funds
**know for test**
Invoice Factoring - ✔✔- Does not involve financing, but accelerates the cash flow of the business
in exchange for a slight discount on the face value of the invoice
- It's an OFF BALANCE SHEET method of financing
Three Lenses for Examining Leases - ✔✔- Tax - IRS determines the eligibility for tax benefits (IRS
Rev. Ruling 55-540). Tax lease or Conditional Sales Obligation
- Accounting - FASB determines eligibility (ASC 840). Capital or operating lease
- Legal - UCC and courts determine eligibility. True lease, finance lease, or conditional sales contract
**Know to match**
Capital Lease - ✔✔A lease from the lessee's accounting point of view that meets any of the
four criteria designated by ASC 840
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now