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CLFP EXAM (Casey's Exam) with Questions & Answers Graded ACLFP EXAM (Casey's Exam) with Questions & Answers Graded A
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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
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