CF Chap 21

CF Chap 21

49 Qs

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CF Chap 21

CF Chap 21

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49 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

In a direct lease arrangement, the owner of the asset is:

A) either the lessee or the lessor.
B) the lessee.
C) the lessor.
D) either the lessee or the manufacturer.
E) the asset's manufacturer.

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which one of these characteristics does not apply to a financial lease?

A) The lease is usually not fully amortized.
B) The lessee is responsible for the maintenance of the leased assets.
C) Generally, the lease cannot be cancelled.
D) The lessee usually has the right to renew the lease on expiration.
E) The lessee must pay all the lease payments

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If Alby's leases equipment directly from the equipment's manufacturer the lease must be a:

A) leveraged lease.
B) sales and leaseback arrangement.
C) capital lease.
D) sales-type lease.
E) bargain lease

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

An operating lease generally:

A) has a term that exceeds the economic life of the leased asset.
B) is fully amortized.
C) cannot be cancelled.
D) requires the lessee to return the leased asset to the lessor if the lease is cancelled.
E) requires the lessee to maintain the leased asset

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If the lessor borrows the majority of the purchase price of a leased asset, the lease is called a:

A) leveraged lease.
B) sale-and-leaseback arrangement.
C) capital lease.
D) nonrecourse lease.
E) bargain purchase lease.

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

A financial lease has which one of the following characteristics?

A) Lessor maintains leased asset
B) Cost of asset exceeds lease payments
C) Cancellation clause
D) Lessor must make all lease payments
E) Fully amortized

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

A leveraged lease typically involves a nonrecourse loan which means that in the case of default the:

A) lease payments go directly to the lender.
B) the lessee obtains a first lien on the leased assets.
C) lessor is obligated to fulfill the terms of both the lease and the loan.
D) lessee assumes the loan obligation in exchange for the title to the leased assets.
E) lease is automatically cancelled

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