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ABA CTFA Practice Test - Questions Answers, Page 26

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Question 251

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Prequalification provides estimates of required down payment and closing costs of different types of mortgages. It identifies in advance any problems such as:

Credit report errors
Credit report errors
Bargaining power with the seller of a house
Bargaining power with the seller of a house
Mortgage loans
Mortgage loans
Earnest money deposit
Earnest money deposit
Suggested answer: A
asked 16/09/2024
Sharankumar Nadarajah
41 questions

Question 252

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Michael Cohn is a 'member' (a type of owner) of a marine supply business. Michael's business is:

A sole proprietorship
A sole proprietorship
A corporation
A corporation
A limited liability company
A limited liability company
A general partnership
A general partnership
Suggested answer: C
asked 16/09/2024
Marc Codó
47 questions

Question 253

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The Counting House, Inc., purchased 5-year property class equipment for $60,000. It uses the MACRS method of depreciation. What is tax depreciation for the second year of the asset's life?

$12,000
$12,000
$19,200
$19,200
$20,000
$20,000
$24,000
$24,000
Suggested answer: B
asked 16/09/2024
Jailson Batista
38 questions

Question 254

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A 30-year bond issued by Gary's Plaid Pants Warehouse, Inc., in 1997 would now trade in the:

Primary money market
Primary money market
Secondary money market
Secondary money market
Primary capital market
Primary capital market
Secondary capital market
Secondary capital market
Suggested answer: D
asked 16/09/2024
gareth warner
24 questions

Question 255

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A corporation in which you are a shareholder has just gone bankrupt. Its liabilities are far in excess of its assets. You will be called on to pay:

A proportionate share of bondholder claims based on the number of common shares that you own.
A proportionate share of bondholder claims based on the number of common shares that you own.
A proportional share of all creditor claims based on the number of common shares that you own.
A proportional share of all creditor claims based on the number of common shares that you own.
An amount that could, at most, equal what you originally paid for the shares of common stock in the corporation.
An amount that could, at most, equal what you originally paid for the shares of common stock in the corporation.
None of these
None of these
Suggested answer: D
asked 16/09/2024
Hermann Saint-Fleur
40 questions

Question 256

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Contingency clause:

Is the clause in a real estate sales contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a real estate sales contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a real estate purchase contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a real estate purchase contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a automobile sales contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a automobile sales contract that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a prequalification that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Is the clause in a prequalification that makes the agreement conditional on such factors as the availability of financing, property inspections, or obtaining expert advice
Suggested answer: A
asked 16/09/2024
Ronald Zegwaard
34 questions

Question 257

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A federal law requiring mortgage lenders to give potential borrowers a government publication describing the closing process and providing clear, advance disclosure of all closing costs to home buyers is called:

Multiple listing service
Multiple listing service
Real Estate settlement procedure Act
Real Estate settlement procedure Act
Title check
Title check
Closing statement
Closing statement
Suggested answer: B
asked 16/09/2024
Eusebio Adrian
36 questions

Question 258

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Money market mutual funds:

Enable individuals and small businesses to invest indirectly in money-market instruments
Enable individuals and small businesses to invest indirectly in money-market instruments
Are available only to high net-worth individuals
Are available only to high net-worth individuals
Are involved in acquiring and placing mortgages
Are involved in acquiring and placing mortgages
Are also known as finance companies
Are also known as finance companies
Suggested answer: A
asked 16/09/2024
Jacquezz Shorter
26 questions

Question 259

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The purpose of financial markets is to:

Increase the price of common stocks
Increase the price of common stocks
Lower the yield on bonds
Lower the yield on bonds
Allocate savings efficiently
Allocate savings efficiently
Control inflation
Control inflation
Suggested answer: C
asked 16/09/2024
Abigail Bormann
50 questions

Question 260

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Which of the following is NOT an example of a financial intermediary?

International Business Machines, Inc. (IBM)
International Business Machines, Inc. (IBM)
Vanguard Mutual Fund
Vanguard Mutual Fund
El Dorado Savings and Loan Association
El Dorado Savings and Loan Association
Bank of America
Bank of America
Suggested answer: A
asked 16/09/2024
Lucie Loisel
46 questions
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