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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:

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Question 252

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

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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?

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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:

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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:

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Question 256

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Contingency clause:

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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:

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Question 258

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Money market mutual funds:

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Question 259

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The purpose of financial markets is to:

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Question 260

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

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