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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are six CLFP Standards of Professional Conduct and represent the ‘Code of Ethics’ ? |
1) honest, ethical, and professional business dealings; 2) serve as fiduciary for all advance fees and funds delivered in a fiduciary capacity; 3) continue and promote equipment financing education; 4) never knowingly make false statements to others; 5) never take part in fraud; 6) play leadership role and adhere to highest industry standards
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Six behaviors that represent integrity (4) and leadership (2)
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What were the Ancient applications of leasing? |
Leasing was primarily used in agriculture to acquire land, livestock, & equipment.
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agricultural-related applications
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Which codes first recognized leasing under English Common Law and why were they created? |
The Statute of Wales (1284 AD) first recognized and regulated leasing of personal property under English common law.
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What generally marked the Beginning of leasing in the United States?
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the Industrial Revolution
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Period marking beginning of manufacturing & rail transportation in US. |
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What equipment dominated early U.S. leasing, especially in the transportation industry?
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Rail cars and locomotives for the railroad companies.
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choo, choo
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What two factors led to development of leasing by “captives” in the U.S.?
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Captive leasing developed in the US : 1) as a way for manufacturers to stimulate sales by offering attractive financing at the point of sale; and 2) as a way for some manufacturers to control access to and use of their proprietary equipment.
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ease & control
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Describe WW II era leasing activity.
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What general trends led to the development of modern leasing?
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How did banks become involved in leasing?
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Banks served as Trustee and administered large railroad equipment leasing trust for the benefit of investors. They paid the manufacturers, collected lease payments, and paid investors their principle and investment return.
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trustees
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What led to the Development of accounting standards for leasing?
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What were the key areas of concern in creating lease accounting?
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What is FASB 13 and what does it accomplish?
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Describe the evolution and content of tax rules governing leasing?
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What is Revenue Ruling #55-540 and why was it created?
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What is Revenue Procedure #75-21 and why is it significant?
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How did Government involvement impact the development and growth of leasing?
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How is leasing used in today’s economy?
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Why is leasing a popular method of financing?
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Name 5 things that should be considered when deciding to lease versus buying.
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What types of equipment can be leased?
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What are the typical options available to a lessee when a lease terminates?
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What is the difference between a true lease and a finance lease?
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What is the difference between a true lease and an operating lease?
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