公司理财习题库Chap6.doc

CHAPTER 26 Leasing I. DEFINITIONS LESSEE a 1. The user of an asset in a leasing arrangement is called the: a. lessee. b. lessor. c. guarantor. d. trustee. e. manager. LESSOR b 2. The owner of an asset in a leasing arrangement is called the: a. lessee. b. lessor. c. guarantor. d. trustee. e. manager. OPERATING LEASE c 3. A shorter-term lease under which the lessor is responsible for the insurance, taxes, and upkeep while the lessee can cancel the lease on short notice is called a(n) _____ lease. a. open b. straight c. operating d. financial e. tax-oriented FINANCIAL LEASE d 4. A longer-term, fully-amortized lease under which the lessee is responsible for insurance, taxes, and upkeep and which the lessee generally cannot cancel without incurring a penalty is called a(n) _____ lease. a. open b. straight c. operating d. financial e. tax-oriented TAX-ORIENTED LEASE d 5. A financial lease in which the lessor is the owner for tax purposes is called a(n) _____ lease. a. open b. straight c. operating d. tax-oriented e. tax-exempt LEVERAGED LEASE a 6. A financial lease in which the lessor borrows a substantial fraction of the cost of the leased asset on a nonrecourse basis is called a(n): a. leveraged lease. b. sale and leaseback arrangement. c. operating lease. d. tax-oriented lease. e. straight lease. SALE AND LEASEBACK b 7. A financial lease in which the lessee sells an asset to the lessor and then leases it back is called a(n): a. leveraged lease. b. sale and leaseback arrangement. c. operating lease. d. tax-oriented lease. e. straight lease. NET ADVANTAGE TO LEASING c 8. The net present value that is calculated when deciding whether to lease an asset or to buy it is called the: a. open interest net present value. b. depreciated net present value. c. net advantage to leasing. d. profitability index. e. average accounting ratio for leasing. II. CONCEPTS LEASING VERSUS BUYING b 9. Which one of these statements is correct concerning t