Which of the following statements about Dwelling Property 3 (special form) is (are) true?
I. Personal property is covered only for those perils specifically named in the policy.
II. The dwelling and other structures are covered on an open perils (all risks) basis.
A) I only
B) II only
C) both I and II
D) neither I nor II
Question 2
Dave Scott bought a used car in early 2007 for 12,000. He borrowed 11,000, which he is repaying over four years. During 2007, he made payments of 3,600, of which 800 was interest and 2,800 was repayment of principal.
Dave believes the car depreciated about 4,000 in 2007. Given the above data we can say that by the end of 2005 the car had
A)
increased Dave's net worth by 8,200.
B)
decreased Dave's net worth by 4,800.
C)
increased Dave's assets by 12,000, increased his liabilities by 11,000, and increased his net worth by 1,000.
D)
decreased Dave's net worth by 200.
Question 3
Which of the following statements is generally NOT true?
A) A firm should attempt to match the nature of a project with the duration of the financing it needs.
B) Short-term debt usually carries lower interest rates than long-term debt with comparable default risk.
C) Issuing variable rate debt increases financial uncertainty relative to issuing fixed-rate debt.
D) All of the above statements are true.
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