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FNSCRD401 – Assess Credit application (Release 1)
Short Answer Questions
Short Answer Questions
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© Real Estate Academy Australia
RTO 32436
Version 1.0 - December 2021
FNSCRD401 – Assess Credit application (Release 1)
Short Answer Questions
What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, the internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you can use whatever resources you have to answer the questions.
What you need to submit: Your completed Short Answer Questions How to Submit your Assessment:
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© Real Estate Academy Australia
RTO 32436
Version 1.0 - December 2021
FNSCRD401 – Assess Credit application (Release 1)
Short Answer Questions
Question 1
Determine two reasons why lenders do benefit from securitisation.
Liquidity Enhancement
Securitisation allows lenders to convert loans, which are typically illiquid assets,
into securities that can be sold on the open market. This process provides lenders with immediate cash flow, enhancing their liquidity.
Risk Diversification
Securitisation also allows lenders to diversify their risk. When a lender issues a loan, it assumes the risk that the borrower may default. By selling the loan as a security, the lender transfers this risk to the buyers of the security.
Question 2
Describe the following Home Loan Features:
Redraw
The redraw feature in a home loan allows borrowers to access extra repayments they have made on their mortgage.
Loan portability
Loan portability allows borrowers to transfer their existing mortgage to a new property, maintaining their Page | 3
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© Real Estate Academy Australia
RTO 32436
Version 1.0 - December 2021
FNSCRD401 – Assess Credit application (Release 1)
Short Answer Questions
current loan terms and potentially saving on fees and application processes.
Repayment holiday
A repayment holiday allows borrowers to temporarily pause or reduce their home loan repayments, offering financial relief during challenging times.
Question 3
List the common supporting documentation that an applicant will be required when applying for a mortgage loan.
ID verification
Bank statements (usually 3 months)
Liability statements
Payslips or proof of income (Tax returns, BAS statements...)
Contract of sale if purchasing a property
Council Rate Notice if refinancing an existing loan.
Asset and Liability statement
Question 4
Individuals with Special Needs are protected by laws in Australia and a mortgage broker has a responsibility to ensure the client fully understand the service provided. Define special needs customers and provide examples of special needs.
An individual with special needs is defined as having a mental, emotional, or physical
disability.
Special needs can vary widely and may include, but are not limited to, the following:
1. Physical Disabilities: These are conditions that affect a person's mobility or physical capacity. Examples include individuals who use wheelchairs, have limited strength or dexterity, or have a loss of limb.
Accommodations: Ramps, automatic doors, accessible restrooms, etc.
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Chapter 3
Question 2 of 5
The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju
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Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
ASSIGNMENTS
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SECTION 3 OF 4
QUESTION 6 OF 8
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Match the option with the lowest monthly payment to highest monthly payment.
$12,000 loan with 1% simple
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
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3,15,000
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14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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Part III: Can they get a loan?
Directions Use the information below to assess the capacity, character, and collateral of a potential
borrower and then answer the questions.
Loan Request: $60,000 for a new Hyundai NEXO Fuel Cell SUV
Сараcity
Annual household income:
S80,000
Years working for current
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Education: College graduate
Monthly debt payments: 10%
of monthly income
Character
Collateral
Short-term financial assets:
$200 in checking account
Long-term financial assets:
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S10,000
FICO score: 720
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Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
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information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
for stationery that was to be…
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Select the best answer for the question.
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O A. ledger
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OC. book of original entry
OD. trial balance.
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Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common
Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.
Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box
does not require an entry, leave it blank.
Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
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Assignment - 3. Automobile Loens
Attempt 1 of 1
ASSIGNMENTS
COURSES
SECTION 2 OF 4
QUESTION 2 OF 6
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Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional
$1,000 of fees. What is the APR for this loan?
O 6.25%
O 6.4%
O 8.6%
O 10.25%
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The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month,
the month of December 2017. (Note that the accounts are not
thus the balances in the temporary accounts are for
listed in their normal sequence -- rather they are listed in alphabetical sequence.)
Account Name
_Debit_
Credit_
Gradin
Accounts Payable
26,000
Accounts Receivable
28,850
Cash
10,000
Common Stock
12,500
Cost of Goods Sold
68,000
Equipment
73,000
150
Interest Expense
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500
Inventory
45,000
Note Payable
21,000
Retained Earnings
53,000
Sales Revenue
179,000
Supplies Expense
7,000
Wages Expense
60,000
Total
292,000
292,000
Place the accounts in the correct order.
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair
values of $44,000 and $445,000.
Required:
Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journat entry
required" in the first account field.)
View transaction list
Journal entry worksheet
1.
Record the entry on receiving a gift of Land and Building.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
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Conduct the below exercise
Step-1: Click the link
The student can use any of the below links to download the same
a) https://www.imf.org/-
/media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat
e.ashx
b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook-
update
(And click on download data)
Step-2: Answer the below questions
What do you understand by Real GDP? What is the Real GDP Growth Rate of India and
China in 2019? What is the estimated real GDP growth rate of India and China in 2020?
What is the projected real GDP growth rate of India and China in 2021 and 2022?
What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels
(January 2020 forecast) in China and Other Emerging Economies in Asia other than
China?
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Assignment - 1. Credit Scores and Loans
SECTION 2 OF 4
QU
ASSIGNMENTS
COURSES
Attempt 1 of 1
1
4
y 5
6.
8
Identify benefits of a good credit score. Select all that apply.
O better job opportunities
O lower car insurance rates
O inability to rent an apartment
O higher interest rates on a car loan
O ability to obtain a cell phone service plan
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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Which of the following is in accordance with generally accepted accounting principles?
Accrual-basis accounting
Cash-basis accounting
Both accrual-basis and cash-basis accounting
Neither accrual-basis nor cash-basis accounting
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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
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The double-entry system requires that each transaction must be recorded
in a journal and in a ledger.
in two sets of books.
first as a revenue and then as an expense.
in at least two different accounts.
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Use the Excel Template File to answer Problem 1 and Problem 2
Exam II Excel Template File. Problem1 and Problem2.xlsx
nnouncements
The accounts listed below for the year ended 2021, in random order, are for Polanyi Knowledge, Inc.
Construct a classified balance sheet for the business in good form.
yllabus
Modules
Cash
32,900
Discount on bonds payable
103.000
rades
Accumulated depreciation-Buildings 630,600
Wages payable
92,000
eople
Accounts Receivable
90,200
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300,000
uJa
Taxes payable
27,000
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980,000
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180,000
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150,000
stock
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110,000
Buildings
1,500,000
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167.000
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13,400
stock
210,000
equipment
Equipment
760,000
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310,600
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Activity
Event
Credit Payment Interest Principal Balance
$500.00
$0.00
$0.00
$500.00
Payment 1
$100.00
$7.40
$92.60
$407.40
Payment 2
$100.00
$6.23
$93.77
$313.63
Payment 3
$100.00
$4.79
$95.21
$218.42
Payment 4
$100.00
$3.02
$96.98
$121.44
Payment 5
$100.00
$1.86
$98.14
$23.30
Payment 6
$23.64
$0.34
$23.30
$0.00
Grand Total
$500
$523.64
$23.64
$500.00
$0.00
Study this payment schedule and answer the following questions.
Part A
How long will it take to pay off this credit card?
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Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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Amortize Premium by Interest Method
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate
of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda's fiscal year begins on January 1. The company uses the Interest method.
a. Journalize the entries to record the following:
1. Sale of the bonds. Round to the nearest dollar. If an armount box does not require an entry, leave it blank.
the nearest dollar. If an amount box does not require an entry, leave it blank.
2. First semiannual interest payment, including amortization of premium. Round
3. Second semiannual interest payment, including amortization of premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
b. Determine the bond…
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PRINCIPLES OF ACCOUNTING (ACCT 201/
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Brief Exercise 5-05
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for
the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
(a)
On March 2, Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571,700.
(b)
On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the…
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Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You
should indicate which of the items shown would be overstated or understated.
An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment was
recorded for the amount earned.
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Academy Grill Supply
On October 1, 2019, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and
interest will be collected in cash at the maturity date of September 30, 2020.
Refer to Academy Grill Supply. If the company's year ends December 31, 2019, an adjusting entry is needed to
Oa, increase interest revenue by $2,250.
Ob, increase notes receivable by $750.
Oc. increase notes receivable by $2,250.
Od, increase interest receivable by $750.
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Explain an agency problem for a corporation with examples, and Identify means by which the firm can help reduce or
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