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Asset Quality Standards and Supplier Due Diligence Quiz

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Asset Quality Standards and Supplier Due Diligence Quiz

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Questions and Answers

Which criteria must suitable asset finance assets satisfy, according to the text?

Dynamic, Intriguing, Meaningful, Strategic

Distinctive, Inexpensive, Memorable, Strategic

Durable, Identifiable, Moveable, Saleable (correct)

Differential, Intuitive, Massive, Simple

What is the significance of ensuring the asset can maintain an anticipated value in asset finance approval?

To cover a residual position (correct)

To increase operational efficiency

To reduce maintenance costs

To speed up the approval process

Why is it important for asset finance providers to know the planned use of the goods?

To increase their own profits

To assess the expected duration of use (correct)

To verify the merchantable quality

To determine future maintenance costs

What does the mnemonic DIMS stand for in relation to suitable asset finance assets?

Durable, Identifiable, Moveable, Saleable Signup and view all the answers

How does the useful life expectancy of identical assets put to different uses vary?

It can differ significantly based on usage Signup and view all the answers

What aspect of an asset's life cycle is crucial for asset finance providers to evaluate?

Planned use and duration of use Signup and view all the answers

In asset finance, what does ensuring an asset is moveable imply?

The asset can be transported easily Signup and view all the answers

Why is it necessary for asset finance assets to be identifiable?

To track and verify their existence Signup and view all the answers

In asset finance approval, what does 'merchantable quality' primarily refer to?

The ability of the asset to be sold or disposed of in the ordinary course of business Signup and view all the answers

Why do asset finance providers need to ensure that assets are saleable?

To facilitate disposal or recovery in case of default Signup and view all the answers