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CLFP Certified Lease & Finance Professional VIP Practice Exam
CLFP — The Certified Lease & Finance Professional (CLFP) designation is issued by the CLFP Foundation and is the premier certification in the equipment leasing and finance industry; the real exam consists of 100 multiple-choice questions administered over 2 hours with a 70% passing threshold, covering topics across leasing fundamentals, accounting, credit, documentation, legal/regulatory, sales, operations, and end-of-term management.
30
Questions
120m
Time Limit
70.00%
To Pass
Question 1 of 30👑 VIP
A lessee enters into a 60-month equipment lease with a $1 purchase option at the end of the term. The equipment has a fair market value of $150,000 and a useful economic life of 7 years. Under ASC 842, which classification would this lease most likely receive on the lessee's books, and what is the primary criterion that drives this classification?
Questions 2–30 and full explanations are VIP-exclusive.