"Do You Own Your Own Car?" May Be an Inappropriate

question 49

True/False

"Do you own your own car?" may be an inappropriate question to ask in an application form.

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Definitions:

Residual Value

The estimated value of an asset at the end of its useful life, relevant in depreciation calculations and lease contracts.

150%-Declining-Balance

A method of accelerated depreciation which computes depreciation expense at 150% of the straight-line rate.

Depreciation

The accounting method of allocating the cost of a tangible or physical asset over its useful life.

Residual Value

The projected worth of an asset upon the completion of its lifespan.