All of the Following Mortgages Require Either Flood Insurance or a Certificate

question 52

Multiple Choice

All of the following mortgages require either flood insurance or a certificate that the mortgaged property is not in a flood zone EXCEPT

• A) VA-guaranteed mortgages.
• B) FHA-insured mortgages.
• C) mortgages carried back by sellers.
• D) conventional mortgages secured from federally chartered savings and loans associations.

Understand the difference between service, retail, and manufacturing businesses.

Distinguish between internal and external users of financial statements.

Grasp the basic concepts of income, expenses, and profit in accounting.

Recognize the differences in accounting standards between FASB and IASB.