In Evaluating a Borrower's Creditworthiness,income and Expenses Are Carefully Reviewed,but

question 93

True/False

In evaluating a borrower's creditworthiness,income and expenses are carefully reviewed,but assets are not relevant.

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Definitions:

Employer Reimbursements

Payments made by an employer to an employee to cover expenses incurred on behalf of the employer, which can be taxable or nontaxable to the employee depending on the type of expense and accounting method used.

Retirement Savings

Funds that have been set aside or invested with the goal of providing financial security for retirement.

Contributions Credit

Contributions credit generally refers to tax credits available for contributions to certain types of saving plans or charitable organizations.

Qualified Retirement Plan

A retirement savings plan recognized by the IRS that offers tax benefits to both employers and employees.