CMCA M100Exam Questions and Answers

Negligence - Answer- failure to exercise a duty of care Ethics - Answer- learning right from wrong and doing the right thing. Duty of Care - Answer- exercising the skill and care a reasonable person would i a similar situation Duty of Loyalty - Answer- acting solely in another parties interests when administering their assets Acceleration - Answer- the collection of all assessments due thru the end of the fiscal year accrual basis of accounting - Answer- accounting method that records income as it is earned or assessed to owners and expenses when they are incurred or acquired ad hoc committee - Answer- a committee used on a short term basis Advertising Injury - Answer- Refers to misappropriation of advertising ideas, or infringement of copyright, title or slogan. agreed upon endorsement - Answer- a policy endorsement that provides for an agreed upon limit of property insurance alternative dispute resolution - Answer- a process by which two parties resolve conflicts through the use of a specially trained, neutral third party appeal - Answer- To request review of a case by higher authority- if permitted by the governing docs or statute articles of incorporation - Answer- a document to bring the corporation into existence, define its basic purpose and powers, indicate whether stock will b issued, and if there will b a board of directors assignability provision - Answer- one of the 6legally binding contract provisions that states that neither party may assign its obligations under the contract to any other person without the Express written consent of the other party Balance Sheet - Answer- a summar