Commercial Property: TOEIC Practice Test Questions & Answers

The TOEIC (Test of English for International Communication) is an English language proficiency test designed to assess the English language skills of non-native speakers in a business or professional context. The test is widely used by organizations around the world to evaluate the English language skills of job candidates, employees, and students.

The TOEIC test consists of two parts: the TOEIC Listening and Reading Test and the TOEIC Speaking and Writing Test. The TOEIC Listening and Reading Test is a paper-and-pencil test that consists of multiple-choice questions, while the TOEIC Speaking and Writing Test is a computer-based test that consists of spoken and written responses to prompts.

The test is designed to measure a wide range of English language skills, including listening comprehension, reading comprehension, speaking ability, and writing ability. Overall, the TOEIC is a widely recognized and respected English language proficiency test that is used by organizations around the world to evaluate the English language skills of non-native speakers.

Q&A Topic: Commercial Property

Commercial property refers to real estate that is used for business purposes, as opposed to residential property, which is used for living purposes. Examples of commercial property include office buildings, retail storefronts, warehouses, and multifamily apartment buildings with five or more units.

Commercial property can be owned by individuals, businesses, or investors, and it can be leased to other businesses or organizations. Commercial property is often valued based on its potential for generating income, as well as its location and the condition of the property.

Here are some questions that can help you to clear the TOEIC exam:

Q1 According to NAREIT (Yungmann and Taube, 2001), property insurance coverage should be based on fair value, i.e., valuing assets at their current market values — actual, if available, or __________, if not.

(a) comparative
(b) previous
(c) projected
(d) theoretical

Answer: (d) theoretical

Q2 Much of the fair value debate has had a technical focus on how to place fair values on assets for which no market values ____________.

(a) apply
(b) compare
(c) exist
(d) obtain

Answer: (c) exist

Q3 While the technical issues are important, the real driver should be improving ____________ for users of financial statements.

(a) opacity
(b) redundancy
(c) translucency
(d) transparency

Answer: (d) transparency

Q4 A single global standard will increase the ____________ of financial presentations, which currently vary considerably.

(a) completeness
(b) comprehension
(c) consistency
(d) control

Answer: (c) consistency

Q5 A comprehensive standard ____________ comparability across all types of financial institutions.

(a) correlates
(b) facilitates
(c) initiates
(d) legislates

Answer: (b) facilitates

Q6 When accounting values for assets ____________ from their underlying market values, some managements take uneconomic actions to protect accounting performance measures.

(a) detract
(b) distract
(c) diverge
(d) divide

Answer: (c) diverge

Q7 For example, during the U.S. savings and loan crisis in the 1980s, many institutions ____________ assets with market values above book and continued to hold assets with book values above market.

(a) sold off
(b) sold out
(c) underwrote
(d) wrote off

Answer: (a) sold off

Q8 In hindsight, users of their financial statements were not well served by the accounting system ____________ at the time.

(a) at hand
(b) in place
(c) on hold
(d) underway

Answer: (b) in place

Q9 Fair value ____________ argue that measuring financial assets as close as possible to their true underlying economic values removes these perverse incentives.

(a) presentations
(b) proponents
(c) propositions
(d) protocols

Answer: (b) proponents

Q10 Users would also benefit from a clearer picture of the economic ____________ of the enterprise.

(a) breath
(b) health
(c) heart
(d) scene

Answer: (b) health

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