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- 1. Multiple Choice
One reason to buy a home instead of rent a home is:
Homes have the potential to appreciate in value over time
Homes have few maintenance costs
Buying a home requires less money upfront
Buying a home is a more flexible housing option
- 2. Multiple Choice
John would like to move from the suburbs into the city, but the rent in the city is very high. John has found an apartment he really likes, but he can only afford 60% of the monthly rent. What is the best housing option for John?
Purchasing a home in the city center instead
Rent the apartment anyway
Rent the apartment with a roommate
Purchase a home in the suburbs instead
- 3. Multiple Choice
All of the following components are commonly found in rental housing agreements EXCEPT:
Whether the renter can have pets in the house
How much the renter will pay
What type of renter's insurance the renter must buy
Which repair types the renter will be responsible for
- 4. Multiple Choice
All of the following are costs associated with owning a car EXCEPT:
Fuel
Insurance
Repairs
Wear & Tear Fees
- 5. Multiple Choice
All of the following are rights of the tenant EXCEPT:
Withhold rent if the landlord doesn't make repairs in a reasonable amount of time
Safe and sanitary premises
No change in terms and conditions of the length of the lease
Paying rent on time
- 6. Multiple Choice
All of the following are responsibilities of the tenant EXCEPT:
Paying rent on time
Taking reasonable care of the property
Giving notice if leaving at the end of the lease
Withholding rent if the landlord doesn't make repairs in a reasonable amount of time
- 7. Multiple Choice
All of the following are the landlord's rights EXCEPT:
Charging extra if the rent is late
Keeping part or all of the security deposit
Charging rent through the length of the lease even if you aren't living on the premises
Making repairs in a reasonable about of time
- 8. Multiple Choice
All of the following are the landlord's responsibilities EXCEPT:
Making repairs in a reasonable amount of time
Keeping premises safe and sanitary
Collecting rent
Charging extra if the rent is late
- 9. Multiple Choice
VIN stands for
Vehicle Identification Number
Very Important Number
Vehicle Identity Name
None of the Above
- 10. Multiple Choice
When test driving a car, you should do all of the following EXCEPT:
Drive a variety of roads
Drive 10 minutes or 10 miles
Blast the radio to make sure it has a good system
Listen for noises
- 11. Multiple Choice
All of the following are places to purchase a car EXCEPT:
Dealerships
Private-party Sellers
The Internet
Target
- 12. Multiple Choice
Which of the following does the Federal Reserve use to regulate the nation's money supply?
Fiscal Policy
Proposing Legislation
Monetary Policy
Regulations
- 13. Multiple Choice
You want to go to a concert and a game. Unfortunately, you don't have enough money to go to both. You decide to go to the concert. The value of the game is an example of what?
Demand
Supply
Economics
Opportunity Cost
- 14. Multiple Choice
All of the following are ways to protect yourself from identity theft EXCEPT:
Shred financial documents
Check financial statements carefully
E-mail your credit card number or Social Security number
Check your credit report every year for all financial activity being done in your name
- 15. Multiple Choice
Consumer protection laws are meant to...
Protect businesses from consumers
Protect consumers from unfair or deceptive selling practices
Force you to spend a lot of money
None of the above
- 16. Multiple Choice
When buying a car, the person who does their research will get a better deal.
True
False
- 17. Multiple Choice
A car is the most expensive purchase you will ever make.
True
False
- 18. Multiple Choice
When researching a car, it is not important to consider the fuel cost since that is not part of the negotiations.
True
False
- 19. Multiple Choice
Chris drives a Jeep Wrangler. Jeep is the model and Wrangle is the make.
True
False
- 20. Multiple Choice
Which is the correct order of the home-buying process?
- Close the purchase transaction
- Price the property
- Determine home-ownership needs
- Locate and evaluate a home
- Obtain financing
- Price the property
- Close the purchase transaction
- Locate and evaluate a home
- Obtain financing
- Determine home-ownership needs
- Determine home-ownership needs
- Locate and evaluate a home
- Price the property
- Obtain financing
- Close the purchase transaction
- 21. Multiple Choice
Which of the following is the correct order of the car-buying process?
- Research
- Shop for financing
- Check out cars
- Set a target price
- Shop for financing
- Research
- Check out cars
- Set a target price
- Research
- Check out cars
- Set a target price
- Shop for financing
- 22. Multiple Choice
The amount of mortgage you qualify for is based on all of the following EXCEPT:
Your income
The amount available for a down payment
Current mortgage rates
All of the above influence the amount of mortgage for which you qualify
- 23. Multiple Choice
All of the following are fixed-rate mortgages EXCEPT:
15 year mortgage
20 year mortgage
30 year mortgage
Growing-equity mortgage
- 24. Multiple Choice
The amount of money you have to pay before renting an apartment is called ________. The landlord has the right to keep all or part of it when you move out based on any damages you hay have done.
Security Deposit
Utilities Deposit
Rent
None of the Above
- 25. Multiple Choice
Renting provides _________ flexibility but can lead to _______ costs in the long-term.
Greater; higher
Greater; lower
Less; lower
Less; higher
- 26. Multiple Choice
Which of the following statements about renting and owning is CORRECT?
A renter has complete responsibility and control over the property
An owner has complete responsibility and control over the property
Neither a renter nor owner has responsibility and control over the property
Both the renter and the owner share responsibility and control over the property
- 27. Multiple Choice
A ______________ is generally considered a depreciating asset because it will ______ in value over time.
Car; increase
Car; decrease
House; increase
House; decrease
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