QUESTION 1
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 about 60% of the monthly rent. What is the best housing option for John?
Rent the apartment with a roommate
QUESTION 2
All of the following components are commonly found in rental housing agreements EXCEPT:
What type of renter’s insurance the renter must buy
QUESTION 3
Jim wants to buy a car, but he’ll probably only need it for a couple of years. He has a short commute to work, so he won’t be putting many miles on his vehicle. What’s the best transportation option for Jim?
Lease the car
QUESTION 4
What is a mortgage?
A type of loan used to buy property
QUESTION 5
One reason to buy a home instead of rent a home is:
Homes have the potential to appreciate in value over time
QUESTION 6
Someone may choose to own a car instead of leasing because:
The car can be resold later to make some money back
QUESTION 7
Which of the following statements about renting & owning is CORRECT?
An owner has complete responsibility and control over the property.
QUESTION 8
Owning provides _________ flexibility but can lead to _________ costs in the long-term.
Greater; Lower
QUESTION 9
What is a lease?
A contract outlining the terms under which a landlord agrees to rent property to a tenant.
John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?
Break his lease once he has bought the perfect home.
A _________ is generally considered an appreciating asset because it may _________ in value over time.
house; increase
One reason to buy a home instead of rent a home is:
Homes have the potential to appreciate in value over time.
The biggest factor in determining the price of a mortgage is:
A typical housing lease may require a tenant to:
All of the above
Which best describes the benefits of renting a home?
None of the above.
Select which is NOT a component of a standard housing lease.
Insurance
Which of the following is NOT a cost typically associated with owning a car?
Wear & Tear fees
Renting provides _________ flexibility but can lead to _________ costs in the long-term.
Greater
– Higher
Someone may choose to own a car instead of leasing because:
The car can be resold later to make some money back
x

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