Renting provides _____ flexibility but can lead to ______ costs in the long term.
-greater, lower
-greater, higher
-less, lower
-less, higher
greater, higher
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.
An owner has complete responsibility and control over the property
A ___________ is generally considered an appreciating asset because it will ___________ in value over time.
-car, increase
-car, decrease
-house, increase
-house, decrease
house, increase
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.
Homes have the potential to appreciate in value over time.
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?
-Purchase a home in the city center instead.
-Rent the apartment anyway.
-Rent the apartment with a roommate.
-Purchase a home in the suburbs instead.
Rent the apartment with a roommate.
What is a mortgage?
-A type of rent used to pay for housing.
-A type of loan used to buy property.
-A measure of the value of a home.
-A measure of your credit rating.
A type of lean used to buy property
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
What type of renter’s insurance the renter must buy
Someone may choose to own a car instead of leasing because:
-The car can be resold later to make some money back.
-The car can be resold later for a higher price.
-The maintenance costs for a leased car are generally higher.
-The insurance costs for a leased car are higher.
The car can be resold later to make some money back.
Jim is in the market for a car, but he’ll probably only need it for a couple of years. After that, he plans on moving into the city and using public transportation. 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?
-Use his savings to buy the car in full
-Buy the car using an auto loan
-Lease the car
-Take public transportation
lease the car
Which of the following are costs associated with owning a car? Fuel, Insurance, Repairs, Wear and Tear Fees
-Fuel, repairs, wear and tear fees
-Fuel, insurance, wear and tear fees
-Fuel, insurance, repairs
-Fuel, insurance, repairs, wear and tear fees
Fuel, insurance, repairs
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