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Consumer Economics - Major Purchases
Test Description: This review covers both Cars and Houses for Mr. Callaghan's Unit 2 test!
Instructions: Answer all questions to get your test result.
1) Total car expenses should be under which percent of your monthly income?
A
25%
B
30-35%
C
20%
D
10%
2) On average, about how much of your monthly net income can you expect to spend on housing expenses?
A
30-35%
B
10%
C
20-25%
D
20%
3) Which of the following is an ADVANTAGE of renting?
A
You can decorate however you like
B
You will build equity in the property
C
You will be able to relocate easily if you are transferred jobs at work
D
You will get a tax deduction
4) Why might you decide to take out a car loan with a long term of 60 or 72 months?
A
To lessen the amount of the down payment
B
To get a better APR
C
To increase your monthly payments
D
To keep your monthly payments low
5) Which loan option will cost the least amount in interest charges?
A
5.0%for 48 months
B
3.9% for 60 months
C
5.0% for 60 months
D
3.9% for 48 months
6) What is the largest monthly expense you will likely encounter?
A
Food
B
Car
C
Housing
D
Insurance
7) If your deductible increases, what will happen to your premium?
A
All of the above
B
It will go up
C
It will stay the same
D
It will go down
8) Which of the following car insurance coverage is required by state law?
A
Comprehensive
B
Collision
C
Bodily Injury Liability
D
Medical Expense
9) If you are rear-ended by another driver and nobody was injured, which of the following types of coverage would apply?
A
Bodily injury liability
B
Collision
C
Property damage liability
D
Comprehensive
10) In terms of auto insurance, what does comprehensive insurance cover you for?
A
Damage to your car in a car accident
B
Medical expenses caused by an motorist without insurance
C
Damage due to vandalism
D
Damage to another's car in a car accident
11) Which of the following does the Truth in Lending Act NOT do?
A
Requires the lender to disclose any additional fees you may encounter
B
Requires the lender to state the terms of the loan up front
C
Requires the lender to offer you the most competitive market interest rate
D
Requires lender to state the APR
12) All of the following refer to the owner of a rental property, EXCEPT which one?
A
None of the above
B
Lessee
C
Lessor
D
Landlord
13) If you are renting an apartment and you, in turn, decide to leave and rent to a third party, this is called a:
A
Lease agreement
B
Sublet
C
Roomate
D
Tenant
14) Cars are generally poor purchases when looked at as purely an investment because they only go down in value over time. What is this decrease in value called?
A
Wear and tear
B
Maintenance
C
Opportunity cost
D
Depreciation
15) Renter's insurance will cover which of the following:
A
Water damage to your apartment building due to a flood.
B
Damage to your personal items due to a fire in your building.
C
Your liability if your friend injures themselves while in your apartment.
D
The cost of your meals if your apartment was robbed of jewelry and cash.
16) Which of the following might be written into your apartment lease?
A
Who is responsible for paying utilities
B
All of the above
C
Conditions under which you can break the lease
D
Whether you have the option to sublet your apartment
17) If your net annual income is $50,000, what is the maximum amount you should budget for monthly car expenses?
A
$500
B
$655
C
$908
D
$834
18) Which of the following is an ADVANTAGE to buying a house?
A
Less maintenance
B
Easier to relocate
C
Building equity
D
Less financial risk than renting
19) What are the Illinois state minimums for car insurance?
A
25/50/20
B
50/100/50
C
20/75/50
D
100/500/250
20) What is the amount financed referring to on a new car loan?
A
The interest paid over the course of the loan
B
The total amount of the car loan
C
The APR
D
The amount of money paid for a car over time, including interest
*select an answer for all questions
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