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Personal Finance Renting Vs Owning
Test Description: Personal finance
Instructions: Answer all questions to get your test result.
1) Renting provides _________ flexibility but can lead to _________ costs in the long-term.
A
greater; higher
B
less; lower
C
greater; lower
D
less; higher
2) Owning provides _________ flexibility but can lead to _________ costs in the long-term.
A
greater; lower
B
less; lower
C
less; higher
D
greater; higher
3) Which of the following statements about renting owning is CORRECT?
A
Both the renter and the owner share responsibility and control over the property.
B
Neither a renter nor owner has responsibility and control over the property.
C
An owner has complete responsibility and control over the property.
D
A renter has complete responsibility and control over the property
4) Typically homes ___________ over time and cars ______________ over time.
A
depreciate; depreciate
B
depreciate; appreciate
C
appreciate; depreciate
D
appreciate; appreciate
5) What is a lease?
A
A contract outlining the terms of a mortgage.
B
A loan from a bank used to buy a house
C
A contract outlining the terms under which a landlord agrees to rent property to a tenant.
D
A loan from a bank used to rent a home.
6) One reason to buy a home instead of rent a home is:
A
Buying a home is a more flexible housing option
B
Buying a home requires less money upfront
C
Homes have the potential to appreciate in value over time
D
Homes have fewer maintenance costs
7) 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?
A
Purchase a home in the city center instead.
B
Rent the apartment anyway.
C
Purchase a home in the suburbs instead.
D
Rent the apartment with a roommate.
8) What is a mortgage?
A
A type of loan used to buy property
B
A measure of the value of a home
C
A measure of your credit rating
D
A type of rent used to pay for housing
9) Select the statement that is NOT a component of a standard housing lease.
A
Type of pets allowed.
B
What repairs are the renter's responsibility
C
Purchasing homeowner's insurance
D
The monthly cost of rent.
10) The biggest factor in determining the price of a mortgage is:
A
The interest rate.
B
The down payment.
C
The lender.
D
The total cost of the home.
*select an answer for all questions
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