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Owning V Renting
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) What is an advantage to leasing a car vs buying?
A
Easier with poor credit
B
You get a new car when the lease term is up
C
Monthly payments are lower
D
You can drive as many miles as you want
2) Beyond the purchase, which is NOT an expense of owning a home?
A
Homeowner's Insurance
B
Trash Removal Service
C
Property Taxes
D
Pet Deposit
3) If you drive a lot of miles for work everyday, leasing a car is a great option.
A
False
B
True
4) A payment card issued by banks allowing consumers to access a credit line for goods and service that must be paid back.
A
Credit Card
B
Rent to Own
C
Debit Card
D
Installment Agreement
5) Why does the fact that she might not like living in California make someone think renting a home is better than buying one?
A
She cannot immediately come up with the large down payment required to buy a house.
B
She does not want to pay property taxes to support a place she might not like living in.
C
She expects mortgage rates to go down in the next year or two. (That has nothing to do with whether she likes
D
If she decides to move, she will not have to deal with selling her home.
6) Which of the following is a disadvantage of renting over buying a home?
A
You must also pay thousands of dollars for things such as property taxes.
B
You will have fewer hassles when you decide to move.
C
If something breaks, you have to fix it or pay to have it fixed.
D
With each new lease, your rent can go up.
7) Sarah needs a new TV and buys it from a store because they had a financing special that offered no interest charges for 12 months. What will the store do if she doesn’t pay the entire amount off in that time?
A
It will begin assessing interest on whatever remains to be paid at that point.
B
It will charge him all the interest that would have accrued over the year.
C
It will cancel the service contract on the TV.
D
It will repossess the TV.
8) What is the least expensive way to buy something?
A
Debit Card
B
Cash
C
Credit Card
D
Rent to own
9) What do you NOT need to know before you decide to finance something on an installment plan?
A
When you can take the item home
B
How often you must make payments
C
How much Interest you will pay
D
How long you have to pay off the purchase
10) Buying a car is nearing always less expensive than leasing.
A
True
B
False
*select an answer for all questions
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