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Personal Finance 6.03
Test Description: Personal Finance 6.03
Instructions: Answer all questions to get your test result.
1) Two friends decide to buy a townhome. They disagree about how much each person should receive when they sell. Which DISADVANTAGE of buying is this?
A
Greater costs and financial responsibilities
B
Less mobility
C
Complications of joint buying
D
Greater financial risk
2) The Foremans are debating whether to rent or buy a home. Mr. Foreman is disabled and Mrs. Foreman is retired. Which would be an ADVANTAGE of renting?
A
No ownership from money paid for rent
B
More renovations to be done
C
Fewer home and lawn responsibilities
D
Fewer tax benefits
3) The Tatums, a low-income family, obtained a loan from Federal Housing to build their new home. Which type of mortgage or special loan is this?
A
FHA loan
B
Conventional fixed rate mortgage
C
Adjustable rate mortgage
D
VA loan
4) The Fultons sold the home in which they were currently living while the owner completed repairs to the home they would purchase. Which step in purchasing a home is this?
A
Reach an agreement
B
Meet contingencies
C
Find an appropriate home to meet your needs
D
Make an offer
5) The Mabreys decided the price, characteristics, age, and size of home they are looking for. Which step in purchasing a home is this?
A
Make an offer
B
Find an appropriate home to meet your needs
C
Meet contingencies
D
Reach an agreement
6) Jane's landlord signed an agreement to allow her to sublet her apartment if needed. What type of document is this?
A
Lease agreement
B
Security deposit
C
Rental application
D
Lease waiver
7) The Klines made sure the refrigerator and dishwasher were working before they signed a lease to rent. Which part of the rental property is being inspected?
A
Safety and security
B
Inside the unit
C
Common areas
D
Exterior
8) The Abbots checked the apartment house laundry room was clean and functioning well before they signed a lease to rent. Which part of the rental property is being inspected?
A
Exterior
B
Utilities and systems
C
Common areas
D
Inside the unit
9) The Elams are considering buying or renting a home for their growing family. Which would be an advantage of buying?
A
Greater mobility
B
Buying is an investment and increases wealth
C
More free time due to maintenance responsibilities
D
Greater costs and financial responsibilities
10) John is very busy. He is looking for housing for singles, with no outside maintenance and a place to entertain. Which type of housing would BEST match his housing wants and needs?
A
Small one-room apartment with an efficiency kitchen
B
Apartment with a clubhouse and pool
C
Single family home in a restricted development
D
Mobile home in a rural area
*select an answer for all questions
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