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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 financial risk
B
Complications of joint buying
C
Greater costs and financial responsibilities
D
Less mobility
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
Fewer tax benefits
B
More renovations to be done
C
No ownership from money paid for rent
D
Fewer home and lawn responsibilities
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
VA loan
B
Adjustable rate mortgage
C
FHA loan
D
Conventional fixed rate mortgage
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
Meet contingencies
B
Reach an agreement
C
Make an offer
D
Find an appropriate home to meet your needs
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
Reach an agreement
B
Find an appropriate home to meet your needs
C
Meet contingencies
D
Make an offer
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
Rental application
C
Lease waiver
D
Security deposit
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
Common areas
B
Exterior
C
Inside the unit
D
Safety and security
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
Inside the unit
B
Exterior
C
Utilities and systems
D
Common areas
9) The Elams are considering buying or renting a home for their growing family. Which would be an advantage of buying?
A
Greater costs and financial responsibilities
B
More free time due to maintenance responsibilities
C
Buying is an investment and increases wealth
D
Greater mobility
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
Single family home in a restricted development
B
Small one-room apartment with an efficiency kitchen
C
Apartment with a clubhouse and pool
D
Mobile home in a rural area
*select an answer for all questions
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