Personal Finance Renting Vs Owning Question Preview (ID: 40039)


Personal Finance. TEACHERS: click here for quick copy question ID numbers.

Select the statement that is NOT a component of a standard housing lease.
a) Type of pets allowed.
b) The monthly cost of rent.
c) What repairs are the renter's responsibility
d) Purchasing homeowner's insurance

What is a mortgage?
a) A type of rent used to pay for housing
b) A type of loan used to buy property
c) A measure of the value of a home
d) A measure of your credit rating

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) Rent the apartment with a roommate.
d) Purchase a home in the suburbs instead.

One reason to buy a home instead of rent a home is:
a) Homes have fewer maintenance costs
b) Homes have the potential to appreciate in value over time
c) Buying a home requires less money upfront
d) Buying a home is a more flexible housing option

What is a lease?
a) A contract outlining the terms under which a landlord agrees to rent property to a tenant.
b) A loan from a bank used to buy a house
c) A loan from a bank used to rent a home.
d) A contract outlining the terms of a mortgage.

Typically homes ___________ over time and cars ______________ over time.
a) appreciate; depreciate
b) depreciate; appreciate
c) depreciate; depreciate
d) appreciate; appreciate

Which of the following statements about renting owning is CORRECT?
a) A renter has complete responsibility and control over the property
b) An owner has complete responsibility and control over the property.
c) Neither a renter nor owner has responsibility and control over the property.
d) Both the renter and the owner share responsibility and control over the property.

Owning provides _________ flexibility but can lead to _________ costs in the long-term.
a) greater; lower
b) greater; higher
c) less; lower
d) less; higher

Renting provides _________ flexibility but can lead to _________ costs in the long-term.
a) greater; lower
b) greater; higher
c) less; lower
d) less; higher

The biggest factor in determining the price of a mortgage is:
a) The down payment.
b) The interest rate.
c) The total cost of the home.
d) The lender.

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