Owning V Renting Question Preview (ID: 59359)


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

What is an advantage to leasing a car vs buying?
a) Monthly payments are lower
b) Easier with poor credit
c) You get a new car when the lease term is up
d) You can drive as many miles as you want

Beyond the purchase, which is NOT an expense of owning a home?
a) Property Taxes
b) Homeowner's Insurance
c) Pet Deposit
d) Trash Removal Service

If you drive a lot of miles for work everyday, leasing a car is a great option.
a) True
b) False
c)
d)

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) Debit Card
c) Rent to Own
d) Installment Agreement

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 expects mortgage rates to go down in the next year or two. (That has nothing to do with whether she likes
c) She does not want to pay property taxes to support a place she might not like living in.
d) If she decides to move, she will not have to deal with selling her home.

Which of the following is a disadvantage of renting over buying a home?
a) With each new lease, your rent can go up.
b) You must also pay thousands of dollars for things such as property taxes.
c) You will have fewer hassles when you decide to move.
d) If something breaks, you have to fix it or pay to have it fixed.

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 repossess the TV.
c) It will cancel the service contract on the TV.
d) It will charge him all the interest that would have accrued over the year.

What is the least expensive way to buy something?
a) Rent to own
b) Debit Card
c) Credit Card
d) Cash

What do you NOT need to know before you decide to finance something on an installment plan?
a) How much Interest you will pay
b) How often you must make payments
c) How long you have to pay off the purchase
d) When you can take the item home

Buying a car is nearing always less expensive than leasing.
a) True
b) False
c)
d)

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