Question 1

Name six factors that will determine your monthly lease payment.

Accepted Answer

1. The agreed-upon price of the vehicle

Question 2

An adjustable rate mortgage (ARM)is always a wise financial decision for young consumers because their incomes will be adjusting as well.

Accepted Answer

A) True 
 B)False

Question 3

Smart buying means enjoying the highest standard of living that you can based on your income and budget.

Accepted Answer

A) True 
 B)False

Question 4

You are a newlywed,and you and your spouse have just found your dream home.Problem is,you do not have 20% for a down payment on the house.You will probably need to obtain

Accepted Answer

A)  EAR. 
B)  PMI. 
C)  PTI. 
D)  APR. 
E)  none of the above. 
A)  EAR. 
B)  PMI. 
C)  PTI. 
D)  APR. 
E)  none of the above.

Question 5

Rhonda is buying a second home to use as income property.She is financing 75% of the home's $100,000 value.Her bank is loaning her the money for 10 years at an APR of 4.5%.How much are Rhonda's mortgage payments?

Accepted Answer

A)  $441.28 
B)  $598.74 
C)  $777.28 
D)  $958.44 
E)  $1,014.33 
A)  $441.28 
B)  $598.74 
C)  $777.28 
D)  $958.44 
E)  $1,014.33

Question 6

Evaluating whether you need or simply want a sun roof is an example of using the smart buying steps.

Accepted Answer

A) True 
 B)False

Question 7

In auto sales,a ________ is an amount of money,generally in the 2% to 3% range,that the manufacturer gives the dealer for selling an automobile.

Accepted Answer

A)  holdback 
B)  rebate 
C)  kickback 
D)  markup 
E)  none of the above 
A)  holdback 
B)  rebate 
C)  kickback 
D)  markup 
E)  none of the above

Question 8

It's best to have an ARM with the longest adjustment interval available.

Accepted Answer

A) True 
 B)False

Question 9

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

Accepted Answer

A) True 
 B)False

Question 10

Provide the most common one-time or initial costs involved in buying a house.

Accepted Answer

A down payment will be required.Closing

Question 11

The first step at the car dealership is to negotiate the best price that you can on the car that you need.

Accepted Answer

A) True 
 B)False

Question 12

What are the typical sources of mortgages?

Accepted Answer

The list includes commercial b

Question 13

Which of the following is not a recurring housing cost?

Accepted Answer

A)  Mortgage payments 
B)  PITI 
C)  Points 
D)  Maintenance and operating costs 
E)  Homeowner's insurance 
A)  Mortgage payments 
B)  PITI 
C)  Points 
D)  Maintenance and operating costs 
E)  Homeowner's insurance

Question 14

PITI stands for the total of your monthly principal,income,taxes,and insurance.

Accepted Answer

A) True 
 B)False

Question 15

Bob and Marilyn Hartin know the bank will carefully evaluate their situation before lending them the money for the mortgage for their new home.Which is not a consideration?

Accepted Answer

A)  Their financial history 
B)  The number of children they have 
C)  Their level of debt 
D)  Their ability to pay 
E)  Appraised home value 
A)  Their financial history 
B)  The number of children they have 
C)  Their level of debt 
D)  Their ability to pay 
E)  Appraised home value

Question 16

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

Accepted Answer

A) True 
 B)False

Question 17

A co-op would be a wise choice for a consumer who wishes to pay no property taxes.

Accepted Answer

A) True 
 B)False

Question 18

Jessica is buying her first new home.The home has been appraised at $330,000.For Jessica to not have to pay private mortgage insurance she must come up with a down payment of

Accepted Answer

A)  $33,000. 
B)  $66,600. 
C)  $20,000. 
D)  $80,000. 
A)  $33,000. 
B)  $66,600. 
C)  $20,000. 
D)  $80,000.

Question 19

Jeremy does not like the idea of paying points.A point is actually

Accepted Answer

A)  one percent of the selling price of the house. 
B)  one percent of the amount financed with the mortgage. 
C)  one percent of the selling price minus the realtor's fee. 
D)  one percent of the taxable value of the house and property. 
E)  none of the above. 
A)  one percent of the selling price of the house. 
B)  one percent of the amount financed with the mortgage. 
C)  one percent of the selling price minus the realtor's fee. 
D)  one percent of the taxable value of the house and property. 
E)  none of the above.

Question 20

Why should you set a goal to eventually be able to put at least 20% down on purchasing a home?

Accepted Answer

Statistics show that a borrower who make

Name six factors that will determine your monthly lease payment.

An adjustable rate mortgage (ARM)is always a wise financial decision for young consumers because their incomes will be adjusting as well.

Smart buying means enjoying the highest standard of living that you can based on your income and budget.

You are a newlywed,and you and your spouse have just found your dream home.Problem is,you do not have 20% for a down payment on the house.You will probably need to obtain

Rhonda is buying a second home to use as income property.She is financing 75% of the home's $100,000 value.Her bank is loaning her the money for 10 years at an APR of 4.5%.How much are Rhonda's mortgage payments?

Evaluating whether you need or simply want a sun roof is an example of using the smart buying steps.

In auto sales,a ________ is an amount of money,generally in the 2% to 3% range,that the manufacturer gives the dealer for selling an automobile.

It's best to have an ARM with the longest adjustment interval available.

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

Provide the most common one-time or initial costs involved in buying a house.

The first step at the car dealership is to negotiate the best price that you can on the car that you need.

What are the typical sources of mortgages?

Which of the following is not a recurring housing cost?

PITI stands for the total of your monthly principal,income,taxes,and insurance.

Bob and Marilyn Hartin know the bank will carefully evaluate their situation before lending them the money for the mortgage for their new home.Which is not a consideration?

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

A co-op would be a wise choice for a consumer who wishes to pay no property taxes.

Jessica is buying her first new home.The home has been appraised at $330,000.For Jessica to not have to pay private mortgage insurance she must come up with a down payment of

Jeremy does not like the idea of paying points.A point is actually

Why should you set a goal to eventually be able to put at least 20% down on purchasing a home?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Student and Consumer Loans: The Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters

Exam 8: The Home and Automobile Decision

Name six factors that will determine your monthly lease payment.

An adjustable rate mortgage (ARM)is always a wise financial decision for young consumers because their incomes will be adjusting as well.

Smart buying means enjoying the highest standard of living that you can based on your income and budget.

You are a newlywed,and you and your spouse have just found your dream home.Problem is,you do not have 20% for a down payment on the house.You will probably need to obtain

Rhonda is buying a second home to use as income property.She is financing 75% of the home's $100,000 value.Her bank is loaning her the money for 10 years at an APR of 4.5%.How much are Rhonda's mortgage payments?

Evaluating whether you need or simply want a sun roof is an example of using the smart buying steps.

In auto sales,a ________ is an amount of money,generally in the 2% to 3% range,that the manufacturer gives the dealer for selling an automobile.

It's best to have an ARM with the longest adjustment interval available.

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

Provide the most common one-time or initial costs involved in buying a house.

The first step at the car dealership is to negotiate the best price that you can on the car that you need.

What are the typical sources of mortgages?

Which of the following is not a recurring housing cost?

PITI stands for the total of your monthly principal,income,taxes,and insurance.

Bob and Marilyn Hartin know the bank will carefully evaluate their situation before lending them the money for the mortgage for their new home.Which is not a consideration?

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

A co-op would be a wise choice for a consumer who wishes to pay no property taxes.

Jessica is buying her first new home.The home has been appraised at $330,000.For Jessica to not have to pay private mortgage insurance she must come up with a down payment of

Jeremy does not like the idea of paying points.A point is actually

Why should you set a goal to eventually be able to put at least 20% down on purchasing a home?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: The Role of Open Credit

Student and Consumer Loans: The Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: An Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Events Fitting the Pieces Together

Filters