Exam 5: Making Automobile and Housing Decisions

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -If you drive a lot of miles each year rather than a few,the operating cost per mile will [increase | decrease].

(Short Answer)

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Question 101

Which of the following is true regarding cooperative apartments?

(Multiple Choice)

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Question 102

Which of the following is not associated with buying a home with a lower-than-typical down payment?

(Multiple Choice)

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Question 103

Other factors being equal,fixed-rate mortgages will have higher interest rates initially than adjustable-rate mortgages.

(True/False)

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Question 104

Leslie has been offered the choice of either a $1,000 rebate or a 5.5%,48-month loan for the new car she is purchasing.If Leslie will be financing $15,000 and she can get a 7.5%,48-month loan at her credit union,should she take the $1,000 rebate or the 5.5% loan?

(Essay)

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Question 105

Gasoline is a variable cost of automobile ownership.

(True/False)

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Question 106

Terms of renting a housing unit may be contained in a contract called a:

(Multiple Choice)

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Question 107

In a co-op,the buyer receives title to a unit and joint ownership of the common areas.

(True/False)

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Question 108

Condominiums and townhomes are generally less costly than single-family,detached homes.

(True/False)

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Question 109

Which of the following is an advantage of renting a house as compared to purchasing a house?

(Multiple Choice)

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Question 110

The "rent ratio" has fallen as home prices have fallen.

(True/False)

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Question 111

When refinancing your mortgage,you should consider:

(Multiple Choice)

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Question 112

Renting affords more flexibility than home ownership.

(True/False)

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Question 113

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -If you qualify,you might be able to buy a home with no down payment with [an FHA | a VA] loan.

(Short Answer)

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Question 114

If the maximum loan-to-value ratio that a lender will accept on a $100,000 loan is 80 percent,then the borrower must make a down payment of at least:

(Multiple Choice)

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Question 115

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -You are paying on a car loan,a furniture loan,and a student loan.This will have [an | no] effect on the lender's decision to grant you a mortgage loan.

(Short Answer)

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Question 116

An automobile is a personal use asset for most buyers.

(True/False)

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Question 117

You will need to purchase a homeowner's insurance equal to the purchase price of the house you are buying.

(True/False)

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Question 118

If a buyer withdraws from a transaction without a valid reason after signing a sales contract,he typically loses his earnest money.

(True/False)

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Question 119

According to federal law,private mortgage insurance on most loans made on or after July 29,1999,ends automatically once the mortgage is paid down to 78% of the original value of the house.

(True/False)

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(77)

Question 120

Showing 101 - 120 of 198

Which of the following is true regarding cooperative apartments?

Which of the following is not associated with buying a home with a lower-than-typical down payment?

Other factors being equal,fixed-rate mortgages will have higher interest rates initially than adjustable-rate mortgages.

Leslie has been offered the choice of either a $1,000 rebate or a 5.5%,48-month loan for the new car she is purchasing.If Leslie will be financing $15,000 and she can get a 7.5%,48-month loan at her credit union,should she take the $1,000 rebate or the 5.5% loan?

Gasoline is a variable cost of automobile ownership.

Terms of renting a housing unit may be contained in a contract called a:

In a co-op,the buyer receives title to a unit and joint ownership of the common areas.

Condominiums and townhomes are generally less costly than single-family,detached homes.

Which of the following is an advantage of renting a house as compared to purchasing a house?

The "rent ratio" has fallen as home prices have fallen.

When refinancing your mortgage,you should consider:

Renting affords more flexibility than home ownership.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -If you qualify,you might be able to buy a home with no down payment with [an FHA | a VA] loan.

If the maximum loan-to-value ratio that a lender will accept on a $100,000 loan is 80 percent,then the borrower must make a down payment of at least:

An automobile is a personal use asset for most buyers.

You will need to purchase a homeowner's insurance equal to the purchase price of the house you are buying.

If a buyer withdraws from a transaction without a valid reason after signing a sales contract,he typically loses his earnest money.

According to federal law,private mortgage insurance on most loans made on or after July 29,1999,ends automatically once the mortgage is paid down to 78% of the original value of the house.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

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