Question 1

With private mortgage insurance,many lenders will allow you to borrow more than 80% of the appraised value of the home.What is the purpose of this action?

Accepted Answer

A) The insurance will pay for damages to the home during the course of the mortgage. 
B) It is required by federal and state law. 
C) It protects the lender in the event the borrower is unable to make the mortgage payments. 
D) It protects the borrower from foreclosure. 
E) None of the above 
A) The insurance will pay for damages to the home during the course of the mortgage. 
B) It is required by federal and state law. 
C) It protects the lender in the event the borrower is unable to make the mortgage payments. 
D) It protects the borrower from foreclosure. 
E) None of the above

Question 2

Nancy Wong has decided to move from her apartment into a house she is purchasing.She wants to enjoy the advantages of home ownership,such as

Accepted Answer

A) a chance to build equity and wealth. 
B) greater control over decorations and home improvement. 
C) mortgage interest will probably be a tax deduction. 
D) over time being able to take out a home equity loan to enjoy a tax deduction. 
E) all of the above. 
A) a chance to build equity and wealth. 
B) greater control over decorations and home improvement. 
C) mortgage interest will probably be a tax deduction. 
D) over time being able to take out a home equity loan to enjoy a tax deduction. 
E) all of the above.

Question 3

In a SunTrust survey,what percent of those in a serious relationship don't seek partner's advice before making any purchase?

Accepted Answer

A) 50% 
B) 36% 
C) 6% 
D) 15% 
A) 50% 
B) 36% 
C) 6% 
D) 15%

Question 4

Describe four ways to come up with the down payment money for buying a house.

Accepted Answer

Saving the money while renting is a wise

Question 5

Leasing a car may make sense if you drive over 25,000 miles a year.

Accepted Answer

A) True 
 B)False

Question 6

Suppose that you are at the end of your automobile lease.The leasing company has just informed you that the car's market value is greater than its residual value and they will be sending you a refund.What type of lease did you have?

Accepted Answer

A) Closed-end lease 
B) Open-end lease 
C) Walk-away lease 
D) Residual lease 
E) None of the above 
A) Closed-end lease 
B) Open-end lease 
C) Walk-away lease 
D) Residual lease 
E) None of the above

Question 7

Daniel is due to receive the balance of his trust fund in 5 years;as a result he has taken out a(n)________ mortgage where he has made small payments for several years and will pay off the balance in one large payment with his trust funds.

Accepted Answer

A) ARM 
B) graduated payment 
C) shared appreciation 
D) fixed rate 
E) balloon payment 
A) ARM 
B) graduated payment 
C) shared appreciation 
D) fixed rate 
E) balloon payment

Question 8

Buying a home generally isn't desirable if you don't intend to stay in it for more than two or three years.

Accepted Answer

A) True 
 B)False

Question 9

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 10

A Money magazine survey revels that couples have arguments over money mostly over?

Accepted Answer

A) Credit Card Debt 
B) Insufficient Savings 
C) Household Budgets 
D) Frivolous Purchases 
A) Credit Card Debt 
B) Insufficient Savings 
C) Household Budgets 
D) Frivolous Purchases

Question 11

Write a paragraph giving at least five important tips on buying a new car.

Accepted Answer

Find out the dealer's invoice price for

Question 12

An appraisal is a typical but not required part of the mortgage approval process.

Accepted Answer

A) True 
 B)False

Question 13

You are considering obtaining a mortgage of $220,000.A lower APR is available,but you must pay 2 points to buy the rate down.How much must you pay in dollars?

Accepted Answer

A) $1,100 
B) $2,200 
C) $3,300 
D) $4,400 
E) $6,600 
A) $1,100 
B) $2,200 
C) $3,300 
D) $4,400 
E) $6,600

Question 14

Why is it that you should not tell the salesperson what you want your monthly payment to be before you negotiate the final price on the car?

Accepted Answer

A good salesperson can make the car paym

Question 15

A mortgage loan in which the interest rate charged fluctuates with the level of current interest rates is called a(n)

Accepted Answer

A) MRA. 
B) MAR. 
C) RAM. 
D) ARM. 
E) none of the above. 
A) MRA. 
B) MAR. 
C) RAM. 
D) ARM. 
E) none of the above.

Question 16

List the factors that go into a monthly lease payment and tell how the dollar value of a lease is calculated.

Accepted Answer

-the agreed-upon price
-any other up-fro

Question 17

Automobile leasing is actually just a long-term rental agreement with the lessor.

Accepted Answer

A) True 
 B)False

Question 18

A fixed-rate mortgage is harder to budget for than an adjustable rate mortgage.

Accepted Answer

A) True 
 B)False

Question 19

Stretching a car loan from 48 months to 60 months means the car will end up resulting in a smaller monthly payment.

Accepted Answer

A) True 
 B)False

Question 20

Are there any advantages in government-backed loans? Any disadvantages?

Accepted Answer

Yes,there are three advantages.One,the i

With private mortgage insurance,many lenders will allow you to borrow more than 80% of the appraised value of the home.What is the purpose of this action?

Nancy Wong has decided to move from her apartment into a house she is purchasing.She wants to enjoy the advantages of home ownership,such as

In a SunTrust survey,what percent of those in a serious relationship don't seek partner's advice before making any purchase?

Describe four ways to come up with the down payment money for buying a house.

Leasing a car may make sense if you drive over 25,000 miles a year.

Suppose that you are at the end of your automobile lease.The leasing company has just informed you that the car's market value is greater than its residual value and they will be sending you a refund.What type of lease did you have?

Daniel is due to receive the balance of his trust fund in 5 years;as a result he has taken out a(n)________ mortgage where he has made small payments for several years and will pay off the balance in one large payment with his trust funds.

Buying a home generally isn't desirable if you don't intend to stay in it for more than two or three years.

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

A Money magazine survey revels that couples have arguments over money mostly over?

Write a paragraph giving at least five important tips on buying a new car.

An appraisal is a typical but not required part of the mortgage approval process.

You are considering obtaining a mortgage of $220,000.A lower APR is available,but you must pay 2 points to buy the rate down.How much must you pay in dollars?

Why is it that you should not tell the salesperson what you want your monthly payment to be before you negotiate the final price on the car?

A mortgage loan in which the interest rate charged fluctuates with the level of current interest rates is called a(n)

List the factors that go into a monthly lease payment and tell how the dollar value of a lease is calculated.

Automobile leasing is actually just a long-term rental agreement with the lessor.

A fixed-rate mortgage is harder to budget for than an adjustable rate mortgage.

Stretching a car loan from 48 months to 60 months means the car will end up resulting in a smaller monthly payment.

Are there any advantages in government-backed loans? Any disadvantages?

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 Eventsfitting the Pieces Together

Filters

Exam 8: The Home and Automobile Decision

With private mortgage insurance,many lenders will allow you to borrow more than 80% of the appraised value of the home.What is the purpose of this action?

Nancy Wong has decided to move from her apartment into a house she is purchasing.She wants to enjoy the advantages of home ownership,such as

In a SunTrust survey,what percent of those in a serious relationship don't seek partner's advice before making any purchase?

Describe four ways to come up with the down payment money for buying a house.

Leasing a car may make sense if you drive over 25,000 miles a year.

Suppose that you are at the end of your automobile lease.The leasing company has just informed you that the car's market value is greater than its residual value and they will be sending you a refund.What type of lease did you have?

Daniel is due to receive the balance of his trust fund in 5 years;as a result he has taken out a(n)________ mortgage where he has made small payments for several years and will pay off the balance in one large payment with his trust funds.

Buying a home generally isn't desirable if you don't intend to stay in it for more than two or three years.

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

A Money magazine survey revels that couples have arguments over money mostly over?

Write a paragraph giving at least five important tips on buying a new car.

An appraisal is a typical but not required part of the mortgage approval process.

You are considering obtaining a mortgage of $220,000.A lower APR is available,but you must pay 2 points to buy the rate down.How much must you pay in dollars?

Why is it that you should not tell the salesperson what you want your monthly payment to be before you negotiate the final price on the car?

A mortgage loan in which the interest rate charged fluctuates with the level of current interest rates is called a(n)

List the factors that go into a monthly lease payment and tell how the dollar value of a lease is calculated.

Automobile leasing is actually just a long-term rental agreement with the lessor.

A fixed-rate mortgage is harder to budget for than an adjustable rate mortgage.

Stretching a car loan from 48 months to 60 months means the car will end up resulting in a smaller monthly payment.

Are there any advantages in government-backed loans? Any disadvantages?

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 Eventsfitting the Pieces Together

Filters