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Personal Finance 12
Renting vs. Owning
| Question | Choices | Answer |
|---|---|---|
| Owning provides _______ flexibility but can lead to ____ costs in the long-term. | A. Greater; lower. B. Greater; higher C. Less; lower. D. Less; higher | C. Less; lower |
| 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. | B. A type of loan used to buy property. |
| Depreciating assets: | A. Become more valuable over time. B. Become less valuable over time. C. Stay the same value. D. none of the above. | B. Become less valuable over time. |
| The biggest factor in determining the price of a mortgage is: | A. The total cost of the home. B. The down payment. C. The interest rate. D. The lender. | A. The total cost of the home. |
| Renting provides ______ flexibility but can lead to ______ costs in the long-term. | A. Greater; lower. B. Greater; higher. C. Less; lower. D. Less; Higher | B. Greater; higher |
| Which of the following statements about renting vs. 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. | B. An owner has complete responsibility and control over the property. |
| Typically homes ____ over time and cars ___ over time. | A. appreciate; depreciate. B. depreciate; appreciate. C. depreciate; depreciate. D. appreciate; appreciate. | A. appreciate; depreciate |
| A ______ is generally considered an appreciating asset because it will _____ in value over time. | A. car; increase. B. car; decrease. D. house; increase. D. house; decrease. | D. house; increase. |
| What is a lease? | A. A contract outlining the terms under which a landlord agrees to rent property to a tenant. B. A contract outlining the terms of a morgage. | A. A contract outlining the terms under which a landlord agrees to rent property to a tenant. |
| One reason to buy a home instead of rent a home is: | A. Homes have the potential to appreciate in value over time. B. Homes have fewer maintenance costs. C. Buying a home requires less money upfront. | A. Homes have the potential to appreciate in value over time. |
Created by:
SusieQ60
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