Financial Literacy Test (Chp #7-8)

Front

What does the term "Staging" mean during the sale of a home?

Back

Staging refers to the process of preparing a home for sale to make it more attractive to buyers.

Front

What does the term Pre-approved mean?

Back

Pre-approved means a borrower has been tentatively approved for credit based on an initial evaluation.

Front

Does PMI mean "Private Mortgage Insurance" ?

Back

Yes/True

Front

What is a Fixed Rate Mortgage?

Back

A Fixed Rate Mortgage is a home loan with a constant interest rate.

Front

What is an Adjustable Rate Mortgage?

Back

An Adjustable Rate Mortgage (ARM) is a mortgage with an interest rate that can change periodically.

Front

The definition for C.A.F.E means?

Back

Corporate Average Fuel Economy

Front

What is a Budget Surplus?

Back

A Budget Surplus is when income exceeds expenditures.

Front

What is a budget deficit?

Back

A budget deficit is the financial situation where expenses surpass revenues.

Front

The unit price means the cost per unit

Back

True

Front

The Patient Protection & Affordable Care Act are

Back

A comprehensive healthcare reform law enacted in March 2010.