
Housing S10
Flashcard
•
Financial Education
•
11th Grade
•
Practice Problem
•
Hard
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14 questions
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1.
FLASHCARD QUESTION
Front
Purpose of a lease
Back
A lease is a contract outlining the terms under which one party agrees to rent property owned by another party.
2.
FLASHCARD QUESTION
Front
Contents of a lease and concerning terms
Back
A lease should include terms of rent, duration, and responsibilities. Concerning terms might include hidden fees or unfair clauses.
3.
FLASHCARD QUESTION
Front
Definition of a security deposit
Back
A security deposit is a sum of money held in trust to cover potential damages or unpaid rent.
4.
FLASHCARD QUESTION
Front
Largest expenditure of one’s income
Back
Housing is typically the largest expenditure of one's income.
5.
FLASHCARD QUESTION
Front
Benefits and Costs of renting
Back
Benefits: Flexibility, lower upfront costs. Costs: No equity, potential rent increases.
6.
FLASHCARD QUESTION
Front
Benefits and Costs of Home Ownership
Back
Benefits: Building equity, stability. Costs: Maintenance, property taxes.
7.
FLASHCARD QUESTION
Front
Advantages of home ownership vs renting
Back
Home ownership offers equity building and stability, while renting offers flexibility.
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