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Personal Finance - 6.07 - Major Expenditures

Authored by Tina Hughes

Computers

9th - 12th Grade

Used 33+ times

Personal Finance - 6.07 - Major Expenditures
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Chad has decided to rent an apartment and is gathering information to be sure he has enough money saved for all the expenses when he moves in. His landlord explained to him that he would need to pay a refundable fee to cover any potential damages that might occur while Chad is living in the apartment. This fee is called the:

security deposit.

down payment.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which scenario should renters insurance be considered?

Zach and Leah have rented an apartment in an urban area.

Tim and Hanna are living with his parents in the basement of their home for six months while flood damage is being repaired in their home. They are paying his parents rent during the time they are living in their home.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The equity that one builds by making mortgage payments is:

the value of the home after the mortgage debt is subtracted.

purchasing a housing unit as rental property.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rent is defined as:

the cost of using someone else’s property.

the fee charged for performing property management tasks.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alyssa is considering purchasing a car and wants to be sure she can afford to drive it during the school year when she does not have a job. Which expense would not be considered part of the total transportation expenses?

Depreciation

Parking

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Brett borrowed money to purchase a vehicle without making a down payment and now he owes more on the vehicle than it is worth. This situation is referred to as:

being upside down on the loan.

a hidden cost.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making food decisions, which is likely to be the least expensive?

Convenience foods

Ready-to-eat foods

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