Personal Finance 2021

When writing a check, always include the month, day, and year when writing the date.

• True

• False

What should be written on line 2?

• the date
• the amount of the check
• who the check is going to
• your signature

What should be written on line 6?

• the date
• the amount of the check
• who the check is going to
• your signature

If you get a mortgage, what happens to the loan amount when you put down a larger down payment?

• Decreases

• Increases

• No change

When getting a mortgage, you can avoid paying PMI if you make a down payment of __________________ or more.

• 0%

• 5%

• 10%

• 20%

Homes are appreciating assets. What does this mean?

• it is likely to increase in value over time

• it is likely to decrease in value over time

• it is likely to outpace the returns in the stock market

• It is likely worth nothing

One disadvantage to buying a home is the continuing cost of home repairs.

• Agree

• Disagree

What percent of your monthly income should your monthly mortgage payment be?

• 80%

• Less than 40%

• Less than 60%

• Less than 30%

What is the name for a House Loan?

• Down Payment

• Interest Rate

• Mortgage

• Percentage

The amount of cash you pay toward the purchase price of a home.

• Buy down

• Prepayment

• Interest

• Down Payment