Personal Finance Final Exam Part 2

Payments on a credit account include both principal and interest.

• True

• False

Any public information becomes part of your credit record.

• True

• False

Home ownership offers

• financial advantages.

• quality of life advantages.

• all of these

When is the best time to get credit preapproval?

• before visiting car dealers.

• after the purchase

• during price negotiations.

 Furnished rentals are usually cheaper than unfurnished rentals.

• True

• False

You usually don’t need to worry about having a source of income until after you have rented a place to live.

• True

• False

In order to prevent forfeiture of your security deposit, a renter should give a minimum of _____ days prior notice to vacate a rented space

• 10

• 30

• 45

One way to minimize the cost of credit is to

• carry at least five or six credit cards.

• make less than the minimum monthly payment.

• pay cash for small purchases.

An on-campus building that contains many small rooms that are rented out to students is called a

• duplex

• dormitory

• condominium

The monthly charge you pay to live in an apartment is called

• mortgage

• Rent

• lease