Lesson 4 Living on Your Own Quiz

An electric bill is commonly considered a fixed living expense.

• True

• False

A security deposit covers the rent for the first month when moving into an apartment.

• True

• False

A roommate may reduce the financial burden of renting an apartment.

• True

• False

Saving money for a down payment to buy a house is usually considered a short-term goal.

• True

• False

A lease is designed to protect the rights of both a tenant and a landlord.

• True

• False

A common flexible expense associated with apartment renting is:

• a security deposit

• apartment insurance

• electricity

• rent

A ​ (a)   deposit refers to money held to cover possible damage in an apartment.

• security
• cleaning
• telphone
• utilities

A common moving-in cost for an apartment would be:

• a down payment

• building insurance

• real estate taxes

• a security deposit

A long-term goal would be to:

• rent an apartment

• own an apartment building

• move to a larger apartment

• all of the above

The agreement between a renter and a landlord is a:

• security deposit

• mortgage

• lease

• deed