Personal Finance Ch.11 L. 3 Rent

What is a leasing contract?

• A legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessor for a period of time

• A legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessee for a period of time

• A legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessor for a lifetime

• A legal contract that allows the renter, or lessee, rights to the use of a property owned or managed by the lessee for a lifetime

What is an acknowledgment clause?

• The portion of a legal contract signed by both parties

• The portion of a legal contract signed by one party

• The portion of a legal contract signed by the lessor

• The portion of a legal contract signed by the lessee

What are amenities?

• Things that help provide convenience, comfort, or discomfort

• Things that help provide convenience, comfort, or enjoyment

• Things that help provide inconvenience, discomfort, or enjoyment

• Things that help provide inconvenience, discomfort, or discomfort

What is a legal contract?

• An agreement made between two or more parties that is not enforced by law

• An agreement made between two or more parties that is enforced by law

• An agreement made between one party that is enforced by law

• An agreement made between one party that is not enforced by law

What is the maximum percentage of your take-home pay that should be spent on rent?

• 25

• 50

• 75

• 100

What is involved in signing a lease agreement?

• Acknowledgment clause

• Legal contract

• Amenities

• All of the above

What is the reason for the 25% rule?

• You don’t want too much of your take-home pay tied up in rent

• You want too much of your take-home pay tied up in rent

• You don’t want too little of your take-home pay tied up in rent

• You want too little of your take-home pay tied up in rent

What is the first step to figuring out what you can afford?

• Calculate your rent payment

• Calculate your take-home pay

• Calculate your utilities payment

• Calculate your car maintenance payment

What is the second step to figuring out what you can afford?

• Calculate your take-home pay

• Calculate your rent payment

• Calculate your utilities payment

• Calculate your car maintenance payment

What is the third step to figuring out what you can afford?

• Calculate your take-home pay

• Calculate your rent payment

• Calculate your utilities payment

• Calculate your car maintenance payment