Renting vs. Buying Test

When renting a home, what term refers to the owner of the home?

• Boss

• Coach

• Tenant

• Landlord

Tags

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.7.5

CCSS.RI.6.5

What term is used to describe money paid to the owner of a home?

• Euros

• Rent

• Mortgage

• Interest Payments

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.7.5

CCSS.RI.6.5

When paying RENT to a landlord, is your money ever returned to you?

• Yes

• No

Tags

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.8.3

Which of these is not a term for someone living in a rented space?

• Renter

• Tenant

• Homeowner

Tags

CCSS.L.5.5C

When renting, who is responsible for general maintenance issues?

• Renter

• Landlord

Tags

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.8.5

What should you do before shopping for a home?

• Tour homes you can't afford

• Do no research

• Make a list of needs and wants

• Set a price far above your budget

Tags

CCSS.RI.9-10.3

CCSS.RI.11-12.3

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.8.5

Buying a home will usually have fewer costs than renting.

• True

• False

Tags

CCSS.RL.11-12.9

CCSS.RL.9-10.3

CCSS.RL.8.3

CCSS.RL.7.3

CCSS.RL.6.3

What expenses are expected when owning a home?

• Mortgage

• Property tax

• Insurance

• All of the above

A common disadvantage of buying a home is:

• restrictions on decorating and having pets.

• tax incentives.

• you are responsible for repairs and maintenance.

• not usually a good investment.

Tags

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RL.8.1

CCSS.RI.8.2

CCSS.RL.7.1

Martin wants to buy a house . He earns $45,000 a year. How much can he afford to borrow to buy a house. (Use banker's rule of 2.5 your salary to solve)

• $112,500

• $125,560

• $200,000

Tags

CCSS.6.RP.A.3B