Housing and Budgeting Test - Econ

you should have a home inspection before buying a home

• false

• true

does the value of a home appreciate or depreciate in value over time

• appreciate

• depreciate

fixed expenses include water bills, electricity bills, and grocery bills

• true

• false

Answer explanation

fixed expenses means the price will never change from month to month (ex: mortgage, car payment, etc). your electricity or grocery bill could be higher (or lower) depending on what you buy/how much you use that month

renting offers more flexibility and freedom than owning

• false

• true

a lease outlines the rules between you and the landlord

• true

• false

energy labels allow you to know how much energy you can save when buying appliances like a refrigerator

• false

• true

unlike fixed expenses, flexible expenses vary from month to month

• false

• true

a plan that outlines how much you can spend on specific things

• spending template

• budget

• spending plan

• bank account

what is a small house with wheels called

• a rollercoaster

• a house with wheels

• a car

• mobile home

what percentage of your income should you spend on rent

• 10%

• 20%

• 30%

• 40%