Financial Literacy Quiz

It's best to develop good ________ now instead of waiting until you're on your own to figure it all out.

• Money habits

• Diet and exercise plans

• Real estate investments

• Friendships

Renting is a great option for many people.

• True

• False

Your rent payment should total no more than ______% of your take-home pay.

• 50

• 15

• 75

• 25

When you're ready to buy a house, the best option is a _______________.

• 20-year VA loan

• 15-year fixed-rate conventional mortgage

• 30-year equity loan

• 30-year fixed rate mortgage

What does cost of living refer to?

• How much of your monthly income is budgeted specifically for your rent or mortgage

• The average cost of the basic goods and services needed to maintain a certain standard of living

• The level of wealth, comfort, material goods and necessities available to a group of people

• How wealthy or poor you are at the time of purchasing your first home

Making periodic payments to a landlord for the use of their property is called _____________.

• Down payment

• Buying

• Renting or leasing

• Security deposit

You should rent until you are able to ________.

• Buy a home the right way

• Become a landlord someday

• Invest in stocks

• Buy amenities

Buying a house while ________ can put your ________ at risk.

• In debt; home purchase

• Getting pre-approved; life

• Debt-free; renter's insurance

• On a budget; social life

Living on campus at college will help you ________ living on your own, while living off campus will require you to ________.

• Dive into; live with your parents

• Ease into; pay for rent, utilities, and groceries

• Get used to; cut half of your college courses

• Enjoy; find roommates

Your decision to rent or buy depends on your ________.

• Feelings towards renting or buying

• Friends' opinions

• Income tax

• Financial situation