Mortgages

Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For most installment purchases (like a mortgage), a ______________ is generally required. It is usually a certain percentage of the purchase price.
Down payment
Monthly payment
Start up payment
Initial payment
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If you are unable to repay your mortgage, what is the most likely result?
The bank might sell your home to recover its investment (foreclosure).
You might have to go to prison
The bank might force you to take out an additional loan
The bank might take all they money and goods you own
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a mortgage?
A loan to purchase real estate
A type of insurance
A savings account
A credit card
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is typically required to secure a mortgage?
Collateral
A co-signer
A high school diploma
A business plan
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the term for the interest rate on a mortgage that does not change over time?
Fixed-rate
Variable-rate
Adjustable-rate
Floating-rate
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the primary purpose of a mortgage?
To finance the purchase of a home
To pay for college tuition
To buy a car
To start a business
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which government agency is known for insuring mortgages?
Federal Housing Administration (FHA)
Federal Bureau of Investigation (FBI)
Central Intelligence Agency (CIA)
Environmental Protection Agency (EPA)
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