Finance and Housing Vocabulary Quiz

What is an Adjustable Rate Mortgage?

• A loan with a fixed interest rate

• A loan with an interest rate that changes

• A type of insurance

• A savings account.

An Amortization Schedule is used to: A) Track loan payments B) Calculate taxes C) Determine insurance premiums D) Plan vacations.

• Track loan payments

• Calculate taxes

• Determine insurance premiums

• Plan vacations

An Auto Loan is a type of loan used to purchase a ______.

• House

• Car

• Boat

• Business

A Deed is a legal document that: A) Transfers property ownership B) Provides insurance C) Details a loan agreement D) Lists expenses.

• Transfers property ownership

• Provides insurance

• Details a loan agreement

• Lists expenses

Discretionary Income refers to: A) Income after taxes B) Income after essential expenses C) Total income D) Income before taxes.

• A) Income after taxes

• B) Income after essential expenses

• C) Total income

• D) Income before taxes

Disposable Income is the amount of money available after ______.

• A) Taxes

• B) Savings

• C) Investments

• D) All expenses

Eviction is the process of: A) Buying a house B) Renting a property C) Removing a tenant D) Signing a lease.

• Buying a house

• Renting a property

• Removing a tenant

• Signing a lease

Fixed expenses are costs that: A) Vary each month B) Are one-time payments C) Remain constant D) Decrease over time.

• A) Vary each month

• B) Are one-time payments

• C) Remain constant

• D) Decrease over time.

A Fixed Rate Mortgage has an interest rate that: A) Changes monthly B) Is fixed for the loan term C) Depends on the stock market D) Is negotiable annually.

• Changes monthly

• Is fixed for the loan term

• Depends on the stock market

• Is negotiable annually.

A Landlord is a person who: A) Buys property B) Sells property C) Rents out property D) Manages a bank.

• Buys property

• Sells property

• Rents out property

• Manages a bank.