Chapter 11 Lesson 4 Quiz

Chapter 11 Lesson 4 Quiz

20 Qs

quiz-placeholder

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Chapter 11 Lesson 4 Quiz

Chapter 11 Lesson 4 Quiz

Assessment

Quiz

others

Hard

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary financial criterion to consider before buying a house?
Having a stable job
Being debt-free
Having a high credit score
Owning a car

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it recommended to have an emergency fund of three to six months of expenses before buying a home?
To afford luxury items
To cover mortgage payments in case of job loss
To invest in stocks
To pay for home renovations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the advantage of making a larger down payment when purchasing a home?
Lower monthly payments
Higher interest rates
Increased PMI costs
Longer loan terms

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of mortgage is recommended for long-term financial stability?
30-year adjustable-rate mortgage
15-year fixed-rate conventional mortgage
FHA loan
VA loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Private Mortgage Insurance (PMI)?
Insurance that protects the homeowner
Insurance that protects lenders if the borrower defaults
Insurance that covers home repairs
Insurance that lowers mortgage rates

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of your take-home pay is suggested to be allocated for your mortgage payment?
15%
20%
25%
30%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of equity in homeownership?
It determines the monthly payment
It is the difference between what you owe and the home's value
It is the amount of the down payment
It is the total cost of the mortgage

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