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WorksheetsBuying vs. Renting
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Which of the following is not a basic need?
a)
Pool
b)
Roof
c)
Bathroom
d)
Kitchen
2.
Personal qualities that people possess, including creativity, knowledge, skills, time, and experience.
a)
Human Resources
b)
Renter's Insurance
c)
Closing Cost
d)
Material Resources
3.
A policy that covers a renters personal property against loss by theft, fire, or other hazards.
a)
Security Deposit
b)
Equity
c)
Renter's Insurance
d)
Principal
4.
Fee that covers the cost of any future damage the renter might cause to the unit.
a)
Material Resources
b)
Renter's Insurance
c)
Security Deposit
d)
Interest
5.
Tangible assets, such as money, property, supplies, and tools.
a)
Material Resources
b)
Human Resources
c)
Equity
d)
Principal
6.
The original amount of a loan
a)
Equity
b)
Interest
c)
Principal
d)
Security Deposit
7.
The fee the lending institution charges the buyer to borrow the money.
a)
Principal
b)
Earnest Money
c)
Closing Costs
d)
Interest
8.
A deposit that a buyer pays to show that they are serious about buying a home.
a)
Down Payment
b)
Security Deposit
c)
Earnest Money
d)
Equity
9.
The difference between the market value of a property and the principal owed on the mortgage.
a)
Principal
b)
Interest
c)
Renter's Insurance
d)
Equity
10.
A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price.
a)
Down Payment
b)
Equity
c)
Closing Costs
d)
Interest
11.
A type of home plan found in books, magazines, and on websites.
a)
Homes Built on Spec
b)
Custom-Build HOmes
c)
Stock Home Plans
d)
Development Homes
12.
People who desire a one of a kind home may choose to have this type of home designed.
a)
Custom-Built Homes
b)
Stock Home Plans
c)
Development Homes
d)
Homes Built on Spec
13.
This type of morgage keeps the same rate of interest and the same payment for 15-30 years
a)
Graduated
b)
Adjustable Rate
c)
Conventional
14.
This type of mortgage starts with a small interest rate and grows over time. Payments may be small in the beginning but will higher in the later years.
a)
Graduated
b)
Conventional
c)
Adjustable
15.
This type of mortgage changes based on the market. The interest rate may increase or decrease each year.
a)
Adjustable rate
b)
Conventional
c)
Graduated
16.
A _____________ is one building that contains two separate living units. The units may be attached side by side.
a)
Duplex
b)
Efficiency apartment
c)
High-Rise apartment
d)
Triplex
17.
Mortgages are generally for ____ to ______ years.
a)
5-10
b)
10-20
c)
15-30
d)
15-20
18.
The gradual elimination of the principal is called _______________.
a)
Equity
b)
Escrow
c)
Mortgage
d)
Amortization
19.
An advantage of a new home is __________.
a)
Clean
b)
Unique
c)
Character
d)
More space for your $
20.
A disadvantage of an older home is _________.
a)
Unique
b)
More space for $
c)
Lead paint and pipes
d)
Character
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