Font size
WorksheetsEPF Module 10 Revioew
Total questions: 40
Worksheet time: 13mins
How does depreciation impact the value of a leased car versus a purchased car?
Depreciation impacts the value of a leased car more significantly than a purchased car.
Depreciation has no impact on the value of a leased car
Depreciation increases the value of a leased car
Depreciation impacts the value of a purchased car more significantly than a leased car
Explain the maintenance responsibilities for a leased car versus a purchased car.
Both the lessee and owner are responsible for maintenance in a leased car.
The owner is responsible for maintenance in both a leased and purchased car.
The lessee is responsible for maintenance in a purchased car, while the owner is responsible for maintenance in a leased car.
The lessee is responsible for maintenance in a leased car, while the owner is responsible for maintenance in a purchased car.
What are the insurance considerations when deciding between leasing and buying a car?
Think about the number of cup holders, the size of the trunk, and the type of music system in the car.
Evaluate the taste of the previous owner, the mileage of the car, and the number of previous accidents.
Consider the cost of insurance premiums, coverage requirements, and potential rate differences based on ownership status.
Consider the color of the car, the brand of the car, and the weather conditions in your area.
In terms of cost, which option is generally more affordable in the short term: leasing or buying a car?
Renting
Purchasing
Loan
Leasing
Discuss the impact of mileage restrictions on a leased car versus a purchased car.
Both leased and purchased cars have the same mileage restrictions.
Purchased cars have stricter mileage restrictions than leased cars.
Leased cars have no mileage restrictions, unlike purchased cars.
Leased cars have stricter mileage restrictions with penalties for exceeding limits, while purchased cars do not have mileage restrictions.
A security deposit covers the rent for the first month when moving into an apartment.
True
False
The agreement between a renter and a landlord is:
Security Deposit
Mortgage
Lease
Deed
A common disadvantage of buying a home is:
Few financial benefits
Limited mobility
Restrictions on decorating and having pets.
Conditions in the lease.
The home-buying process starts with:
Locating and evaluating a home.
Pricing the property.
Determining homeownership needs.
Obtaining an appraisal of the property.
A common flexible expense associated with renting an apartment is:
A security deposit
Apartment insurance
Electricity
Rent
The charges for settling a real estate transaction are also called _______costs.
Mortgage
Closing
Possession
Selling
A person who occupies rented property:
landlord
tenant
mortgage
none of these
A written agreement between a a tenant and a landlord:
mortgage
lease
cooperative
assessment
What are the benefits to owning your own home:
Make changes whenever you feel like it
Have a place that is yours
Build wealth when you pay it off
all of the above
What is a mortgate loan?
Free money
A loan from the bank to buy a boat
A loan from the bank to buy a house
A loan from a friend
What is a down payment?
50%
The amount money you get to buy your dream house
The money you pay up front for your house
(a) is the (b) − the (c)
(a) = (b) + (c)
(a) = (b) x (c)
In order to rent a place, a landlord may request:
that you own a car
references and/or a credit check
proof of vaccinations
All of the above
Financial experts recommend, when you rent, the amount of rent you pay should not be more than:
10% of your take home pay
30% of your take home pay
50% of your take home pay
70% of your take home pay
When selecting a place to rent it is important to choose a place that:
you really want and desire
fits your needs and is affordable
you find first
None of the above
True or False:
It is important to make sure you carefully read a rental agreement before signing it.
True
False
Someone that can vouch that you are a responsible individual is called what?
Reference
Tenant
Landlord
Security Deposit
Who is the landlord on this rental agreement?
Fred Monte
Karen Smith
Santa Ana
Who is the tenant?
Fred Monte
Karen Smith
Santa Ana
An item that is necessary for life
Value
Want
Need
Well-Being
The best description of a budget is which of the following?
A financial tool for consumers who have very little money.
A plan for savings and spending your money.
A set of restrictions on how to get a boat and jet ski before your neighbors
A statement of your assets and liabilities.
Which of the following is not one of three basic reasons for saving money?
Emergency fund
Large purchases
Have money available to lend to friends
Build wealth
Why is having a fully funded emergency fund so important when it comes to your financial well-being?
As long as you have a good-paying job, you really don’t need am emergency fund
The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.
The purpose of an emergency fund is to have money set aside so that you never make large purchases, like vacations.
None of the above
In which category should you have to make the most cuts in the budget?
Savings
Variable/Flexible Expenses
Fixed Expenses
Emergency Fund
In order to control his budget, Josh should cut spending in which of the following categories?
Food/Entertainment
Rent/Mortgage
Savings/Emergency Fund
Car/Insurance
Which of the following costs is; Rent?
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
Which of the following costs is; haircut?
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
Which of the following costs is; utilities
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
Which of the following costs is; eating out?
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
Which of the following costs is; car insurance
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
Which of the following costs is; Groceries
Fixed Cost
Variable/ Flexible Cost
Discretionary Cost
In what category of a typical family budget do people spend most of their money?
Entertainment
Transportation
Food
Housing
