WorksheetsFinancial Literacy Assessments 1st 50 Q's
Total questions: 50
Worksheet time: 25mins
Which of the following is the most well-known vehicle valuation company according to the segment?
CarMax
Consumer Reports
CarFax
Kelly Blue Book
Invoice price is sometimes also referred to as which of the following?
True Market Value
Dealer Cost
Sticker Price
Out-the-Door Price
Which of the following is NOT an advantage of buying from a private seller as opposed to a dealership as discussed in the segment?
Less hassle
Increased ability to negotiate
Lower starting prices
Less pressure
How does the segment recommend checking for possible fluid leaks when examining a car?
Walk around the car
Look under the car
Rev the engine when parked
Test-drive the car
Which of the following is NOT recommended when test-driving a vehicle?
Drive over bumps
Test the brakes
Listen to the radio
Drive on the highway
According to the segment, your total automotive expenses should NOT exceed what percentage of your take-home pay?
10 percent
20 percent
30 percent
40 percent
Which type of auto insurance is required by law in most states?
Liability
Collision
Comprehensive
Personal injury
Sylvia is a first-time car buyer without an established credit history, so she is going to be charged a high interest rate. According to Raegan Sisemore, what could she do to get a lower interest rate?
Agree to a lease term of more than five years
Take a financial literacy class at a local college
Get a co-buyer with good credit, such as a parent
Open at least three other credit accounts at the same time
Raegan Sisemore said when you lease a car, you are basically paying for which of the following?
Value plus interest
Value plus endorsement
Rent plus depreciation
Rent plus down payment
Which of the following is NOT a possible consequence of buying a car which is beyond your means as discussed in the segment?
Inability to pay bills
Temporary incarceration
Repossession of the vehicle
Decline in credit scores
Which type of vehicle is a smaller version of a sedan?
Wagon
Van
SUV
Coupe
Which type of vehicle is sometimes also referred to as a weekender?
Wagon
Motorcycle
Pickup truck
Coupe
Which type of vehicle is one of the most suitable vehicles for hauling, towing and off-roading?
Wagon
Van
Pickup truck
Sedan
Which of the following is NOT a question the presentation recommends asking yourself when trying to identify transportation needs?
How much do you worry about depreciation?
Do you need all-wheel drive?
What type of safety features are most important to you?
How important is appearance?
Len Caron said if you decide to get a used car, you should make sure it is a dependable model by checking which of the following?
CarMax®
Consumer Reports®
Auto Trader®
Kelley Blue Book®
How many steps are in the car-buying process as discussed in the segment?
Seven
Six
Five
Four
Which of the following is the first step in the car-buying process as discussed in the segment?
Determine budget
Research options
Prioritize needs
Locate preferred vehicle
Which of the following is the last step in the car-buying process as discussed in the segment?
Determine budget
Negotiate purchase
Examine vehicle
Locate preferred vehicle
Which of the following websites is NOT a source recommended in the segment?
www.autonation.com
www.kbb.com
www.edmunds.com
www.nadaguides.com
Which of the following websites is the National Automobile Dealers Association website?
www.autonation.com
www.kbb.com
www.edmunds.com
www.nadaguides.com
Closing is also known as which of the following?
Completion
Termination
Settlement
Negligence
Which of the following accurately describes closing?
The decision of the buyer or seller to terminate the purchase agreement
The process during which the title of the property is transferred to the buyer
The inability of the buyer to meet the terms of a purchase agreement
The inability of the seller to meet the terms of a purchase agreement
Which of the following is NOT one of the items the segment said you will likely need at closing?
Proof of homeowners insurance
A cashier's check
Photo identification
Proof of citizenship
John Darden said if you are buying a $150,000 home, closing costs will likely be around which of the following?
$50
$500
$5,000
$15,000
The segment recommends not signing forms with which of the following?
Blank lines or spaces
Complex language
Color coding
Others present
Which of the following accurately defines an offer to purchase?
A verbal or written proposition in which a potential buyer names the price he is willing to pay for the property
A detailed written document that, once signed by both parties, becomes a legally binding contract
A statement of interest expressed by a potential buyer and entered into durable consideration by the seller
An authorized document allowing a potential buyer to establish priority and precedence in a home-buying scenario
Which of the following is NOT one of the points which should be included in an offer to purchase?
Down payment amount
Repairs to be performed
Terms for tentative period
How to settle disputes
John Darden said he does which of the following to determine if a house is priced well?
Talks with the seller's agent
Calculates the investment return rate
Runs a competitive market analysis
Researches the home's value online
Which of the following is NOT an appropriate way a seller can respond to an offer to purchase?
Publish it
Accept it
Counter it
Reject it
When the seller and the buyer reach an agreement, it is known as which of the following?
Contingent release
Proprietary disclosure
Adjudicated concurrence
Mutual acceptance
Which of the following is NOT one of the websites offering national listings which was recommended in the segment?
FindaHome.com
Zillow.com
ReMax.com
Realtor.com
According to the segment, which of the following is the most fundamental of considerations?
Location of the home
Age of the home and number of repairs needed
Square footage and number of bedrooms and bathrooms
Size of the lot and amount of yard
After finding homes you are interested in online, the segment recommends doing which of the following?
Find out how long each has been on the market
Drop by and ask if each homeowner can give you a tour
Find out what real estate agents are listing the homes
Drive by the homes to get a feel for the neighborhood
John Darden said when looking at houses in person, he thinks it takes about how many seconds for a buyer to decide if a home is undesirable?
2 seconds
8 to 10 seconds
12 to 15 seconds
30 seconds
Which of the following is NOT one of the factors the segment said can help you decide whether a house is a good investment?
Home values in the neighborhood
The previous owners' demographic profiles
How long the house has been on the market
The house's age and history
John Darden said it is crucial to get with an agent who is which of the following?
Native to the area
Full time
Nonprofit
Similar to you
Which of the following is NOT one of the parts of a real estate agent's job as described by John Darden?
Advocate
Teach
Protect
Persuade
Good mortgage lenders should talk to you about your mortgage options as well as which of the following?
The features you want in a home
Fannie Mae and Freddie Mac
Economic trends in your area
Your general financial plan
Which of the following does the segment recommend doing before selecting a lender and/or real estate agent?
Finding a house fitting all of your needs
Requesting resumes and letters of application from them
Performing a few interviews with them
Attending a few open houses they are involved in
Which of the following is the term used to describe the written proof that a lender is willing and ready to lend you a specific amount of money for a mortgage?
Purchase Agreement
Certified Lending Voucher
Authorized Financing Certificate
Pre-Approval Letter
Which of the following is an advantage of renting as discussed in the segment?
Opportunity to build equity
Flexibility
Tax benefits
Opportunity to remodel
The segment recommends having which of the following before buying a home?
A perfect credit score
An emergency savings fund
A second source of income
At least one child
The segment recommends spending no more than what percentage of your total pay on debts?
12 to 15 percent
24 to 26 percent
36 to 38 percent
42 to 44 percent
The segment recommends checking your credit score for free at which of the following websites?
www.AnnualCreditReport.com
www.FreeCreditReport.com
www.CreditScore.com
www.CreditKarma.com
John Darden said the minimum the government requires to a down payment is which of the following?
2 percent of the home price
3.5 percent of the home price
5.5 percent of the home price
8 percent of the home price
What is a purchase agreement known as before it is settled and signed?
Mortgage commitment
Assumable mortgage
Offer to purchase
Purchase contingency
Which type of property is to be included in the sale of a house unless otherwise stated in the purchase agreement?
Real property
Personal property
Tangible property
Intangible property
Which of the following is NOT an example of personal property in the context of a home purchase?
A hot tub
A faucet
A refrigerator
A couch
The deposit required when a potential buyer makes an offer to purchase a property is known as which of the following?
Appraisal
Deed of trust
Earnest money
Jargon
Which of the following accurately describes closing?
The decision of the buyer or seller to terminate the purchase agreement
The process during which the title to the property is transferred to the buyer
The process of a certified professional assessing the value of the property
The decision of the buyer or seller to modify the purchase agreement
