Personal Finance Housing and Financial Planning

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T or F Mobility is a common advantage with home ownership

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Finance

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30 Terms

1

T or F Mobility is a common advantage with home ownership

False!

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2

T or F Most people select a place of residence based on financial means and lifestyle

True

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3

T or F Amortization refers to changes in the interest rate for variable written mortgages

False

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4

T or F the amount of the down payment will affect the amount of the mortgage a person can afford

True

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5

T or F Negotiating a purchase price of a home usually involves an offer and a counteroffer

True

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6

T or F Many people believe that location is the most important factor in considering a home

True (Location location location!)

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7

T or F Opportunity costs are the things someone must sacrifice in order to make a decision

True

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8

T or F the goal of making as much money as I can is an acceptable financial goal

False

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9

T or F Financial planning, by definition, is finding ways to spend your money

False! You'll find ways to do that

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10

T or F a balloon mortgage can help a home buyer when interest rates that are high are expected to come down in the future

True

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11

T or F money going out should be greater than money going in

False

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12

T or F The ability to convert your investment into cash quickly is called inflation

False

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13

T or F Disposable income is the money left after basic needs are purchased

False (disposable is after taxes discretionary is after needs are met)

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14

T or F JFK was responsible for the original consumer bill of rights

True

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15

The first step in decision making model

Identify the problem

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16

The last step in a decision making model is

Evaluate your decision

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17

The most difficult step in decision making model

Act on your choice

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18

Which one of these is necessary for a valid contract?

All of the above

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19

Which one of these is not a consumer bill of right?

None of the above

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20

Whats the 70/20/10 Rule

70 spending 20 is saving 10 is investment

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21

The legal document involved with renting an apartment is called

A lease

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22

Renting would be most appropriate for people who:

Have limited funds currently available

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23

A cost associated with home buying would be

Property taxes

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24

Restrictions on property in the area that can be used are

Zoning laws

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25

A common financial risk to homeownership is

Property values may decrease

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26

The purpose of a security deposit is to

Pay for potential damages

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27

If you sell your home without the use of a real estate agent you should still make use of a

Lawyer

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28

Give me two actions you should take in order to be smart with dealing with contracts

Read it! Lawyer up

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29

Who were the other two presidents who added to the consumer bill of rights

Nixon AND Clinton!

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30

What is a 50/30/20 budget?

50% needs, 30% wants/fun (Like yoga!), 20% savings

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