Question
Question: Hello there, please I have a quiz and I need help. Please don't answer the question if you are not sure about it. Thank
Question:Hello there, please I have a quiz and I need help.
Please don't answer the question if you are not sure about it.
Thank you so much.
1- Which of the following isnota step toward purchasing an automobile?
A- Determine affordability
B- Shop for financing
C- Analyze needs versus wants
D- Make a preliminary offer
2- When picking out a car and determining needs versus wants, a person should ask him or herself all of the following questionsexcept:
A- How much cargo do you carry?
B- Do you want a manual or automatic transmission?
C- Do you need two-wheel drive, all-wheel drive, or four-wheel drive?
D- All choices are correct.
3- How much of a down payment do lenders require when purchasing a car?
A- 10%
B- 15%
C- 20%
D- 40%
4- What is the disadvantage of buying a home?
A- The value of your house may increase.
B- Eventually, you will be able to live payment-free.
C- The value of your house may decrease.
D- You will gain equity by paying down your mortgage.
5- What is a mortgage?
A- The legal document used to allow a lender to use real property as collateral
B- The difference between what is owned vs. what is owed
C- The transfer of a lease agreement to a new tenant
D- All of the choices are incorrect.
6- Most lenders require how much of a down payment for a house?
A- 30%
B- 40%
C- 20%
D- No down payment
7- Why might you have to pay private mortgage insurance (PMI)?
A- You had more than three traffic violations in the past year.
B- You put down less than 20% on your home.
C- You live in a high-risk neighborhood.
D- You have a history of defaults.
8- What does HELOC stand for?
A- Health expense license of California
B- Home equity line of credit
C- Home equity liquidation of credit
D- None of the answers are correct.
9- Which isnotan early warning sign of financial trouble to come in the future?
A- Not having an emergency fund
B- Paying only the minimum amount of a credit card bill
C- Not having a monthly budget
D- Investing in a 401(k) or a 403(b) plan
10- What is the minimum amount of money you should have in your emergency fund account, and once you have that, what should your next goal be?
A- $750; 3 months' wages
B- $500; 4 months' wages
C- $1,000; 6 months' wages
D- $1,500; 6 months' wages
11- Which is a way to stop little financial leaks?
A- Cutting coupons
B- Pack your lunch
C- Avoid the malls when bored or depressed
D- All of the choices are correct.
12- To keep yourself from using your credit card, you should
A- destroy it.
B- hide it.
C- leave it at home.
D- keep it in your wallet.
13 - What strategy to help impulse buyers does the book suggest?
A- The "ten-second hold" rule
B- Realistic budget evaluation
C- The "do I need it?" strategy
D- The stop and think strategy
14 - Paying rent, gas, and utilities and buying groceries are examples of what kind of spending?
A- Necessary
B- Non-essential
C- All of the choices are correct.
D- None of the choices are correct.
15 - What is the first step of digging out of debt?
A- Create a realistic budget
B- Make payments on time
C- Stop using credit cards
D- Don't try to buy stuff you can't afford
16- When foreclosure is likely, lenders want to
A- get the owner out of the home so they can sell it and make a profit.
B- work with the owner to negotiate payments.
C- sell the home regardless of what the owner thinks.
D- None of the choices are correct.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started