Multiple Choice
Identify the choice that best completes the
statement or answers the question.
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Ch 15 Family Decisions
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1.
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Dustin is flying from San Francisco to Sydney, Australia. His flight is
scheduled to depart at 6:00 p.m. Dustin should arrive at the airport no later than
a. | 4:00 p.m. | c. | 3:00 p.m. | b. | 12 noon | d. | 5:30 p.m. |
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2.
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Which of the following would be classified as an intermediate goal for a newly
married couple?
a. | where to live | b. | whether or not to have
children | c. | how to invest for retirement | d. | what kind of car to
purchase |
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3.
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Which government agency provides long-term disability coverage to some
workers?
a. | Occupational Safety and Health Administration | b. | Social Security
Administration | c. | Department of Health and Human Services | d. | Department of
Homeland Security |
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4.
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Guests as well as the wedding party would be expected to wear long gowns and
tuxedos at a(n)
a. | semiformal wedding | c. | informal wedding | b. | destination wedding | d. | formal wedding |
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5.
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Using the "SMART" acronym, you should set goals that are
a. | specific, manageable, accurate, realistic, and thorough. | b. | specific,
manageable, accurate, reasonable, and timely. | c. | specific, measurable, attainable, reasonable,
and thorough. | d. | specific, measurable, attainable, realistic, and
timely. |
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6.
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The final statement of a dissolution decision is called a
a. | property settlement | c. | Petition for Dissolution of Marriage | b. | divorce
decree | d. | support
statement |
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7.
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An advance commitment to receive a service at a specified later date is
a(n)
a. | itinerary | c. | agenda | b. | reservation | d. | contract |
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8.
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With this type of mental health program, people needing counseling or other
services attend regular meetings and complete self-directed plans.
a. | outpatient services | c. | group home program | b. | residential services | d. | inpatient
program |
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9.
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Which of the following wedding expenses would most likely be paid by the
groom?
a. | cleric’s or judge’s fee | c. | the bride’s
ring | b. | the marriage license | d. | all of the above |
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10.
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Money paid by one former spouse to support the other is called
a. | property settlement | c. | alimony | b. | the dissolution fee | d. | child support |
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Ch 13. Buying a Home pp.
297-313
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11.
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A serious intent to be bound to an agreement is a(n)
a. | contingency. | c. | acceptance. | b. | offer. | d. | proposal. |
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12.
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Legally established ownership of property is a
a. | lien. | c. | deed. | b. | title. | d. | tenancy
agreement. |
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13.
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Janice and Steve bought a home five years ago for $130,000. Today, the home is
worth $150,000. Which of the following statements is correct?
a. | Janice and Steve’s property has appreciated by $20,000. | b. | The market value of
Janice and Steve’s home is $20,000. | c. | The appraised value of Janice and Steve’s
home is $20,000. | d. | Janice and Steve have $20,000 equity in their home. |
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14.
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Because certain tax deductions lower the cost of home ownership, owning real
estate is sometimes called a
a. | tax avoidance scheme. | c. | tax shelter. | b. | tax loophole. | d. | tax penalty. |
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15.
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Real estate agents earn income based on a percentage of the home sale price,
usually between _____ percent.
a. | 6 to 8 | c. | 3 to 5 | b. | 1 to 3 | d. | 8 to 10 |
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16.
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A fund where money is held to pay amounts that will come due during the
year—such as property taxes and property insurance—is called a(n)
a. | money market account. | c. | escrow account. | b. | trust deed. | d. | mortgage. |
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17.
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For purposes of computing property taxes owed against your home, the city or
county in which you live sets a(n) _____ value on the property.
a. | assessed | c. | estimated | b. | market | d. | appraised |
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18.
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Which of the following statements about mortgages is incorrect?
a. | Many adjustable-rate mortgages specify maximum rate increases and
ceilings. | b. | If you obtain a fixed-rate mortgage at 6 percent today, the rate will still be 6
percent 20 years from now. | c. | The rate on an adjustable-rate mortgage may go
up or down based on changes in the economy. | d. | The rate for an adjustable-rate mortgage
usually starts higher than the current rates for a fixed-rate
mortgage. |
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19.
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Mortgage lenders usually offer lower interest rates in exchange for higher
discount points. Whether or not this is a good deal depends mostly on
a. | the sales price of the house. | b. | the amount of equity you have in the
house. | c. | how long you plan to keep your house. | d. | the amount of your down
payment. |
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20.
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As a general rule, your mortgage payments should not exceed _____ percent of
your take-home pay.
a. | 30 to 50 | c. | 10 to 20 | b. | 25 to 35 | d. | 50 to 60 |
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Ch. 14: Buying & Owning a
Vehicle
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21.
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With a vehicle’s VIN, you can determine all of the following
except
a. | how many times the vehicle has been sold. | b. | how quickly the
vehicle can go from 0 to 60 MPH. | c. | the mileage readings each time the vehicle was
sold. | d. | whether the vehicle has been in a serious accident. |
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22.
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Which of the following can tell you if the head gasket on your vehicle’s
engine needs to be replaced?
a. | a compression test | c. | a vehicle emission test | b. | a timing gear
test | d. | an oil consumption
test |
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23.
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Typically, you should expect to change the oil in your vehicle every three
months or every _____ miles, whichever comes first.
a. | 20,000 to 30,000 | c. | 3,000 to 5,000 | b. | 10,000 to 15,000 | d. | 7,000 to 10,000 |
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24.
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Each of the following is a good driving habit except
a. | don’t shift into a forward gear while your vehicle is rolling
backward. | b. | don’t turn the steering wheel when the vehicle is
motionless. | c. | race your engine as soon as you start the car, to warm it up more
quickly. | d. | never drive a car when the “check engine” light is
on. |
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25.
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Monthly car payments should be no more than _____ percent of the money you have
left after paying all of your other expenses.
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26.
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A used car
a. | can never be purchased with a warranty. | b. | is usually about the
same price as a new car. | c. | is likely to need more repairs than a new
car | d. | loses at least half of its market value as soon as you drive it off the
lot. |
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27.
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Which of the following vehicles would most likely have the highest insurance
rate?
a. | four-door family sedan | c. | fuel-efficient compact car | b. | new sports
car | d. | used
mini-van |
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28.
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A fair price for a new car is likely to be about _____ percent above the _____
price.
a. | 3 to 6; invoice | c. | 8 to 10; invoice | b. | 3 to 6; sticker | d. | 8 to 10;
sticker |
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29.
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All of the following websites allow you to search for specific models of new and
used cars available in your area except
a. | Cars.com | c. | Kelley Blue Book | b. | Auto Trader | d. | Consumer
Reports |
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30.
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In most cases, the most important factor in determining a car’s resale or
trade-in value is
a. | mechanical condition. | c. | the vehicle’s fuel efficiency. | b. | the vehicle’s
age. | d. | model
popularity. |
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Ch. 12 - Renting a Residence
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31.
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Which of the following would generally be considered an advantage of renting as
compared to owning a home?
a. | tax benefits | c. | fewer responsibilities | b. | more
privacy | d. | less
noise |
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32.
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Which of the following is probably NOT a question you need to ask of a
prospective roommate?
a. | When is your birthday? | c. | Are you a smoker? | b. | What do you like to do for
fun? | d. | Do you have a
job? |
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33.
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Which type of college does not provide any on-campus housing
options?
a. | residential campus | c. | community college | b. | state college | d. | commuter campus |
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34.
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In a typical roommate arrangement, all of the following expenses would be shared
equally by all of the roommates except
a. | utilities. | c. | rent. | b. | laundry services | d. | cable TV. |
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35.
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A detailed list of current property conditions is called a(n)
a. | lease. | c. | rental inventory. | b. | eviction notice. | d. | rental
agreement. |
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36.
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Which of the following is an obligation of the lessor?
a. | pay the rent on or before the due date | b. | provide a dwelling that is
habitable | c. | give at least 30-days’ notice of intent to move | d. | all of the above are
obligations of the lessor |
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37.
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The monthly charge you pay to live in an apartment is called
a. | a security deposit. | c. | rent. | b. | a mortgage. | d. | a lease. |
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38.
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An on-campus building that contains many small rooms that are rented out to
students is called a
a. | condominium. | c. | dormitory. | b. | hostel. | d. | duplex. |
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39.
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Which of the following consists of four bedrooms connected to a single kitchen
and living room that is shared by the occupants?
a. | condo | c. | quad | b. | townhouse | d. | studio |
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40.
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Many utility companies charge new customers a(n)
a. | refundable security deposit. | c. | installation
surcharge. | b. | one time nonrefundable fee | d. | none of the above. |
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