FIN 201: Reading Assignment
Your ______, needs, desires, and attitudes are reflected in your choice of a home. -
ANS-lifestyle
Traditional guidelines suggest spending no more than ___ times your annual income on
housing. - ANS-2 1/2
Early in a person' s career, renting is advantageous because renting offers: - ANS-
Select all that apply
Which of the following are disadvantages of buying housing? - ANS-- Significant financial
commitment
- Limited mobility (difficult to move)
Renters have a financial disadvantage because they cannot take tax deductions for ______
interest. - ANS-mortgage
True or False: - ANS-
Restrictions regarding pets and _____ are often enforced on tenants by landlords. - ANS-
Select all that apply
The financial variables to consider when determining an appropriate amount for your housing
expenses include which of the following? - ANS-- Income
- home cost
- take-home pay
The tenant is protected from rental increases during the lease term unless the lease contains
a(n) ______ allowing for increases. - ANS-provision
Select all that apply
Which of the following are the advantages associated with renting an apartment? - ANS-- Easy
to move (mobility)
- Less maintenance than owning
- Minimal financial commitment
A ______ deposit is usually one month's rent that is held by the landlord to cover the cost of any
damages to the rented property. - ANS-security
Select all that apply
, Which of the following are advantages of buying housing? - ANS-- Many remodeling or
customization possibilities
-
Select all that apply - ANS-- Heat
- Electricity
- Cable television
True or False:
One of the reasons why renting offers fewer financial benefits than home ownership is that rent
is not tax deductible while the interest on mortgage payments is. - ANS-True
Select all that apply
What are some of the disadvantages of home ownership? - ANS-- Higher living expenses than
renting
- Limited mobility when compared to renting
- Significant financial commitment
Tenants are often subjected to restrictions regarding ______ and remodeling. - ANS-pets
Tenants are protected from a rent _____ during the term of the lease unless the lease contains
a provision allowing it. - ANS-increases
Previously owned houses, new houses and custom-built houses are often referred to as: -
ANS-single-family dwellings
True or False:
A security deposit covers the cost of damages that may be done to a rental unit. - ANS-True
The common areas of condominiums are not owned by the condo owner but by the
condominium ______. - ANS-association
True or False:
When renting, it is not recommended that one should get insurance coverage on personal
property. - ANS-False
Select all that apply
The advantages of owning a home include: - ANS-- personalized living location
- stability of residence
- tax benefits
While residents in cooperative housing do not own the units, they have the legal right to occupy
their unit as long as they own ______ in the cooperative association. - ANS-stock
Your ______, needs, desires, and attitudes are reflected in your choice of a home. -
ANS-lifestyle
Traditional guidelines suggest spending no more than ___ times your annual income on
housing. - ANS-2 1/2
Early in a person' s career, renting is advantageous because renting offers: - ANS-
Select all that apply
Which of the following are disadvantages of buying housing? - ANS-- Significant financial
commitment
- Limited mobility (difficult to move)
Renters have a financial disadvantage because they cannot take tax deductions for ______
interest. - ANS-mortgage
True or False: - ANS-
Restrictions regarding pets and _____ are often enforced on tenants by landlords. - ANS-
Select all that apply
The financial variables to consider when determining an appropriate amount for your housing
expenses include which of the following? - ANS-- Income
- home cost
- take-home pay
The tenant is protected from rental increases during the lease term unless the lease contains
a(n) ______ allowing for increases. - ANS-provision
Select all that apply
Which of the following are the advantages associated with renting an apartment? - ANS-- Easy
to move (mobility)
- Less maintenance than owning
- Minimal financial commitment
A ______ deposit is usually one month's rent that is held by the landlord to cover the cost of any
damages to the rented property. - ANS-security
Select all that apply
, Which of the following are advantages of buying housing? - ANS-- Many remodeling or
customization possibilities
-
Select all that apply - ANS-- Heat
- Electricity
- Cable television
True or False:
One of the reasons why renting offers fewer financial benefits than home ownership is that rent
is not tax deductible while the interest on mortgage payments is. - ANS-True
Select all that apply
What are some of the disadvantages of home ownership? - ANS-- Higher living expenses than
renting
- Limited mobility when compared to renting
- Significant financial commitment
Tenants are often subjected to restrictions regarding ______ and remodeling. - ANS-pets
Tenants are protected from a rent _____ during the term of the lease unless the lease contains
a provision allowing it. - ANS-increases
Previously owned houses, new houses and custom-built houses are often referred to as: -
ANS-single-family dwellings
True or False:
A security deposit covers the cost of damages that may be done to a rental unit. - ANS-True
The common areas of condominiums are not owned by the condo owner but by the
condominium ______. - ANS-association
True or False:
When renting, it is not recommended that one should get insurance coverage on personal
property. - ANS-False
Select all that apply
The advantages of owning a home include: - ANS-- personalized living location
- stability of residence
- tax benefits
While residents in cooperative housing do not own the units, they have the legal right to occupy
their unit as long as they own ______ in the cooperative association. - ANS-stock
