AB104 UNIT 4 PLANNING FOR LARGE PURCHASES QUIZ (KAPLAN)

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AB 104 AB/104 AB104 Unit 4 Planning for Large Purchases Quiz

Question 1. 1. The loss of value in a car over time is called: (Points : 2)

Question 2. 2. How can you describe fair market value? (Points : 2)

Question 3. 3. At the end of your car lease period, you intend to turn in the car, and you will not pay extra at that time based on the residual value of the car. You have a ______ lease. (Points : 2)

Question 4. 4. When shopping for a lease, you want a: (Points : 2)

Question 5. 5. When ownership in land where you reside is shared, it is called: (Points : 2)

Question 6. 6. _____ is a good reason for owning your own home. (Points : 2)

Question 7. 7. A good way to ensure that property and taxes are paid is to: (Points : 2)

Question 8. 8. If you made a low down payment on a house, the lender will likely require _____as a result of the size of the down payment. (Points : 2)

Question 9. 9. What is the maximum amount a first-time home buyer who is not 59 ½ years old can withdraw from an IRA without penalty? (Points : 2)

Question 10. 10. If you purchase a house that costs $200,000 and make a 10% down payment, how much would 1 point cost at closing? (Points : 2)