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Basic Financial Literacy Quiz #3 Flashcards | StudBud

Explore/Basic Financial Literacy Quiz #3

Basic Financial Literacy Quiz #3

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Questions 9

Answers

1
A mortgage is…
loan used to purchase land/homes
a loan used for company expenses
a loan used for travel expenses
a loan used for those who are deceased
2
Mortgages are valid for 45-60 years
True
False
3
Principle is…
initial amount of money borrowed in loan/investment
interest used on consumer loans
a set of standards that one lives life by
the headmaster of a school
4
Which of the following is not a mortgage qualification criteria?
credit score
employment
tax rate
assets
5
ARM stands for…
nothing, it’s a limb
addition-rate mortgage
advertisement-retail mortgage
adjustable-rate mortgage
6
Which should not be a main concern in a mortgage?
taxes
debt-to-income ratio
payment-to-income ratio
down payment
7
Payment-to-Income Ratio includes principle and interest
True
False
8
Fixed-rate mortgage is…
interest rate that changes freque
interest rate and monthly payments remain constant
the total monthly expenses of owning a home
a mortgage rate that was fixed
9
Fixed mortgage rate is the traditional mortgage rate
True
False