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Personal Finance > Chapter 21&23 > Flashcards

Chapter 21&23 Flashcards

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1
Q

….. apartment is one that is not provided with such items as table, chairs, furniture, or other items -

A

Unfurnished

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2
Q

Is a nonrefundable charge for a service -

A

Fees

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3
Q

One who takes possession of an apartment or other rental unit with the intent of living there is called the ..

A

Tenant

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4
Q

Is an individually owned unit in an apartment-style complex w/ shared ownership of common areas -

A

Condo

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5
Q

Is a refundable amount paid in advanced to protect the owner against damage or nonpayment -

A

Security deposit

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6
Q

A service, such as light, power or water is known as …

A

Utilities

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7
Q

A ….. residence contains basic furniture, such as the bed, dresser, sofa, chairs, and dinning room furniture -

A

Furnished

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8
Q

A building w/ two seperate living quarters is called an -

A

Duplex

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9
Q

Is the owner of the property that is being rented or leased -

A

Landlord

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10
Q

A rental …… should be filled out at the time you move into a property -

A

Inventory

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11
Q

Buildings that contain many small rooms for on-campus student housing are -

A

Dormitorys

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12
Q

Is a written agreement to rent property at a certain price for a specified time period -

A

Lease

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13
Q

A studio apartment, or ….., is a single room serving as kitchen, living room, and bedroom

A

Efficiency apartment

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14
Q

Its where the landlord has a legal right to remove someone from a rental unit -

A

Eviction

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15
Q

The process by which students join fraternities and sororities

A

Pledging

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16
Q

The landlord is also known as the …. when signing a lease -

A

Lessor

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17
Q

In a housing ……, students share in cooking, cleaning, and maintaining the building -

A

Co-op

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18
Q

Renting furniture w/ the option to buy it is called -

A

Rent-to-own option

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19
Q

T or F

Furniture and furnishings that are purchased jointly must be divided when the living arrangement is dissolved -

A

True

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20
Q

T or F

A move across town when renting a moving truck would be just as expensive as moving across the state.

A

False

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21
Q

T or F

When you become a new utility costumer, you may be required to pay a deposit, which is usually refundable when your credit has been established.

A

True

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22
Q

T or F

Monthly service rates for telephones vary according to number of phones, types of phones, and other optional services selected

A

True

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23
Q

T or F

It is necessary to give 30 to 60 days notice if you intend to move out of your rented residence ; otherwise you may lose all or part of your deposit -

A

True

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24
Q

T or F

Most people go directly from living at home w/ their parents to owning their own home -

A

False

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25
Q

T or F

A major disadvantage of apartment living is the lack of privacy -

A

True

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26
Q

T or F

Most apartments have more space than the average duplex or house -

A

False

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27
Q

T or F

It is important to decide if potential roommates have compatible personalities and living habits -

A

True

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28
Q

T or F

Generally the larger the apartment, the more rent you will pay

A

True

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29
Q

T or F

A lease move-in special is always advantageous to the renter, even if he/she has to move out early

A

False

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30
Q

T or F

An inventory should be taken when you first move into any rental unit

A

True

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31
Q

T or F

Rental houses are often more expensive to rent than apartments

A

True

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32
Q

College students living on campus usually find ….. to be the most economical housing choice

A

Dormitories

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33
Q

An expense that would probably be shared equally be roommates is

A

Utilities

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34
Q

You should begin to plan the actual move to a residence in …

A

Several months

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35
Q

An … often has all or part of the utilities included w the rent payment

A

Apartment

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36
Q

The …… probably does not require an initial deposit -

A

Viewing an apartment that is available for rent

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37
Q

What situation might require a higher rent or security deposit for a tenant -

A

Having a pet

38
Q

An individually owned unit in a multi-unit structure is a

A

Condominium

39
Q

A refundable down payment is -

A

Deposit

40
Q

In order to prevent forfeiture of deposits, a renter should give a minimum of ….. days prior notice to vacate a rented space

A

30days

41
Q

An …. is most often chosen by young people moving away from home for the first time -

A

Apartment

42
Q

3 on-campus housing -

A

Dormitory
Sorority/fraternity housing
Cooperative housing

43
Q

People choose condos over houses becasue less …

A

Work

44
Q

When planning your move (3) -

A

Group financial decisions
Moving costs
Installation charges

45
Q

Advantages of renting -

A 
Mobility
Conscience
Minimal responsibilities
Social life
Lower living expenses
46
Q

Disadvantages of renting -

A 
Noise
Lack of privacy
Small quarters
 Lack of storage
Lack of parking
47
Q

3 rental agreements -

A

Leases
Month-to-month agreements
Rental inventory

48
Q

Its where you have to pay for damages -

A

Rental inventory

49
Q

Landlord’s Rights (2) -

A

Right to rent

Right to regain the realty and fixtures

50
Q

Landlord duties -

A

Maintain premises
Pay property taxes
Voluntary termination

51
Q

Its where they can terminate the lease earlier if they want -

A

Voluntary termination

52
Q

Tenants Rights (3) -

A

Rights of Possession
Right to use the property
Right to assign the lease or sublet

53
Q

Tenants Duties (3) -

A

Pay rent
Take care of property interior
Tort duty

54
Q

Finding out how much money you can borrow is a process called

A

Pre-approval

55
Q

It is displayed in printed forms on vehicles; it is the suggested retail price

A

Sticker price

56
Q

when you… a vehicle, you can compare ride, handling, features, and cost at several dealers

A

test drive

57
Q

it assures that the car meets minimum clean air standards -

A

vehicle emission test

58
Q

each car has a unique ….. that identifies it -

A

vehicle identification number

59
Q

….. are high-priced, high-profit dealer services with little or no value -

A

dealer add-ons

60
Q

a contractual agreement called ….. allows monthly payments for the use of a vehicle, w/o ownership -

A

leasing

61
Q

the decline in value of a vehicle during its lifetime is called -

A

depreciation

62
Q

very old vehicles in excellent condition may ….. or increase in value -

A

appreciate

63
Q

it lists the legal owner and the registered owner of a vehicle -

A

car title

64
Q

when car paint begins to ……., it permanently loses its color and shine -

A

oxidize

65
Q

coarse and strong chemicals, called ……, can damage the paint on a car -

A

abrasives

66
Q

the cars interior ……, or covering on seats, must be maintained to preserve it -

A

upholstery

67
Q

is a written guarantee of the soundness of a product -

A

warranty

68
Q

consumers are protected by ……, which identify cars as being unrepariable -

A

lemon laws

69
Q

…… can be used to rid the surface of a car of scratches, scuffs, and stains

A

polishing compound

70
Q

is a type of vehicle that uses alternate energy sources

A

hybrid

71
Q

the federal trade comission requires dealers to place a sticker, called the ……, on all used cars they offer

A

Buyer’s guide

72
Q

T or F

the first step in buying a car is deciding what type of car you want -

A

true

73
Q

T or F

it is import to get credit approval after you have selectted the car of your choice

A

false

74
Q

T or F

it is almost impossible to determine a fair price for a new car

A

false

75
Q

T or f

when buying a car, it is best to go slowly and not be in a hurry to buy -

A

true

76
Q

T or F

vehicle emission tests are free; expenses to fix a car to meet emission standards are also free.

A

false

77
Q

T or F

preapproval adds to the total costs of buying a car

A

false

78
Q

T or F

dealer add-ons are considered unnecessary and expensive

A

true

79
Q

t or F

most new car dealers offer financing options for car purchases -

A

true

80
Q

T or F

lemon laws generally require you to have good documentation of your car problems -

A

true

81
Q

T or F

leasing a car is a good idea for most, if not all, car drivers

A

false

82
Q

when is the best time to get credit preapproval ?

A

before visitng car dealers

83
Q

the single greatest cost of owning a new car is -

A

depreciation

84
Q

many new cars claim to run …. miles or more between oil changes -

A

7000

85
Q

a car that permantely loses its shine is said to be …

A

oxidized

86
Q

the most durable upholstery surface is ..

A

leather

87
Q

12 steps in the car-buying process -

A
  1. identify your needs / wants
  2. determine what u can afford
  3. indentify/research choices
  4. decided buy new or used
  5. get credit pre-approval
  6. search for available vehicles
  7. test drive
  8. check history of used vehicle
  9. get vehicle checked
  10. vehicle emission test
  11. determine fair price
  12. negotiate the price
88
Q

financing your car (3) -

A

financial institutions
car dealers
leasing a car

89
Q

they protect you from buying a bad car

-if they cant replace it, they must give all money back

A

lemon laws

90
Q

they say you must have a buyers guide taped to the window of your car
-to show if its been used or problems w it

A

federal trade comission

91
Q

cost of operating a car - (5)

A 
gas/oil
depreciation
registration & title
maintenance & repairs
accessories
92
Q

Extending the life of your car -

A 
maintain fluid levels
perform routine maintenance
keep car in garage
preserve exterior
preserve interior 
follow wise driving habits

Personal Finance (8 decks)

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