Question 1 (1 point) The amount of use that a person gets from an item over time and the value a person places on that use.

a
durability
b
service flow
c
fashion variety
d
cost of care
Question 2 (1 point)
Fees paid to a lender and computed as percentage points of a loan.

a
security deposit
b
collateral
c
points
d
closing costs
Question 3 (1 point)
Ability of an item to last a long time

a
style
b
quality
c
durability
d
Service flow
Question 4 (1 point)
Fees involved in arranging for a mortgage or in transferring ownership of property.

a
closing costs
b
Points
c
security deposit
d
lease
Question 5 (1 point)
Item that carries the name of a store.

a
Brand name product
b
generic product
c
bulk product
d
private labeled product
Question 6 (1 point)
Buying only a few durable clothes would reduce a person's clothing budget, but would not fulfill the need for

a
money
b
high quality clothing
c
variety
d
brand name products
Question 7 (1 point)
Comparison shopping for food involves a trade off between

a
time and effort
b
variety and price
c
quality and quantity
d
time and money
Question 8 (1 point)
Why are current clothing styles generally expensive?

a
Sellers know that consumers will pay to keep up with fashions
b
Classic styles are usually onsale
c
Current styles are better quality items
d
Current styles have less variety
Question 9 (1 point)
Consumers who purchase foos items in bulk usually find the best buys at

a
supermarkets
b
warehouse food stores
c
convenience stores
d
discount stores
Question 10 (1 point)
Closing costs include

a
down payment
b
fee paid to a real estate agent when a property is bought or sold
c
security deposit and the last month's rent
d
fees involved in arranging for a mortgage or transferring ownership of property
Question 11 (1 point)
The most expensive house for which a person with an annual income of $45,000 would probably qualify for a mortgage would be

a
$200,000
b
$150,000
c
$45,000
d
$90, 000
Question 12 (1 point)
Approxiately how much money would you have to earn to qualify for a mortgage on a $400,000 home?

a
$108,000
b
$200,000
c
$400,000
d
$150,000
Question 13 (1 point)
Relative to people at the turn of the 19th century, people today spend

a
about the same percentage of their income on clothing
b
a smaller percentage of their income on clothing
c
a larger percentage of their income on clothing
d
about four times as much on clothing
Question 14 (1 point)
An advantage of home ownership

a
creation of equity
b
lower maintenance
c
higher price
d
increased mobility
Question 15 (1 point)
Which of the following are not included in closing costs?

a
legal costs
b
home inspection
c
title search
d
security deposit
Question 16 (1 point)
Rent controls result in

a
better maintained rental units
b
lower rents
c
an increase supply of rental units
d
higher rents
Question 17 (1 point)
Automobile liability insurance covers

a
bodily injury and property damage
b
lawsuits by anyone injured in an accident
c
depreciation caused by wear and tear
d
interest costs
Question 18 (1 point)
Which bag of sugar would most likely be the cheapest?

a
Bulk sugar
b
Brand name sugar
c
Generic sugar
d
Store brand sugar
Question 19 (1 point)
Which mortgage rate has an interest rate that changes over time?

a
Graduated Payment Mortgage
b
Veteran's Housing Mortgage
c
Standard Fixed-Rate Mortgage
d
Flexible Rate Mortgage
Question 20 (1 point)
People who are able to use or store large quantities of bulk food items can save money by shopping in

a
discount stores
b
convenience stores
c
large supermarkets
d
warehouse stores