Managing Life Skills ©2011

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Practice Quizzes - Section 1

1
What fees are renters responsible for?
A)Mortgage
B)Utilities
C)Home maintenance
D)Homeowner's insurance
2
What is the general rule for what to spend on housing?
A)One half of your net pay
B)No more than one half of your gross pay
C)No more than one-third of your gross pay
D)No more than two-thirds of your gross pay
3
Which type of structure is one that is divided into living spaces for two families?
A)Town house
B)Duplex
C)Apartment
D)Triplex
4
In which type of housing do you own your own unit and share ownerships of common properties?
A)Apartment
B)Loft
C)Condominium
D)Cooperative
5
What is a cost that includes all the various fees due at time of purchase of a home?
A)Closing cost
B)Down payment
C)Mortgage
D)Utilities
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