Exam Continued+1
How can you determine what kind of car you can afford?
In order to determine the kind of car you can afford, you have to take into account your income, your credit history, the kinds of cars you can find for sale, and the cost of the features you need on a car.
alternative medicine
Includes traditional systems of medicine as practiced by other cultures throughout the world.
prescription drugs
Medications prescribed by a doctor and available only by prescription.
manufactured home
Mobile homes which are another housing alternative.
take home pay
Net pay--the amount of income a person has left after deductions.
over-the-counter drugs
Nonprescription medications considered safe for consumers to use by following label directions and warnings.
Motorcycle Safety Foundation
Offers training courses for both beginning and skilled riders.
gap insurance
Pays the difference between what you owe on the lease and what the car is worth.
down payment
Portion of the purchase price that the buyer pays up front..
Why is location such an important aspect when you are purchasing a home?
A home purchase is typically the largest purchase made during one's lifetime. Location greatly impacts property values.
Truth in Lending Law
A law requiring creditors to provide borrowers with a complete written account of credit terms and costs.
compulsory auto insurance laws
A law that requires drivers to show proof of their ability to pay stated minimum amounts in damages after an accident.
financial responsibility
A law that requires drivers to show proof of their ability to pay stated minimum amounts in damages after an accident.
domestic
American-made car.
security deposit
Amount of money a renter pays a landlord to insure against financial losses if the renter damages the dwelling or fails to pay rent.
gross annual income
Amount of money you earn before taxes and other expenses are deducted.
carpool
An economical choice for people who come from and go to the same places at the same times.
A ___ is the right of ownership of a particular piece of property.
B
Ads that supply facts that help consumers learn about and compare products or services are called _?_.
B
An ___ is a summary of the public records or history of the ownership of a particular piece of property.
B
Auto dealers, banks, credit unions, and loan associations ___.
B
Co-payments are required by ___.
B
If an ad says "Recliners from as little as $99," it means that $99 is the _?_ price.
B
Insurance that protects insured persons when they are liable for the damage to another person's property is __________.
B
Luring customers by advertising a low price on an item that the store does not intend to sell, then convincing them to buy a more expensive item is referred to as _?_.
B
Mass transit is available in most cities ___.
B
Most people spend more money on ___ than any other single expenditure.
B
Of the following types of auto insurance, which will cover damages to a vehicle that were not the result of a collision?
B
To obtain a ___, the borrower pledges the car as security or collateral.
B
When choosing a health care plan, you want to consider all of the following EXCEPT ___.
B
When you go in for emergency care, you may have to provide information on any ___ you have.
B
Which of the following vehicles does not require insurance?
B
Your monthly housing allowance is typically ______.
B
_?_ is usually in the form of letters, brochures, catalogs, or coupon booklets.
B
___ contract with specific doctors and health clinics to provide a range of services.
B
___ plans connect you with a primary care doctor who participates in the plan; this doctor supervises your care and makes referrals when necessary to specialists, who are in the network.
B
___ provides people at the age of 65 and older with hospital and medical insurance.
B
____ are single family homes, built by a developer, who creates a neighborhood by building many houses at once within a given area.
B Tract homes
A home designed by an architect for the person or family wanting to build is called a ____.
B custom-built home
In a condominium, the owner pays a ___ to cover costs of operating, maintaining, and repairing shared property.
B monthly fee
tract houses
Built by a developer who, in a sense, creates a neighborhood by building many houses at once within a given area.
A graduated payment mortgage allows the buyer to ___.
C
A person should wear a Medic Alert™ bracelet for all of the following, EXCEPT:
C
According to the lecture, an ___ lists a family member who will make medical decisions concerning your health when you are unable.
C
Auto insurance can be purchased to cover which of the following liabilities?
C
Bodily injury liability insurance coverage pays for ____.
C
Earnest money is applied to the ___ at the close of the sale.
C
Gerald is having surgery done on his knee. He has had no other claims this year. According to his insurance policy, he must pay $3000 before the insurance company will begin to cover any remaining medical expenses. This $3000 cost is best described as __________.
C
Gross annual income is ______.
C
Image ads include everything EXCEPT
C
Medicaid is a medical assistance program designed to pay for the cost of certain health care services for ___.
C
On a used car, the Buyer's Guide sticker describes _______.
C
Prior to buying a home, the buyer needs to make sure the seller is the ___ owner of the property.
C
Require drivers to show proof of their ability to pay stated minimum amounts in damages after an accident.
C
Some of the expenses associated with the initial purchase or lease of a car include everything EXCEPT
C
The amount you can afford to spend on housing depends on all of the following EXCEPT ____.
C
The costs of Medicare are paid for by ___.
C
The most desirable form of transportation is ___.
C
When planning which house to purchase, you may be able to increase your budget by taking into account your future ______.
C
Which of the following is NOT a chief advantage of mass transit over other forms of transportation?
C
You should consider the costs of all of the following when deciding where to live, EXCEPT
C
All of the following are examples of single-family houses EXCEPT
C a cooperative
The price on which a lease is based.
CAPITALIZED COSTS
A ___ is a stated amount a policyholder pays for certain expenses.
D
A patient will wear a ___ if they are in the Medic Alert™ program.
D
A purchase agreement should include a description of the real estate and ___.
D
A typical thirty-minute _?_ on television might include information, product demonstrations, and praise from satisfied customers.
D
Allows you to rent a car while yours is being repaired.
D
Auto insurance covers ___ you may incur if you are involved in an accident.
D
Before you sign a lease agreement, you should know the following:
D
Car loans can be obtained from a variety of sources, such as:
D
Deciding on the best means of transportation depends on ____.
D
Factors to consider when shopping for a mortgage include all EXCEPT ____.
D
Identify the expenses associated with owning or leasing a car.
D
Identify the forms of mass transit from the list below ___.
D
If you get in an accident with a hit-and run driver, ___ will cover any damage.
D
It is a good idea to ___, prior to hiring a mover.
D
Marisol just moved from New Jersey to Florida after completing college. She decided it would be best to hire a moving company, and they just dropped her belongings off. Before Marisol unpacks everything, she should first _____.
D
Prior to signing a home's purchase agreement, the lender will usually require _____.
D
The Cycle World Magazine can assist you in selecting a ___.
D
The deductible on a health insurance claim is the amount ____.
D
The finance contract will state the ___.
D
The location of your home is determined by _____.
D
What factors will determine the amount you can afford to spend for a home?
D
What information should you collect prior to moving?
D
When a buyer agrees to buy and the seller agrees to sell, they both sign a contract called a(n) ___.
D
When purchasing a home it is important to consider whether or not you want to live in a____________.
D
When selecting a bicycle, it is important to consider ___.
D
When selecting a motorcycle, a reference that can help you in the decision making process includes _____.
D
Which of the following is not a type of deceptive advertising?
D
Which of these factors can influence the type of home you can afford ___.
D
___ is the rate the lender promises to honor while your application is being processed.
D
Residents of ___ share common areas, such as lobby grounds and laundry facilities.
D condominiums
naturopathic medicine
Emphasizes health restoration rather than the treatment of disease.
A lease is a legal rental agreement between the tenant and the neighbors.
F
A mortgage contract shows proof that the property has been sold.
F
A mortgage is one of the smallest expenses in a person's lifetime.
F
Amortization is the amount of value a house loses over time.
F
An appraisal documents the exact monetary value of the property.
F
An interest only mortgage is one of the most common ways to finance a home purchase; it calls for a down payment and fixed monthly payments that include interest over a period of time
F
As a car owner/lessee, it is not a requirement to have minimum coverage auto insurance.
F
Auto financing costs about the same regardless of who provides the financing.
F
Earnest money is refunded to the buyer at the close of the sale.
F
If you are moving a short distance, it may be more expensive to move yourself than to use a moving company.
F
Laboratory tests, hospitalization history, infections and childhood illnesses are not important to include in your health and medical records.
F
Mass transit is the best mode of transportation, if you are a traveling salesperson.
F
Mass transit systems are always on time and dependable.
F
Owning a car is a relatively inexpensive way to get where you want to go.
F
Preauthorization from your insurance company is never required to obtain certain procedures or treatments.
F
Regardless of your credit history, you can lease an apartment in any city.
F
Regardless of your health, anyone can ride a bike or motorcycle.
F
The cost of auto insurance depends only on the type of car you drive.
F
The purchase agreement should not disclose all of the conditions and terms of the sale.
F
The purchase price is the only cost you really need to seriously consider when buying a car.
F
The survey document is usually the responsibility of the buyer.
F
The survey is not an important document and buyers can easily secure a loan without this document.
F
VA-guaranteed loans are long-term, fixed rate mortgages in which the terms are set by the Value Association.
F
When keeping health and medical records it is not necessary to keep a list of person's to notify in an emergency, their addresses, phone numbers, and relationship.
F
When purchasing a vehicle, there is only one loan source available to buyers.
F
closing costs
Fees that must be paid before the sale of a home can be made final.
imported
Foreign-made car.
town houses
Single-family units that share one or both sidewalls with other town houses.
Discuss the environmental advantages of two-wheeled transportation.
Some of the advantages include very little smog, less congestion of the roads, and requires much less parking space.
Regular physical and dental check-ups may help you avoid serious illnesses or at least help you to identify them in their early stages.
T
The best time to choose a physician, dentist, and other health care professionals is before you need one.
T
The higher your annual percentage rate, the higher interest rate you are paying for your loan.
T
The main difference between apartments, condominiums, and cooperatives is the ownership.
T
The transfer of the seller's mortgage to the buyer, perhaps at the same level of payment is an assumable mortgage.
T
To receive auto warranty benefits, you usually must maintain the car as specified in the owner's manual.
T
Two-wheeled transportation offers both pleasure and fitness advantages.
T
Two-wheeled transportation offers environmental advantages, for example, bicycles are pollution free.
T
When buying a condominium, townhouse, or cooperative is it important to feel comfortable living close to your neighbors.
T
When buying a condominium, you should consider the financial status of the property.
T
When buying a home, you should consider whether or not you will have access to the public library, churches, parks, and athletic facilities.
T
When buying a home, you will want to consider whether or not there are children in the area.
T
When buying a new home, you will want to consider which architectural styles appeal to you.
T
When considering transportation choices, you should compare costs, safety, and personal preferences.
T
When moving, you should consider whether or not you need professional movers or if you can move yourself.
T
When selecting a motorcycle, you should consider how you plan to use it.
T
You should maintain current and accurate medical records that will help your physician diagnose, treat, and prevent illnesses.
T
interest rate
The annual percentage rate of a loan which can be fixed or can change during the repayment period.
If you were able to buy a home today, what type of mortgage would you want and why?
The types of mortgages are long-term fixed, adjustable rate, graduated payment, conventional home, FHA-insured, and va-guaranteed. Most loans are written as long-term fixed or conventional due to the fixed monthly payment and interest rate. FHA loans are easier to obtain for first time hime buyers.
residual value
The worth of a car at the end of the lease.
modular and kit houses
These houses are partially built in factories.
Requires creditors to provide borrowers with a complete written account of credit terms and costs.
Truth in Lending Law
custom-built houses
Usually designed by an architect to meet the specific needs and wishes of the person or family wanting to build.
Describe what you have to gain when you operate and maintain your car properly.
When you maintain your car properly, you will likely benefit from better car performance, greater driving safety, greater car reliability, fewer breakdowns, fewer repairs, better fuel economy, less pollution, and greater trade-in value.
insurance
an arrangement by which an insurance company guarantees compensation for personal and financial loss when an individual is involved in an accident and/or damage occurs to property, such as a car or home
Practice of luring buyers by advertising an unusually low-priced item that they have no intention of selling.
bait and switch
Fees and charges a buyer must pay in finalizing the purchase of a home.
closing costs
Something of value pledged as security for a loan.
collateral
Insurance coverage that pays for damage to your car caused by something other than another vehicle.
comprehensive physical damage
Practice of delivering ads to consumers' homes by mail.
direct-mail advertising
The cash a home buyer pays when buying a home and financing the balance.
down payment
Medical expenses not covered by insurance policies.
exclusions
Most ads in magazines are general to reach a wide group of readers.
f
An ad that offers a "free gift" without revealing that consumers have to purchase something to get it is using a technique known as "bait and switch."
false
Information ads focus on the image of the product they are promoting.
false
Biking for trips that are less than three miles can save a sizable amount of
fuel
The common form of a medicine that generally costs less than a brand name of the same medication.
generic
What type of mortgage begins with small payments and then, based on an expected increase in income, becomes larger in the future?
graduated payment mortgage
An ad that does not disclose important information on purpose.
hidden catches
Treats illnesses with small doses of specially prepared plant extracts and minerals.
homeopathic
An ad showing an athlete wearing a pair of athletic shoes, but with no facts given except the name of the brand, would be an example of a(n) ___ ad.
image
Paid programming on television or radio that lasts thirty minutes or more.
infomercials
premiums
money paid to insurance companies on a monthly basis in exchange for insurance coverage
A loan for the purchase of a home.
mortgage
Describe five different types of ads.
newspaper and magazine ads; radio and television commercials; infomercials; Internet ads; direct mail; outdoor advertising; other advertising formats, such as blimps with messages, clothing logos.
A ___ is a map of the property drawn by the surveyor to show measurements, boundaries, and characteristics of the property.
not A
A family of four, two parents and two young children, are looking to move into a house. Their current budget for their apartment is $900 a month. The parents' gross annual income is $70,000. Which of the following houses would they be able to afford to buy?
not A
The type and amount of auto insurance coverage a car owner buys is ____.
not A
Which of the following is not an advantage of carpooling?
not A
You can reduce the cost of auto financing by ____.
not A
___ are assessments to determine the necessity of certain treatments.
not A/C
If the borrower fails to repay the loan, the lender may ___.
not B
Many small rural communities ___.
not C
The length of the repayment period is a factor in determining ___.
not C/B
New cars typically carry ___ protection on some parts.
not D
Personal injury protection is a type of ___.
not D
The FHA loan insures the ___.
not D
The Kelley blue book can help provide
not D
When you lease a car
not D
___ is a loan by the seller to the buyer for the purchase of the seller's property.
not D
___ is a program that alerts paramedics and emergency care staff to hidden medical problems.
not D
Deceptive advertising is when ads make _?_ statements or omit information to purposely mislead customers.
not a
Condominium owners elect a ___ to make policy and management decisions for the shared property.
not b
Consumers must learn how to separate the truth from _?_ techniques.
not b
Frank and Lucy have just been married and trying to arrange to buy a home. Frank makes about $35,000 annual income and Lucy makes about $45,000 annual income. What is the maximum price they should be willing to pay for a home?
not b
Which of the following is NOT an example of advertising media?
not b
A document listing the goods shipped in a moving van.
not c
Medicaid is a medical assistance program designed to pay for the cost of certain health care services for ___.
not d/B
A doctor trained to look at the relationship between nerves, muscles, bones, and organs in treating the whole patient.
osteopath
Billboards, neon signs, and posters plastered on the sides of buses and buildings are examples of __ advertising.
outdoor
Nonprescription medications considered safe for consumers to use by following label directions and warnings.
over-the-counter
The worth of the car at the end of a lease.
residual value
For riding around your neighborhood a ____ one-speed model would do.
sturdy
Advertisers who make specific claims for their products must be able to back up these claims with scientific evidence.
t
When evaluating ads, it is important to separate emotional appeals and opinions from facts.
t
deductible
the amount of money an individual must pay out of pocket for insured expenses before the insurance company will begin paying those expenses
The right of ownership of a particular property.
title
Advertising includes information ads and image ads in many different media formats.
true
Newspapers are useful to local advertisers to reach consumers in the community.
true
Insurance coverage that pays for injuries caused by a hit-and-run driver.
uninsured motorist
money factor
The interest you pay usually stated as a small decimal.
lease term
The length of a lease on a car.
Discuss reasons why the long-term fixed rate mortgage is the most common way to finance.
The long-term fixed rate mortgage is the most common way to finance because the montlhy payments and interest rate are fixed and will not change over time. This allows the home owner to better budget money for the house payment.
capitalized cost reduction
The price for a car that may include a down payment, trade-in allowance on a car you are trading, or rebates.
capitalized cost
The price of a car on which the lease is based.
amortization
The process by which loan payments are applied to the principal, or amount borrowed, as well as to the interest on a loan according to a set schedule.
annual percentage rate
The rate of simple annual interest paid without compounding.
repayment period
The time it takes to repay a loan.
A family with small children would most likely prefer to live by
A
A long-term, fixed rate mortgage is a loan in which ____.
A
According to the lecture, when you go in for emergency care, you want to make medical professionals aware of any ___ conditions.
A
An example of a car ownership advantage is ____.
A
Before agreeing to buy a house, it is wise to factor in _______.
A
If a television show is popular, you would expect the cost of commercial air time to be _?_ than other shows.
A
Points are a one-time charge by ___ at closing.
A
When financing a car, you must pay ___ on the amount borrowed.
A
When you go in for emergency care, you will need to provide information ___.
A
Apartments, condominiums, and cooperatives are all examples of ___ dwellings.
A multifamily
What are potential advantages of a contract sale?
A contract sale allows the buyer more time to secure financing and is a good option for people with lower credit ratings.
depreciation
A decrease in the value of property as a result of wear and tear or age.
primary care physician
A doctor trained to diagnose and treat a variety of illnesses in all phases of medicine.
generic drugs
A drug sold by its common name, chemical composition, or class. Generally costs considerably less than a similar brand-name drug.
cooperative
A form of home ownership in which an individual buys shares in a corporation that owns the property. In return, the buyer becomes a resident in a designated unit and a member of the cooperative.
condominium
A form of home ownership in which an individual owns his or her own unit and shares ownership and expenses of maintaining common areas such as halls, stairs, lobby, and grounds.
mortgage
A home loan.
lease
A legal rental agreement between the car dealer and the lessee, where the lessee pays an initial cost, which usually includes the first monthly payment and a security deposit. Monthly payments are made for a set period of time, however, the lessee does not own the car at the end of the lease, though there may be an option to buy the car.
lease
A legal rental agreement between the tenant (lessee) and the landlord (lessor) that outlines the terms and conditions under which the tenant occupies the property.
points
A one-time charge by lenders at closing to increase the return on a loan. A point is one percent of the amount of the loan.
specialist
A physician who has had further education and training in a specific branch of medicine.
COLLATERAL
A pledge of some kind of property as security for a loan.
homeopathic medicine
A system that treats illness with small doses of specially prepared plant extracts and minerals to stimulate the body's defense mechanisms and healing processes.
osteopathic medicine
A type of medicine that emphasizes the relationship among nerves, muscles, bones, and organs in treating the whole person.
quackery
A variety of exaggerated and false claims and promises made by the sellers and promoters of a variety of remedies and procedures.
The rate of interest figured on a yearly basis.
APR
Discuss the advantages and disadvantages of riding a bicycle.
Some of the advantages of riding a bicycle are no gas costs, no insurance premiums, little or no repairs and great exercise. Some of the disadvantages include no room for passengers, not an appropriate form of transportation for every situation, and they are subject to weather conditions.
mortgage lock-ins
Sometimes called a rate-lock or rate commitment, this is a promise from the lender to honor the quoted rates and terms while a loan application is being processed.
A contingency clause may include, obtaining a mortgage in a certain amount of time or at a certain interest rate.
T
A home purchase agreement may contain a contingency clause that calls for certain requirements to be met before the contract is binding.
T
A mortgage is a contract between a borrower and a lender.
T
A security deposit may be required to protect the landlord against financial losses in case the renter damages the dwelling or fails to pay rent.
T
A title is the right of ownership of a particular piece of property.
T
Accurate health and medical records will include important details on chronic illnesses, medication and treatment.
T
An adjustable rate mortgage (ARM) allows the interest rate to be adjusted up or down periodically according to the national rate index and other factors.
T
An advantage of buying a used car rather than a new car is the lower price.
T
An expert, such as an independent contractor, can assist you in making a purchase decision because he or she can evaluate construction details you cannot judge.
T
Auto replacement insurance covers the full cost of auto repairs or the cost of a new vehicle.
T
Brake systems have the ablility to stop one wheel or both wheels simultaneously.
T
Car pooling can save energy, minimize parking problems, and reduce traffic congestion.
T
Cooperative apartments are owned by a corporation, and buyers receive shares in the corporation along with the right to occupy a specific unit.
T
FHA-insured loans are guaranteed by the Federal Housing Administration.
T
Health Maintenance Organizations (HMOs) provide a list of participating doctors, and an individual may select any physician from the provided list.
T
If you are uncertain about the what size bike you want, you may want to browse at a reputable bike shop.
T
Insurance information that an emergency care facility would need to know include details of employer sponsored or individual health insurance plans.
T
It is a good idea to check insurance rates, prior to moving to another state.
T
It is a good idea to line up a reliable service center before you have car trouble.
T
It is important for the life of your car to keep it current on routine maintenance such as oil changes and tune ups.
T
It is recommended that you donate or sell items you no longer need prior to a move.
T
Making a wise housing budget will allow a person to pay for emergencies without going broke.
T
Motorcycles can be used as a primary form of transportation.
T
One of the advantages of using mass transit is that you do not have to worry about finding a parking place.
T
Owning a car is the most desirable form of transportation because it is convenient and comfortable.
T
Pre-existing conditions are defined as those illnesses and injuries that you have at the time of enrollment for your medical coverage.
T
Preferred Provider Organizations (PPOs) coordinate with certain doctors, hospitals, caregivers, etc. to provide services at reduced costs for members.
T
Prior to moving, you should organize and consolidate your possessions.
T
Recommendations from family and friends are a good resource when trying to find a moving company.
T