3.13.R - Quiz Review: The Cost of Independence

What does caveat emptor mean?

"Buyer beware."

What are methods for shopping? (Choose all that apply.)

-Brick and mortar stores -Online -Door-to-door sales

Which of the following are considered to be forms of public transportation? (Choose all that apply.)

-Buses -Ferries -Trains

Which of the following are ways you can keep the cost of furnishing an apartment down? (Choose all that apply.)

-Buying items that serve double duty -Buying second-hand items -Asking friends and family for items they no longer need

Rental applications include which of the following? (Choose all that apply.)

-Credit history -Employment history -Personal references

A warranty can be which of the following? (Choose all that apply.)

-Explicit -Implicit

Which of the following are good sources of advice on what products to buy? (Choose all that apply.)

-Family -Friends -Online reviews

What are the different kinds of warranties? (Choose all that apply.)

-Implicit Warranty -Full Extended Warranty -Express Warranty -Limited Warranty

Which of these utilities are considered luxuries? (Choose all that apply.)

-Internet -Home security -Cable

Which of the following statements are TRUE about owning your housing? (Choose all that apply.)

-It is initially more expensive to own your housing. -You may have to join an HOA.

Which of the following are responsibilities of a homeowner? (Choose all that apply.)

-Paying property taxes -Paying mortgage

Which of the following are characteristics you should consider when examining a vehicle's make and model? (Choose all that apply.)

-Quality -Safety -Reliability -Cost of Ownership

The Consumer Protection Act gives consumers which of the following? (Choose all that apply.)

-Responsibilities -Rights

Which of the following are the benefits of having a roommate? (Choose all that apply.)

-Shared responsibilities -Companionship

Which of the following are the major differences between studio apartments and lofts? (Choose all that apply.)

-Specific locations -Aesthetics

You should read over the entire lease agreement to make sure the details are accurate. In particular, you should pay careful attention which of the following? (Choose all that apply.)

-The address of the property -The effective date of the agreement

Which of the following are true of townhomes? (Choose all that apply.)

-They can be owned. -They can be rented. -They are generally cheaper than single-family homes.

Which of the following aspects should you consider when examining a schedule? (Choose all that apply.)

-Times -Stops -Directions

Which of the following utilities are considered necessary? (Choose all that apply.)

-Water -Trash -Electricity

Your apartment rent should be no more than how much of your gross monthly income?

33%

What is a consumer?

A person who purchases goods or services

What is a tenant/renter?

A person who rents a house or apartment

The __________ is responsible for the day-to-day maintenance of your rental property

Acceptable responses: super, OR building superintendent

Which of the following is the least important when assessing a property's location?

Access to necessities

Categorize each item as an advantage or a disadvantage of public transportation. (No partial credit is given for this question. All answers must be categorized correctly to receive credit.)

Advantage of Public Transportation -No cost of ownership -Cheaper Disadvantage of Public Transportation -Reliability -Privacy

Which of the following is the least important aspect when assessing a property?

Aesthetic damage

Which of the following is the least important consideration when assessing a property?

Aesthetic damage

Early in life, what type of housing will most likely be your first home?

Apartment

What is the first step in deciding to purchase something?

Asking whether you need it or simply want it

Which of the following do you vote into office?

Attorney general

If you ever have a question about a company's reputation, where should you go?

Better Business Bureau

________ are the most common and widely available mode of public transportation.

Buses

You're looking to buy a new pair of sunglasses. Which of the following would be the most important question to consider when deciding which pair to buy?

Can I afford to buy these sunglasses?

If you do not pay your electric bill, what will the company do?

Charge you a late fee

What is the name of the government agency that protects consumers from unfair trade practices?

Consumer Protection Agency

Which website aims to take a neutral stance regarding a product and gives you detailed information regarding how it was made, what people think, and how it compares to similar products?

Consumer Reports

You can go to websites like Experian, Equifax, and TransUnion to check your _____________.

Credit score

___________ consumer responsibility means that you need to tell the truth and not create lies about a product.

Ethical

Consumers' rights protect whom?

Everyone

If you do not pay your rent, the landlord can do what?

Evict you

What type of warranty is something that you can buy to add further protection for a product?

Extended

In two to three sentences, describe the Bohemian style of interior design in your own words. FROM THE LESSON: WRITE IN YOUR OWN WORDS Bohemian- Also known as Boho, the Bohemian style has become popular recently, but its origins are much older. This style combines natural and organic components to create a layered, collected look. It uses bright and saturated colors, and you'll often find bamboo and rattan materials. Boho is an exotic, playful, and layered design style. Traditional- One of the oldest and most common styles, this style contains traditional forms and shapes, many of which have not changed for hundreds of years. Traditional style is very formal and focuses on structure and symmetry.

FROM LESSON WRITE IN YOUR OWN WORDS Modern style is the exact opposite of Bohemian and is sometimes considered cold and sterile. Modern style contains lots of square shapes and forms and has a mostly neutral color palette, though it can occasionally have a pop of color. This style also rarely has any extra embellishments. The modern farmhouse style has become more mainstream in recent years, owing largely to the HGTV show Fixer Upper. Modern farmhouse takes salvaged items and combines them in a modern, more refined manner. This style tries to be inviting and comfortable, and it contains a bit of tradition, though it doesn't want to be too formal. It typically has a color palette dominated by whites and blacks, along with blues, greens, and plaids.

In one or two sentences, explain what you should do if you ever feel like you do not have the money to pay your utility bills

FROM THE LESSON WRITE IN YOUR OWN WORDS- If you ever feel like you do not have the money to pay your bills, it is in your best interest to reach out to the company and see if they will give you an extension or allow you to make smaller payments. Remember, it is your responsibility to pay every bill, but some companies will work with you to help when money is tight. To avoid late payments or running out of money, it is important for you to set up a monthly budget and track how much your payments are. When budgeting, always budget on the high side of expenses since utilities vary from month to month.

Which law protects American citizens from discrimination in the sale, rental, and financing of housing due to race, religion, color, sex, disability, familial status, or national origin?

Fair Housing Act

Which agency controls and prevents scams and fraud?

Federal Trade Commission

Which federal agency regulates the processing and sale of food and medicine?

Food and Drug Administration

___________ insurance covers damages and repairs to a property.

Homeowners

What type of warranty means that your purchase is guaranteed to work, even if there isn't a warranty expressly given by the manufacturer?

Implied

Match each interior design style to its description.

Industrial- Typically features a lot of metal and utilizes natural light to help create a cozy feel. Traditional- Very formal, with a focus on structure and symmetry. Glam- Its color palette focuses on jewel-toned colors, and it uses all the finest finishes. Coastal- Lots of blue tones and light colors, which work together to create a sense of sunshine in the room.

In addition to the cost of purchasing a vehicle, there are additional required costs, which can be broken down into four categories: maintenance, fees, fuel, and _____

Insurance

The walkthrough checklist is important for what reason?

It protects you from previous damage.

What do you need to do to get your security deposit back when moving out of an apartment?

Keep the apartment in good condition.

In a lease agreement, the owner is referred to as which of the following?

Landlord

Match each purchasing option to its description. New Leasing Used/Pre-owned

Leasing- Rent the vehicle New- Lower mileage, higher price Used/Pre-owned- Higher mileage, lower price

What is the law that protects the purchase of cars?

Lemon Laws WRITE IN YOUR OWN WORDS- FROM LESSON The lemon law was designed to cover vehicles that failed to function correctly. Although cars typically come with at least a limited warranty, the lemon law forces manufacturers to address defects and safety concerns even after the warranty has expired. Using the lemon law, a customer can file a complaint with the Better Business Bureau in their state to ensure that the manufacturer addresses all concerns on defective cars or other motor vehicles.

Which of the following aspects of safety is the most often overlooked?

Lighting

Which of these is the smallest rental property available to you?

Micro apartments

Is consumerism bad?

Not always

A ___ agreement is a legally binding agreement between two or more parties when someone decides to buy something, usually a large item like a house or car.

Purchase

____ are paper printouts of your purchase that list the goods or services provided, the amount charged, and the amount you pay

Receipts

Which of these means that, as a consumer, you are obligated to point out when an item is broken or defective?

Responsibility to speak up

Which right gives consumers the ability to air their grievances on defective products?

Right to be heard

What consumer right means that you have the right to know that all items you buy are free from defects?

Right to safety

Which consumer right means that if something goes wrong with a product, the consumer has the right to have the problem fixed?

Right to seek compensation

Which of the following would tell you the times for arrivals and departures on a public transit system?

Schedule

What can you do to make sure you never miss a utility payment?

Set up automatic payments.

What does boilerplate mean?

Standard terms required by state law

_____ _______ is the period of time loan payments will last.

Term length

Which of the following can provide information about a specific vehicle's history?

The VIN

Why are airplanes not considered public transportation?

The cost and time involved is higher.

What is a landlord?

The person who owns a house or apartment

Why are purchase agreements important?

They are a legally binding agreement.

If you do not pay your property taxes, the government can do what to your house?

They can put a lien on your property.

What does HUD stand for?

U.S. Department of Housing and Urban Development

HUD stands for the US Department of Housing and _____ Development

Urban

When purchasing an automobile, you should research the VIN, which stands for

Vehicle Identification Number

WRITE IN YOUR OWN WORDS- FROM LESSON Glam is all about luxurious materials like velvet, suede, and leather. Its color palette focuses on jewel-toned colors, and it uses all the finest finishes. It's a high-end style that tries to attain a posh and elevated look. The industrial style uses a neutral color palette with an array of whites, blacks, grays, and browns. The design typically features a lot of metal and utilizes natural light to help create a cozy feel. In addition to metal, this design style often uses exposed brick, visible metal pipes and ductwork, and concrete floors. Another notable feature, which you can see in the image, is bare light bulbs hanging from the ceiling.

WRITE IN YOUR OWN WORDS- FROM LESSON Minimalist style has some similarities to modern, but it focuses on a philosophy of "less is more." Everything in a room must have a purpose. You won't find many embellishments in this design style. This style attempts to create the beach-like atmosphere that its name implies. This means lots of blue tones and light colors, which work together to create a sense of sunshine in the room.

In one or two sentences, explain the purpose of a move-in checklist.

WRITE IN YOUR OWN WORDS- FROM LESSON The walkthrough checklist is the first thing you'll fill out before moving in. The checklist allows you to go through the apartment and list all the pre-existing damage in each room. Typically you'll have five days after you move in to complete the form and return it to your landlord. When you move out, the landlord will compare your checklist to the damage done to the apartment when you moved in. Anything not listed on the checklist will be charged to you when you move in. Although the landlord is supposed to keep the checklist and use it when you move out, keeping a copy for yourself is a good idea. It is also a good idea to take pictures of the damage when filling out the checklist. Make sure you time stamp the images to prove that the photos were taken when you moved in and are not new. The more details you provide, the better you'll be protected when you move out. Remember, any new damage done to the apartment while you live there is your responsibility. The checklist protects you from having to pay for damage you did not cause.

In one or two sentences, explain why it's important to research the VIN of a particular car before buying it.

WRITE IN YOUR OWN WORDS- THIS IS COPIED AND PASTED FROM THE LESSON: VIN stands for Vehicle Identification Number. This number is specifically tied to one vehicle. Think of it like a vehicle's social security number. When purchasing a vehicle, try to obtain the VIN if possible. Having the VIN will allow you to research the specific vehicle's history and any outstanding recalls. This is especially important when purchasing used or preowned options. A search of the automobile's history will notify you of prior repairs, wrecks, and damages the vehicle has sustained, giving you insight into its overall condition.

Are security deposits refundable?

Yes, if you return the property in good condition.

Which of these would be the best reference to choose for a rental agreement?

Your boss who always compliments your work

The term APR stands for _________________.

annual percentage rate

One factor to consider when choosing a place to live is your ________, which is the distance between your home and your place of work.

commute

A cash payment that a buyer pays up front on large purchases is called a ___ payment.

down

A _______ is the money a passenger pays to use public transportation.

fare

A ____________ represents the number of properties purchased or sold in a given area.

housing market

The __________ __________ carries out the duties a landlord would, such as handling payments and resolving issues.

managing agent

A __________ is a loan that covers the purchase or maintenance of a property.

mortgage

Consumerism in and of itself is ____

not bad

To protect yourself from scams, poor-quality products, or scrupulous sellers, you must _________ the product before purchasing anything.

research

A style of apartment that consists of multiple floors with an elevator is called a ______.

rise

A ____ is a guarantee that the manufacturer provides for its product

warranty

To determine who the electric company for your apartment complex is, contact ____________, and they will be able to give you the contact information.

your landlord