QUIZ: Ch. 7.1 - 7.2 (Math for Finance)

Match the following

• Tenant

• A property that DOES include furniture

• Landlord

• One of several properties an individual can rent or lease to live in

• Apartment

• The owner of a rented house or other property

• Furnished

• A property that DOES NOT include furniture

• Unfurnished

• The person who is renting / living in a house, or any other type of property

Match the following

• Lease

• A written agreement between the landlord and tenant that details the amount of rent, length of time to be rented, and rules for living at that property

• Single-Family

• The act of legally forcing a tenant to leave a rental property for failure to pay their rent of follow the rules of the lease

• Expires

• The time when the lease ends

• Multiple-Family

• A home designed to put one or more families in

• Evict

• A home designed for just one family to live in

Match the following

• Security Deposit

• Money given to the landlord from a tenant as protection in the event that the tenant causes damage to the rental property; this is refunded if there's no damage done to the property

• Cooperative

• A type of home ownership where a corporation owns a group of apartments

• Condominium (Condo)

• This indicates the amount of space inside a defined area

• Application Deposit

• Money that covers the cost of processing the paperwork when first signing up to rent

• Square Footage

• A type of home ownership where each unit on the property is individually owned by a different person

[Ch. 7.1 Notes, Question #5] When you look at rent prices, does that include utilities (electricity, water, internet, etc.)?

• Yes

• No

[Ch. 7.1 Notes, Question #9] What percent of your entire monthly income should be used to pay for your apartment / house? (Absolute maximum amount, percent wise)

A financial advisor tells you that you should spend, at most, 26% of your gross monthly income for your rent. You determine that amount is $1,560 per month.

Based on that amount and your financial advisor's recommendation, what is your ANNUAL salary?

A moving company is offering two different quotes based on your needs to get your items moved from the house to your apartment. Use a system of equations to determine the hourly pay rate for loading / unloading the trucks.

(For example: 2x + 2y = 30 and 4x + 2y = 50)

Option A: 4 hours of LOADING with 4 hours of PACKING = $780
Option B: 6 hours of LOADING with 4 hours of PACKING = $995

A moving company is offering two different quotes based on your needs to get your items moved from the house to your apartment. Use a system of equations to determine the hourly pay rate for packing / unpacking the boxes.

(For example: 2x + 2y = 30 and 4x + 2y = 50)

Option A: 6 hours of LOADING with 8 hours of PACKING = $1,578
Option B: 9 hours of LOADING with 8 hours of PACKING = $2,125