Financial Literacy Chapter 10 Vocabulary Quiz

What term is used for the percent of property value collected, often expressed in mills per dollar?

• assessed value

• tax rate

• rate of assessment

• market value

Which term describes protection for a homeowner from accidents caused by negligence?

• homeowners insurance

• personal liability coverage

• property damage coverage

• loss-of-use coverage

What is the term for protection against damage caused by nature and other unpredictable events?

• fire protection class

• property damage coverage

• personal liability coverage

• homeowners insurance

What term refers to the costs associated with the transfer of property, which may include fees for the property survey, loan application, and points?

• closing costs

• assessed value

• real estate taxes

• security deposit

What is the term for the dollar value assigned to a property for taxation purposes?

• market value

• assessed value

• replacement value

• rate of assessment

What is the term for a long-term loan extended to someone to buy property?

• mortgage loan

• security deposit

• closing costs

• personal liability coverage

What term describes the money collected by the city or county to pay for roads, parks, schools, government offices, and other services?

• real estate taxes

• tax rate

• assessed value

• closing costs

Which term refers to the amount required to reconstruct a home if it is destroyed?

• market value

• assessed value

• replacement value

• loss-of-use coverage

What term provides financial protection against various losses?

• homeowners insurance

• personal liability coverage

• property damage coverage

• medical coverage

This term pays for hospital expenses for nonfamily members injured on your property

• medical coverage

• personal liability coverage

• security deposit

• assessed value