Business Math Property Ownership Quiz

Business Math Property Ownership Quiz

9th - 12th Grade

16 Qs

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Business Math Property Ownership Quiz

Business Math Property Ownership Quiz

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Jon Himes

Used 1+ times

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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "Amortized" refer to in business math?

The process of increasing the principal amount over time.

Each payment pays off part of the principal plus the interest due each month.

The total amount paid initially when purchasing a property.

The fees associated with legal paperwork during a sale.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are "Closing Costs" in the context of property ownership?

Taxes levied on the property each year.

The initial deposit made to secure a loan.

Fees and expenses paid to complete the transfer of ownership of a home.

Monthly payments made to reduce the mortgage balance.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a "Fixed Rate Mortgage"?

A mortgage with a variable interest rate.

A loan where the interest rate changes based on market conditions.

The same rate of interest is paid for the life of the loan.

A mortgage that can be paid off at any time without penalty.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is "Depreciation" defined in business terms?

The increase in property value over time.

The tax benefits received from property ownership.

The loss in value of property caused by aging and use.

The costs associated with repairing property.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "Equity" mean in the context of home ownership?

The total debts owed on the home.

The initial cost of purchasing the home.

The difference between what is owed on a home and its value.

The interest rate applied to the mortgage loan.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a Coinsurance Policy refer to in insurance terms?

A policy where the insurer and insured share the cost of damages equally.

A type of insurance where the insured pays a share of the payment made against a claim.

A policy that covers only the personal belongings of the insured.

A policy that provides full coverage without any cost to the insured.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of 'Deductible' in an insurance policy?

The initial amount paid by the insurer to the insured.

The total amount of insurance coverage.

The amount of a loss claim paid by the insured.

The premium paid by the insured for coverage.

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