Business Math Unit Test #11 Housing Expenses

A(n) _______________ is a percentage of the total cost of a house paid at the time of purchase.

• down payment

• mortgage

• interest rate

• closing cost

A seller has to set a price to sell their property that has a realistic __________ based on similar homes sold in their town.

• sale price

• asking price

• market Value

• purchase price

The amount of money borrowed to purchase a home is the _______________ of a mortgage loan.

• principal

• interest

• down payment

• closing cost

_______________ are collected by the city or county from homeowners to pay for roads, parks, schools, government offices, and other services.

• real estate taxes

• income taxes

• sales taxes

• utility bills

The money paid to an insurance company for property insurance is the _______________.

• Coverage

• deductible

• claim

• premium

The amount of property tax paid is based on the _______________ of the property.

• assessed value

• market value

• purchase price

• rental income

When predicting transportation costs, it is important to not only account for predictable expenses but the _______________ that might change month to month.

• fixed costs

• variable costs

• sunk costs

• historical costs

________ includes costs like electric, water and sewer, gas, internet, and phone.

• security deposit

• rental agreement

• monthly rent

• utility bill

If a community has a tax rate of 0.052, how much would that be in mills?

• 5.2

• 52

• 520

• None of the above

The principal of a mortgage loan is the:

• down payment minus the purchase price.

• purchase price minus the down payment.

• down payment plus the closing costs.

• down payment minus the closing costs.