Tips and Tools For Financial Success - Newton Free Library

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8. According to the 2010 Consumer Expenditure Survey (U.S. Bureau of Labor Statistics), approximately what percent of American household income is spent on housing? a. 25% b. 35% c. 45% d. 55% 9. A rental application can be rejected if a person has: a. Insufficient income b. Bad references c. Criminal background d. All of the above 10. What is a “tenant at will”? a. A tenant who will stay until the end of the lease b. A landlord who will renew the lease with the same rental terms c. A rental arrangement that has no expiration date but may be terminated by either the tenant or landlord d. A tenant who will be allowed to sublet to another person 129
Answers to Renting an Apartment Quiz 1. Correct Answer: d. Security deposit A security deposit is one way that landlords protect themselves against loss. Other types of deposits might be required such as a key deposit, pet deposit and last month’s rent. 2. Correct Answer: c. Studio A duplex is a type of housing where two units share a common wall or an apartment on two levels connected by a staircase. A townhouse is a 2 or 3 story home and a sublet means to allow someone else to rent your rental. A studio is a one room dwelling. 3. Correct Answer: d. Guarantor A lessor or a landlord leases the property. A realtor finds tenants for the property. A guarantor or cosigner promises to pay the rent if the tenant does not. 4. Correct Answer: b. Renter’s insurance Renters’ insurance may cover things like water damage, fire and theft and may be required by the landlord. 5. Correct Answer: a. Furniture Utilities are public services. Though an apartment might be furnished, furniture is not a utility. 6. Correct Answer: b. A walk-through A walk-through is a prudent measure for both landlord and tenant and may also occur at the end of a rental period. A lease review is not an inspection and an amenity is a benefit such as a pool. 7. Correct Answer: d. All of the above This act prohibits many types of discrimination including the ones listed above. 8. Correct Answer: b. 35% People spent more on housing than any other category. 9. Correct Answer: d. All of the above Any one of the above reasons can be used to deny an applicant. 10. Correct Answer: c. A rental arrangement that has no expiration date but may be terminated by either the tenant or landlord Tenant at will laws vary from state to state. A tenant at will is a rental situation that often doesn’t have a formal set of rules. 130
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Financial Literacy at the Library T
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Background and Acknowledgments Fina
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Chapter V. Credit Overview of Credi
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6 Newton Free Library hosted Financ
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8 © 2011 American Consumer Credit
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Goal Setting & Financial Planning (
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Financial Goals Worksheet (SMART)
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Planning For Unexpected Life Events
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1. Determine what to keep at home a
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5. Keep a close watch on your bank
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20 Kip Child, FDIC Community Affair
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Introduction to Banks (from FDIC Mo
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24 Debit Cards • Fees? • Fee wa
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Ways to Take Money Out of Your Acco
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Using Electronic Banking (from FDIC
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Activity 1: Checking Account Fees (
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Activity 3: Record Transactions in
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Sample Check Register Check Number
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Paper Money Copy, cut, and put the
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III. Budgeting Practice Good Habits
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Create a Budget—and Pay Yourself
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Household Budgeting Worksheet Housi
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Read the scenario, review the Month
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Increase Your Income How might how
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Develop a Spending Plan A spending
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Implement Your Plan Seek Assistance
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• Educate yourself and learn more
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Budgeting Quiz 1. How long should y
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Budgeting Quiz -Answers 1. Correct
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IV. Saving and Investing Preparing
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The true magic of compound interest
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9. Pay off high-interest credit car
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Risk-Return Relationship Table (FIN
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Compounding with Tables (FINRA Inve
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Retirement Savings Vehicles (FINRA
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In most cases, you roll over a trad
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Activity 2: Savings Goals Worksheet
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Investing Quiz 1. Which of the foll
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Investing Quiz - Answers 1. Correct
Page 80 and 81: Making your First Investments http:
Page 82 and 83: V. Credit Overview of Credit What i
Page 84 and 85: What Is a Credit Report? (from FDIC
Page 86 and 87: How the Credit Report Is Used (from
Page 88 and 89: How to Get Your Free Annual Credit
Page 90 and 91: Credit Cards: What Are They Used Fo
Page 92 and 93: Credit Card Comparison Chart (from
Page 94 and 95: ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97: Activity 1: Maria’s Credit Report
Page 98 and 99: Activity 3: Who Poses the Most Cred
Page 100 and 101: Credit Terms and Definitions Bankru
Page 102 and 103: 8. All of the following appear on y
Page 104 and 105: VI. Borrowing Basics Types of Loans
Page 106 and 107: Car Loans (from FDIC Money Smart) T
Page 108 and 109: To Rent or To Own? (from FDIC Money
Page 110 and 111: Activity 1: Which Loan Is Best? (fr
Page 112 and 113: Activity 3: How Much Mortgage Can P
Page 114 and 115: Note: Make sure you compare loan of
Page 116 and 117: Estimated prepaid amounts for inter
Page 118 and 119: Borrowing Basics Quiz 1. Which of t
Page 120 and 121: Answers for Borrowing Basics Quiz 1
Page 122 and 123: VII. Life Skills Menu Planning Work
Page 124 and 125: Grocery Shopping Tips 1. Clean out
Page 126 and 127: Computer Terms and Definitions Comp
Page 128 and 129: Housing Terms and Definitions Appli
Page 132 and 133: VIII. Glossary Glossary (excerpted
Page 134 and 135: Compounding: Interest paid on money
Page 136 and 137: Interest: A percentage of your bala
Page 138 and 139: Stocks: Parts of a company, called
Page 140 and 141: IX. Recommend Resources Bibliograph
Page 142 and 143: Careers and Life Skills Bostick, Na
Page 144 and 145: Heath, Julia A. Personal finance es
Page 146 and 147: Debt information for teens: tips fo
Page 148 and 149: Tutor/Teacher Cordell, Jane. Cambri
Page 150 and 151: Newton Free Library Financial Educa
Page 152 and 153: I. Learning English Online Resource
Page 154 and 155: Investor Knowledge Quiz - http://ww
Page 156 and 157: American Consumer Credit Counseling
Page 158 and 159: Nationwide Resources (from American
Page 160: This publication is made possible b
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