Ramsey Classroom Chapter 11 Study Guide with Verified Answers
1. The only time it's okay to borrow money if you can't pay Buying a home (mort-
100% in cash is . . . gage)
2. When you're ready to buy a house, the best option is a 15-year fixed-rate conven-
. tional mortgage
3. What information should a lease contain? Property address, rental
term, security deposit
terms, and pet fees
4. Making periodic payments to a landlord for the use of Renting or leasing
their property is called .
5. It is impossible to get a mortgage without a credit False
score.
6. You need to be completely out of debt, have a fully Buy a house
funded emergency fund, and have saved enough cash
for a down payment before you .
7. As you shop around and compare rent prices, remem- Amenities
ber that paying extra for is not worth it if it
keeps you from reaching your financial goals.
8. Which type of loan is not secured by a government Conventional loan
entity and usually has the best rate and term?
9. A house is an asset that typically will value over increase in
time.
10. It's best to develop good now instead of wait- Money habits
ing until you're on your own to figure it all out.
11. 25
1/5
, Ramsey Classroom Chapter 11 Study Guide with Verified Answers
Your rent payment should total no more than % of
your take-home pay.
12. If you look at long-term costs, is usually the better home ownership
deal.
13. Equity is the difference between what you still owe on True
your home and what it is worth.
14. Buying a house while can put your at risk. In debt; home purchase
15. When someone spends so much of their income on the house poor
costs of homeownership that they struggle to reach
their other financial goals, they are .
16. What does cost of living refer to? The average cost of the
basic goods and services
needed to maintain a cer-
tain standard of living
17. You should buy a home, even if you cannot afford it False
just yet. Renting is a waste of money.
18. Living on campus at college will help you living Ease into; pay for rent, util-
on your own, while living off campus will require you ities, and groceries
to .
19. Learning about the costs of living before you need to taking personal responsi-
cover them and creating good money habits early are bility
both examples of .
20. After you hire a real estate agent, the next step in the Start looking at homes
process is to . within your budget
2/5
1. The only time it's okay to borrow money if you can't pay Buying a home (mort-
100% in cash is . . . gage)
2. When you're ready to buy a house, the best option is a 15-year fixed-rate conven-
. tional mortgage
3. What information should a lease contain? Property address, rental
term, security deposit
terms, and pet fees
4. Making periodic payments to a landlord for the use of Renting or leasing
their property is called .
5. It is impossible to get a mortgage without a credit False
score.
6. You need to be completely out of debt, have a fully Buy a house
funded emergency fund, and have saved enough cash
for a down payment before you .
7. As you shop around and compare rent prices, remem- Amenities
ber that paying extra for is not worth it if it
keeps you from reaching your financial goals.
8. Which type of loan is not secured by a government Conventional loan
entity and usually has the best rate and term?
9. A house is an asset that typically will value over increase in
time.
10. It's best to develop good now instead of wait- Money habits
ing until you're on your own to figure it all out.
11. 25
1/5
, Ramsey Classroom Chapter 11 Study Guide with Verified Answers
Your rent payment should total no more than % of
your take-home pay.
12. If you look at long-term costs, is usually the better home ownership
deal.
13. Equity is the difference between what you still owe on True
your home and what it is worth.
14. Buying a house while can put your at risk. In debt; home purchase
15. When someone spends so much of their income on the house poor
costs of homeownership that they struggle to reach
their other financial goals, they are .
16. What does cost of living refer to? The average cost of the
basic goods and services
needed to maintain a cer-
tain standard of living
17. You should buy a home, even if you cannot afford it False
just yet. Renting is a waste of money.
18. Living on campus at college will help you living Ease into; pay for rent, util-
on your own, while living off campus will require you ities, and groceries
to .
19. Learning about the costs of living before you need to taking personal responsi-
cover them and creating good money habits early are bility
both examples of .
20. After you hire a real estate agent, the next step in the Start looking at homes
process is to . within your budget
2/5
