CON 305 Quiz #10
T/F: God is not interested in the car I drive if I can afford the payments. - ANS-False.
T/F: The maximum flexibility in moving is when you own the home. - ANS-False.
T/F: The analysis of the finances of renting versus owning says that there is a financial
advantage for buying no matter how long you will be there. - ANS-False.
T/F: There are many factors involved. However, you can generally be ahead financially if you
own a home for more than three years. - ANS-True.
T/F: If I refinance my home loan, the wise thing to do is start over with another 30-year loan and
get my equity in cash. - ANS-False.
T/F: A strong commitment and setting a faith goal can result in a young adult being debt-free by
age 35 when the home mortgage is paid off. - ANS-True.
T/F: An auto is a great investment since it grows in value. - ANS-False.
T/F: When purchasing a car, you should always consider first what it does for your self-image,
confidence, and contentment. - ANS-False.
T/F: Even if your car is unsafe, you should not borrow money to replace it. - ANS-False.
T/F: Even if you plan to buy a new car every three years, buying is cheaper than leasing. -
ANS-True.
T/F: New cars have lower insurance costs because they have more safety features and air
bags. - ANS-False.
T/F: If you have a car loan, you will have to have collision and comprehensive insurance. -
ANS-True.
T/F: The additional warranties offered by car dealerships are not usually a good deal for you
financially. - ANS-True.
T/F: The additional warranties offered by car dealerships have built in sales commissions and
dealer profits. - ANS-True.
T/F: The magic number for time to trade is 100,000 miles. - ANS-False.
T/F: God is not interested in the car I drive if I can afford the payments. - ANS-False.
T/F: The maximum flexibility in moving is when you own the home. - ANS-False.
T/F: The analysis of the finances of renting versus owning says that there is a financial
advantage for buying no matter how long you will be there. - ANS-False.
T/F: There are many factors involved. However, you can generally be ahead financially if you
own a home for more than three years. - ANS-True.
T/F: If I refinance my home loan, the wise thing to do is start over with another 30-year loan and
get my equity in cash. - ANS-False.
T/F: A strong commitment and setting a faith goal can result in a young adult being debt-free by
age 35 when the home mortgage is paid off. - ANS-True.
T/F: An auto is a great investment since it grows in value. - ANS-False.
T/F: When purchasing a car, you should always consider first what it does for your self-image,
confidence, and contentment. - ANS-False.
T/F: Even if your car is unsafe, you should not borrow money to replace it. - ANS-False.
T/F: Even if you plan to buy a new car every three years, buying is cheaper than leasing. -
ANS-True.
T/F: New cars have lower insurance costs because they have more safety features and air
bags. - ANS-False.
T/F: If you have a car loan, you will have to have collision and comprehensive insurance. -
ANS-True.
T/F: The additional warranties offered by car dealerships are not usually a good deal for you
financially. - ANS-True.
T/F: The additional warranties offered by car dealerships have built in sales commissions and
dealer profits. - ANS-True.
T/F: The magic number for time to trade is 100,000 miles. - ANS-False.
