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FINA4352 GP CHAPTER 3 KEY TERMS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A+ $22.99
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FINA4352 GP CHAPTER 3 KEY TERMS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A+

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FINA4352 GP CHAPTER 3 KEY TERMS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A+

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  • December 8, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FINA4352 GP CHAPTER 3 KEY TERMS
  • FINA4352 GP CHAPTER 3 KEY TERMS

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FINA4352 GP CHAPTER 3 KEY TERMS EXAM
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A+
adjustable-rate mortgages (arms) - (answers)mortgage where the interest rate and
payment may change every month, quarter, year, three years, or five years



back-end ratio - (answers)total debt should not exceed 36% of gross monthly
income



balloon mortgages - (answers)a mortgage in which the borrower makes fixed
payments, which are based upon the established interest rate for a long-term
mortgage



budget - (answers)helps clients actively manage their money so they can achieve
their financial goals



cash and cash equivalents - (answers)low-risk assets that may be readily converted
to cash, also known as current assets



closed-end lease - (answers)the lessee agrees to pay a stated monthly fee for the
use of the asset for a specified time period



consumer debt ratio - (answers)the ratio of monthly consumer debt payments to
monthly net income



conventional mortgage loans - (answers)made by commercial lenders in the
private sector, also known as conforming loans

, 2




current (short-term) liabilities - (answers)liabilities that are due within one year
from the statement date, such as a promissory note



emergency fund - (answers)cash or cash equivalents set aside to offset the
expenses of unexpected events, such as a job loss, a medical crisis, or major home
repair



fair market value - (answers)the price at which a willing and knowledgeable buyer
would purchase an asset from a willing and knowledgeable seller



federal housing administration (fha) loans - (answers)mortgages appeal to buyers
who may not meet the financial underwriting requirements for a conventional
home loan that the federal government guarantees



fixed outflows - (answers)relatively predictable and recurring expenses over
which the client does not have much control



fixed-rate loan - (answers)a loan with an interest rate that remains constant until
paid in full



fixed-rate mortgagqes - (answers)have a level interest rate for the term of the loan
and a fixed payment amortization schedule



front-end ratio - (answers)housing costs should not exceed 28% of gross monthly
income

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