Which of the Following Statements About FHA and VA Mortgages

question 39

Multiple Choice

Which of the following statements about FHA and VA mortgages is false?

• A) They are insured by the government.
• B) They charge for their insurance.
• C) They have low down payments.
• D) The borrower is protected in case of default.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update accounts for accruals and deferrals not captured during the period.

Adjusted Trial Balance

A financial statement that shows the balances of all accounts, including those adjusted, at the end of an accounting period.

Post-closing Trial Balance

A list of permanent accounts and their balances after a company has journalized and posted closing entries.

Net Income

The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue, indicating financial performance.