Which of the Following Is Not True

question 23

Multiple Choice

Which of the following is not true?

• A)A conventional mortgage requires a 10-20 percent down payment
• B)With government-backed loans,the government insures the loan in the event of default
• C)Veterans Administration mortgages are extended to most first-time homebuyers
• D)Government-backed mortgages may require lower down payments than conventional mortgages

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Definitions:

Consumption

The process by which goods and services are utilized by consumers to satisfy their needs and desires.

Budget Equation

An equation that represents the balance between an individual's or entity's income and expenses.

Leisure

Time spent not working and free from obligations, often dedicated to relaxation or enjoyment.

Nonlabor Income

Income received that is not directly related to current employment or work effort, such as dividends or rental income.