Ultimate Amortization Quiz

Image: refer to hsw

Don't let the chumps in the accounting department brag about their mad amortization skills. Show them who's the boss with our amortization quiz.

1.0 of 20

What was the original Old French meaning of the word "mortgage?"

2.0 of 20

Amortization allows a borrower to pay off which two parts of the home loan with one fixed monthly payment?

3.0 of 20

With amortization, if you pay $850 for your first mortgage payment, how much will you pay for your last mortgage payment?

4.0 of 20

Outside of mortgage lending, in what other financial field is amortization used?

5.0 of 20

The first mortgages in America were introduced in what decade?

6.0 of 20

Before the Federal Housing Authority introduced the 30-year fixed mortgage, what percentage of American families were homeowners?

7.0 of 20

If you have these three pieces of information about a mortgage loan, you can calculate the amortization table:

8.0 of 20

Which of the following mortgage loans is considered "self-amortizing?"

9.0 of 20

How many identical monthly mortgage payments will you make over the life of a 30-year fixed mortgage?

10.0 of 20

An amortization table shows what two importance pieces of information about each monthly mortgage payment?

11.0 of 20

On a typical 30-year fixed loan, during what year of the amortization table does the borrower start paying back more principal than interest?

12.0 of 20

What is the total interest paid over 30 years on a $150,000 mortgage loan with an annual interest rate of five percent?

13.0 of 20

Depreciation and amortization are both generally accepted accounting principles of what accounting method?

14.0 of 20

Which of the following statements most accurately describes accrual accounting?

15.0 of 20

Which of the following business expenses would NOT be covered by depreciation?

16.0 of 20

The legal life of a patent is how many years?

17.0 of 20

Which of the following business expenses CANNOT be amortized for tax purposes?

18.0 of 20

Which of the following items is NOT typically included on a company's annual balance sheet?

19.0 of 20

What is the accounting term for a business expense that is higher than the fair market value of the asset?

20.0 of 20

The "amortization of intangibles" is covered in what section of the U.S. tax code?

Explore More Quizzes

Receive a hint after watching this short video from our sponsors.

quit

hint:

continue

So far, you've got...

Keep Going