# CTE Resource Center - Verso - Economics and Personal Finance Task 1537870969

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Describe the process of purchasing a home.

Definition

Description should include identifying key steps in the purchase process:
  • Selecting and inspecting the property
  • Signing a contract
  • Securing a down payment
  • Financing the home (e.g., securing a mortgage)
  • Identifying other costs associated with home purchase and ownership
  • Homeowners insurance

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.11

The student will demonstrate knowledge of planning for living and leisure expenses by
  1. comparing the costs and benefits of purchasing vs. leasing a vehicle;
  2. comparing the advantages and disadvantages of renting vs. purchasing a home;
  3. describing the process of renting housing;
  4. describing the process of purchasing a home;
  5. calculating the cost of utilities, services, maintenance, and other housing expenses; and
  6. evaluating discretionary spending decisions.

EPF.14

The student will demonstrate knowledge of the role of insurance in risk management by
  1. evaluating insurance as a risk management strategy;
  2. distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and
  3. explaining the roles of insurance in financial planning.

FBLA Competitive Events and Activities Areas

Business Calculations

 

Business Math

 

Economics

 

Introduction to Business

 

Personal Finance