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- 1. Multiple Choice
A bank, savings and loan, credit union or dealership that makes loans to individuals or businesses.
Auto loan
Loan terms
Lender
Depreciation
- 2. Multiple Choice
A number assigned to a person that indicates to lenders their capacity to repay a loan.
Credit score
Loan terms
Lender
Credit history
- 3. Multiple Choice
The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.
Larger/larger
Larger/smaller
Smaller/larger
Smaller/smaller
- 4. Multiple Choice
The shorter your term length, the (higher/lower) your monthly payments, and the (higher/lower) the total interest you will pay.
Higher/higher
Higher/lower
Lower/lower
Lower/higher
- 5. Multiple Choice
This is the amount of money a dealer is willing to pay for your retiring car:
Trade-in Value
Book Value
Switch Value
Retire value
- 6. Multiple Choice
Which insurance covers the difference between your car's value and the amount of your auto loan.
gap
liability
comprehensive
collision
- 7. Multiple Choice
If you walk into a parking lot and discover that someone has smashed into your car which type of insurance will you likely need to have?
collision
uninsured motorists insurance
personal injury protection
comprehensive
- 8. Multiple ChoiceShould you buy a car even though you haven't test driven it yet?YEs its okNo, always test drive first
- 9. Multiple ChoiceIf my credit score is low at a 600, should my interest be high or lowHigh InterestLow Interest
- 10. Multiple Choice
The longer the loan term the less total interest you pay.
False
True
- 11. Multiple Choice
Made by a bank or other lender to an individual so that person can purchase a new or used vehicle, using the vehicle as collateral for the loan.
Auto loan
Loan terms
Lender
Annual percentage rate (APR)
- 12. Multiple Choice
The fee charged for the use of money.
Auto loan
Loan terms
Down payment
Annual percentage rate (APR)
- 13. Multiple ChoiceYou must have insurance on your vehicle?truefalse
- 14. Multiple ChoiceEach year you have to pay taxes on your vehicletruefalse
- 15. Multiple ChoiceYou will need a drivers license and a vehicle registration to operate your car?truefalse
- 16. Multiple ChoiceWhen getting a car loan you will want to get the highest or the lowest interest rate?lowesthighest
- 17. Multiple ChoiceThe amount of money you have to pay out of your own pocket before the insurance pays is called the _____________PremiumEstimateDeductibleCo-Pay
- 18. Multiple Choice
An APR of 5.4% in decimal form is....
.54
.054
5.4
.0054
- 19. Multiple ChoiceSomeone who agrees to pay back your loan if you defaultCo-SignerJoint ApplicantIndividual Applicant
- 20. Multiple ChoiceWhen someone applies for a loan by themselvesCo-SignerJoint ApplicantIndividual Applicant
- 21. Multiple ChoiceThe gradual decrease in the value of an asset is calledrepossessionforeclosureappreciationdeprication
- 22. Multiple Choice
The average price the dealership
will give you for your old car when you buy a new
car through them.
Trade-In Value
Retail
Option Packages
- 23. Multiple Choice
the price the manufacturer is suggesting the vehicle
be sold for.
MSRP: “Manufacturer's Suggested Retail Price”
Commission
Book Value
- 24. Multiple ChoiceYou are required by law to have car insurance.TrueFalse
- 25. Multiple ChoicePaying for oil, gas, maintenance, and repairs are all examples ofoperating costs for a vehicle.loan payments for buying a vehicle.vehicle costs that depreciate.the purchase price of a vehicle.
- 26. Multiple Choice
The amount of income the
salesperson makes because they sell a vehicle.
Book Value
Commission
Asking Price
- 27. Multiple Choice
The retail cost of the car before any
options are added on.
Base Price
Asking Price
Commission
- 28. Multiple Choice
The price the seller of the car posts
when advertising the car.
Dealer Invoice Price
Asking Price
- 29. Multiple Choice
The cost of owning a car includes
insurance
repairs
gas
all of these
- 30. Multiple Choice
You should always test drive a car before signing a contract to buy one.
True
False
- Answer choicesTagsAnswer choicesTags