Personal Finance Courses: Vehicle Acquisition

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Choose wisely. There is only one correct answer to each question.

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1.
Liability coverage on an automobile insurance policy covers damages that you cause to _______.
Choose wisely. There is only one correct answer.
Other people. Liability covers others, not you. Other forms of coverage will cover you.
2.
Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?
Choose wisely. There is only one correct answer.
20%. This is the common recommendation.
3.
What well known book lists both wholesale and retail prices of used cars?
Choose wisely. There is only one correct answer.
Kelley Blue Book. This book is the most well known source of both wholesale and retail prices of used cars.
4.
If you are leasing a new vehicle and planning to drive it more miles than are allowed in the contract, _______.
Choose wisely. There is only one correct answer.
You will have to pay a fee for the excess miles. The contract specifies a certain number of miles that you can drive.
5.
The cost of ownership of a vehicle is the same as the price you paid for it.
Choose wisely. There is only one correct answer.
False. The cost of ownership is the various expenses you will pay for the vehicle over the time that you own it.