Personal Finance Courses: Vehicle Acquisition

Test your knowledge

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

0%
Keep studying!
Review your answers below to learn more.
1.
If you get a loan from a financial institution before you actually buy the item you are planning to purchase, the loan is called _______.
Choose wisely. There is only one correct answer.
Preapproved. Preapproved means that you were approved for a loan in advance of actually needing it.
2.
If someone steals a precious ornament from the hood of your car, that theft would be covered under _______ coverage.
Choose wisely. There is only one correct answer.
Comprehensive. Comprehensive coverage pays for non-collision damages.
3.
What is probably the biggest advantage of buying a used vehicle instead of a new one?
Choose wisely. There is only one correct answer.
The price. For most people, price is the biggest advantage.
4.
Which of the following is a disadvantage of leasing a new car?
Choose wisely. There is only one correct answer.
All of the above. All these factors are potential disadvantages of a new car lease.
5.
The price that a car dealership paid for a vehicle it bought is called the _______.
Choose wisely. There is only one correct answer.
Wholesale price. Dealers buy vehicles at wholesale prices and then resell them at retail prices.