Personal Finance Courses: Vehicle Acquisition

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1.
When preparing to buy a vehicle, it is a good idea to prepare financially as well. Some costs, such as gas and insurance, should be factored into your monthly budget.
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True. It is a good idea to budget for these costs so you have money available for them.
2.
Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?
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20%. This is the common recommendation.
3.
Your car's license plate establishes you as the legal owner of the vehicle.
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False. The title, not the license plate, does this.
4.
What part of a car lease's monthly payments is tax-deductible for consumers (as opposed to businesses) who lease?
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Sales tax. Sales tax is deductible.
5.
If you see a group of three numbers such as 50/100/15 in reference to auto insurance coverage, what type of coverage are you seeing?
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Liability coverage. These numbers refer to the limits on bodily injury per person, bodily injury per accident, and property damage.