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.
With regard to cars, what is the "dealer's price"?
Choose wisely. There is only one correct answer.
The price the dealer paid when it bought the car. It is also known as the wholesale price.
2.
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.
3.
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.
4.
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.
5.
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.