Personal Finance Courses: Vehicle Acquisition

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1.
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.
2.
Which of the following is a disadvantage of leasing a new car?
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All of the above. All these factors are potential disadvantages of a new car lease.
3.
Liability coverage on an automobile insurance policy covers damages that you cause to _______.
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Other people. Liability covers others, not you. Other forms of coverage will cover you.
4.
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.
5.
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.