Personal Finance Courses: Vehicle Acquisition

Test your knowledge

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

0%
Keep studying!

Get a certificate for this quiz
Enter your name and email address below and we will generate a certificate for this quiz.


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.
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.
If your take-home pay after taxes is $1,000 a month, then your car payments should ideally be how much at the most?
Choose wisely. There is only one correct answer.
$200. A popular recommendation is that your total monthly car payments should not exceed 20% of your take-home pay.
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.
Cars with the lowest prices will necessarily have the lowest costs of ownership over time.
Choose wisely. There is only one correct answer.
False. True cost of ownership can actually be higher, based on factors such as tax credits, depreciation, maintenance, and other important aspects.