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Personal Finance Courses: Vehicle Acquisition

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1.
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.
2.
Most car leases state an annual mileage limit.
Choose wisely. There is only one correct answer.
True. The limit is usually between 10,000 and 15,000 miles.
3.
You can get an auto loan at a bank, a credit union, or from the dealer. Which of these options likely offers the least favorable terms?
Choose wisely. There is only one correct answer.
Dealer. As a general rule, banks and credit unions give you better terms.
4.
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.
5.
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.