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Personal Finance Courses: Vehicle Acquisition

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1.
Your car's license plate establishes you as the legal owner of the vehicle.
Choose wisely. There is only one correct answer.
False. The title, not the license plate, does this.
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.
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?
Choose wisely. There is only one correct answer.
Liability coverage. These numbers refer to the limits on bodily injury per person, bodily injury per accident, and property damage.
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.