1. Variable auto ownership costs are most dependent on a. driver behavior. b. mi
ID: 2623021 • Letter: 1
Question
1. Variable auto ownership costs are most dependent on
a.
driver behavior.
b.
mileage driven.
c.
city lived in.
d.
down payment.
e.
hours driven.
2. ____ is a fixed auto ownership cost.
a.
Gasoline
b.
Installment loan payment
c.
Auto insurance
d.
Maintenance
e.
b and c
3. The loss of value in a car over time is called
a.
maintenance.
b.
loan payments.
c.
sales payments.
d.
commissions.
e.
depreciation.
4. The first step in the auto-buying process should be
a.
test drive several cars.
b.
begin negotiations.
c.
consider alternative buying strategies.
d.
decide whether to trade in your used car or to sell if yourself.
e.
analyze how much car you can afford.
5. Henry has $2,500 for a down payment and thinks he can afford monthly payments of $400. If he can finance a vehicle with an 8%, 3-year loan, what is the maximum amount Henry can spend on the car?
a.
$12,765
b.
$14,400
c.
$14,079
d.
$15,265
e.
$16,879
6. Kurt has $4,500 for a down payment and thinks she can afford monthly payments of $300. If he can finance a vehicle with a 7%, 4-year loan, what is the maximum amount Kurt can afford to spend on the car?
a.
$13,528
b.
$14,400
c.
$16,028
d.
$17,028
e.
$18,028
7. Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300. If she can finance a vehicle with a 7%, 4-year loan, what is the maximum loan amount Jana can afford?
a.
$12,528
b.
$14,208
c.
$16,028
d.
$17,900
e.
$18,028
8. Advantages of buying a used car rather than a new car include
a.
good mechanical condition.
b.
will depreciate more quickly.
c.
more choices available.
d.
less expensive.
e.
all of the above.
9. Advantages of buying a used car rather than a new car include
a.
good mechanical condition.
b.
will depreciate less quickly.
c.
more choices available.
d.
cost.
e.
all of the above.
10. One can arrange auto loans through
a.
auto dealers.
b.
banks.
c.
credit unions.
d.
consumer finance companies.
e.
all of the above.
a.
driver behavior.
b.
mileage driven.
c.
city lived in.
d.
down payment.
e.
hours driven.
Explanation / Answer
1. Variable auto ownership costs are most dependent on
mileage driven.
2.____ is a fixed auto ownership cost.
b and c
3. The loss of value in a car over time is called
depreciation
4. The first step in the auto-buying process should be
analyse how much you can afford
5. Henry has $2,500 for a down payment and thinks he can afford monthly payments of $400. If he can finance a vehicle with an 8%, 3-year loan, what is the maximum amount Henry can spend on the car?
15265
6. Kurt has $4,500 for a down payment and thinks she can afford monthly payments of $300. If he can finance a vehicle with a 7%, 4-year loan, what is the maximum amount Kurt can afford to spend on the car?
$17028
7. Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300. If she can finance a vehicle with a 7%, 4-year loan, what is the maximum loan amount Jana can afford?
$14028
8. Advantages of buying a used car rather than a new car include
less expensive
9. Advantages of buying a used car rather than a new car include
cost
One can arrange auto loans through
all above
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