Unit 4 Test Review

Front

What is the total lease cost for a motorcycle that costs $250.00 per month for 24 months, with a deposit of $1000.00, a title fee of $45.00, and a license fee of $30.00?

Back

Total Lease Cost = (Monthly Cost * Number of Months) + Deposit + Title Fee + License Fee = (250 * 24) + 1000 + 45 + 30 = 7075.

Front

What type of insurance covers damage caused by collision with another vehicle or object regardless of fault?

Back

Collision Insurance.

Front

What is the term for a fee that must be paid before an insurance company pays a claim?

Back

Deductible.

Front

What is the term for the difference between the first and third quartiles in a data set?

Back

Interquartile Range.

Front

What is the term for the decrease in value of an asset over time?

Back

Depreciation.

Front

How do you calculate the total cost of leasing an item?

Back

Total Cost = (Monthly Payment * Number of Months) + Initial Fees (Deposit, Title, License, etc.).

Front

What is the purpose of collision insurance?

Back

To cover damages to your vehicle resulting from a collision with another vehicle or object.

Front

What factors can affect the amount of a deductible in an insurance policy?

Back

The deductible amount can be influenced by the type of insurance, the insured value, and the policyholder's choice.

Front

What is the significance of the interquartile range in statistics?

Back

The interquartile range measures the spread of the middle 50% of a data set, indicating variability and outliers.

Front

What are common factors that contribute to the depreciation of a vehicle?

Back

Mileage, age, condition, and market demand.