Which example shows an advantages of owning a car over leasing one?

No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

Smaller monthly payments and good warranty to cover repairs.

Expiring warranty means that you will get to handle repair payments.

You will drive a fairly new car for a limited period of time.

Paying full-price for a car in cash has many benefits. This is a better option for someone who...(hint: choose 3 correct answers)

Has the money saved up and can afford to pay in full

Does not have a steady source of income

Wants to get a great price from a private party

Wants to build their credit score

A certified used car is one that...(hint: choose 2 correct answers)

Has been inspected by the manufacturer

Often includes an extended warranty

Can be bought at a lower price than a comparable model

Has a price that cannot be negotiated

What is the purpose of a Carfax?

Supplies a vehicle history report to individuals

Shows the true market value of the vehicle being purchased

Calculates costs of the vehicle's maintenance & repairs

Offers financing options to the consumer

In some cases, the used car you are buying may have a lien on it. A lien means

The bank or lender is in possession of the title

The car has been paid for in cash

The car was bought in a different state than it's registered

The car has alignment & maintenance issues

A lump sum of money you pay towards the car before taking the loan

A discount applied to the total cost of the car ( ex. military discount)

When you pay exactly half of the asking price in cash and only cash

When you use a coupon while purchasing a car

Joe purchases a liability insurance plan of 150/400/100. What does the 400 in this plan mean?

The most the insurance company will pay is $400,000 per accident for other people's medical expenses due to accident that was Joe's fault.

The most the insurance company will pay is $400 per accident for other people's medical expenses due to accident that was Joe's fault.

The most the insurance company will pay is $4,000 per person for that person's medical expenses due to accident that was Joe's fault.

The most the insurance company will pay is $400,000 for any damages that occurred due to accident that was Joe's fault.

Which type of auto insurance is required by law in the state of Iowa?

personal injury protection insurance

uninsured and/or underinsured motorist protection insurance

What factors are considered when determining the value of a car?

make and model, age, mileage, condition, market demand, additional features or modifications

number of doors, type of fuel, top speed

number of previous owners, location, insurance coverage

color, size, weight, fuel efficiency

What are the different types of car insurance?

liability insurance, collision insurance, comprehensive insurance, personal injury protection (PIP) insurance, and uninsured/underinsured motorist insurance

pet insurance, business insurance, flood insurance

property insurance, renters insurance, travel insurance

health insurance, life insurance, home insurance

What are the key aspects to research in the car buying process?

Determining budget, researching car models, comparing prices, checking vehicle history, considering financing options

Choosing the color of the car, Asking friends for recommendations, Checking the weather forecast, Researching car insurance options

What is liability insurance and what does it cover?

Liability insurance covers legal liabilities arising from accidents or injuries caused by the insured.

Liability insurance covers damages caused by intentional acts of the insured.

Liability insurance covers medical expenses for the insured.

Liability insurance covers damages caused by natural disasters.

What is the difference between leasing and financing a car?

Leasing a car involves renting it for a specific period of time, while financing a car involves taking out a loan to purchase it.

Leasing a car involves buying it outright, while financing a car involves making monthly payments.

Leasing a car involves owning it indefinitely, while financing a car involves renting it for a specific period of time.

Leasing a car involves borrowing it for a specific period of time, while financing a car involves taking out a loan to purchase it.

What are the benefits of getting pre-approved for a car loan before visiting a dealership?

Getting pre-approved for a car loan helps you understand your budget, simplifies the negotiation process, and can potentially secure better loan terms.

Getting pre-approved for a car loan has no benefits and is a waste of time.

Getting pre-approved for a car loan only benefits the dealership and has no advantages for the buyer.

Getting pre-approved for a car loan is only necessary for buyers with poor credit.

Which of the following statements about certified pre-owned (CPO) cars is TRUE?

Certified pre-owned cars come with manufacturer warranties while pre-owned cars may not

Certified pre-owned cars are generally cheaper than pre-owned cars

Certified pre-owned cars are usually less reliable than pre-owned cars

Certified pre-owned cars tend to have higher mileages than pre-owned cars

Which of the following best describes what "APR" is...

The annual cost of a credit card

The amount of credit given to you

What is an auto loan?

A loan granted to an individual by a lending institution or credit grantor for the purposes of purchasing a vehicle.

A method to finance the rent of a vehicle rather than purchasing it

An unsecured loan granted to the borrower

A credit products that creditors can use multiple times

A unique number assigned by the automobile industry and used to identify an individual auto.

vehicle identification number (VIN)

manufacturer's suggested retail price (MSRP)

The _____________ is the price displayed on a vehicle as its selling price.

manufacturer's suggested retail price (MSRP)

What is the purpose of a Carfax?

Supplies a vehicle history report to individuals

Shows the true market value of the vehicle being purchased

Calculates costs of the vehicle's maintenance & repairs

Offers financing options to the consumer

Buying or leasing a car / vehicle

12th Grade

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51 Qs

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Buying or leasing a car / vehicle

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Social Studies

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Practice Problem

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Hard

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CCSS

RI.11-12.5, 7.RP.A.3, RF.3.3B

+12

Standards-aligned

Alan Long

Used 7+ times

FREE Resource

51 questions

Show all answers

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A term that describes an alternative to car buying where monthly payments are paid for a specific period of time, after which the vehicle is returned to the dealership or bought, is:

car financing

car ownership

car maintenance

car leasing

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are good reasons to purchase a used car over a new car? (hint: choose 2 correct answers)

New cars depreciate faster than used cars

Insurance is generally cheaper on a used car

There are typically better financing options on a new car

You can get more car for your money when buying used

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A disadvantage of buying a new car is it loses value faster than a used car. This is called

Capital gain

Inflation

Depreciation

Amortization

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Financing a vehicle has advantages & disadvantages. Which is a disadvantage?

You need a small amount of money upfront compared to buying the car

You pay interest and fees on borrowed money

Your credit score is not taken into consideration

You have more flexibility to pay the car off over time

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Financing an auto loan over a longer period of time...(hint: choose 2 correct answers)

Increases your monthly payment

Decreases your monthly payment

Increases the amount you pay in interest

Decreases the amount you pay in interest

It is important to comparison shop when purchasing a car. What does comparison shop mean?

Always buy from a local dealership

Take several photos to use for comparison

Compare the true market value of every vehicle

Compare the price & quality from different vendors

True or False: Buying a new car is always better than buying a used car.

True

False

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Buying or leasing a car / vehicle

51 questions

A term that describes an alternative to car buying where monthly payments are paid for a specific period of time, after which the vehicle is returned to the dealership or bought, is:

What are good reasons to purchase a used car over a new car? (hint: choose 2 correct answers)

A disadvantage of buying a new car is it loses value faster than a used car. This is called

Financing a vehicle has advantages & disadvantages. Which is a disadvantage?

Financing an auto loan over a longer period of time...(hint: choose 2 correct answers)

It is important to comparison shop when purchasing a car. What does comparison shop mean?

True or False: Buying a new car is always better than buying a used car.

One of the first steps in shopping for a vehicle is to create a(n)

Which example shows an advantages of owning a car over leasing one?

A car is a(n) ________________________ asset.

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