Finals Review Part 3

You should negotiate the price for a new car separately from the price of your trade-in.

• True

• FAlse

The process of negotiating a work contract for union members is called collective bargaining.

• True

• False

Before you prepare a budget, it is a good idea to keep track of your income and expenses for a month or two.

• True

• False

Credit reports are issued by

• banks and savings and loans.

• credit bureaus.

• credit unions

For older cars, experts advise changing the oil every 3 months or every _________ miles, whichever comes first?

• 3,000

• 7,000

• 10,000

In most cases, the most important factor in determining a car’s resale or trade-in value is

• mechanical condition.

• the vehicle’s fuel efficiency.

• the vehicle’s age.

A fair price for a new car is likely to be about _____ percent above the _____ price.

• 8 to 10; invoice

• 3 to 6; invoice

• 3 to 6; sticker

A determination that you are a good credit risk

• preapproval

• comparison shopping

• creditworthy

The expenses incurred in transferring ownership from buyer to seller.

• security deposit

• closing costs

• appraised value

With a vehicle’s VIN, you can determine all of the following except

• whether the vehicle has been in a serious acciden

• the mileage readings each time the vehicle was sol

• how quickly the vehicle can go from 0 to 60 MP