Unit 4 Vocabulary Quiz Practice (Automobile Ownership)

The length of a lease or loan

• Principal

• Term

• Rebate

• Lease

An acronym for manufacturer's suggested retail price

• MPSR

• MRSP

• MSRP

This ensures that new car buyers pay equally to cover the cost of delivering a vehicle to a dealership

• Destination Fee

• Documentation Fee

• Acquisition Fee

• Disposition Fee

What is the term used to cover the cost of the fee paid for preparing and filing the sales contract and other paperwork?

• Destination Fee

• Documentation Fee

• Acquisition Fee

• Principal

The creditor has done at least a basic review of your creditworthiness to determine if you are likely to qualify for a loan.

• Prequalify

• Lessor

• Principal

• APR

Which term is a discount provided by the manufacturer to qualifying buyers?

• Principal

• MSRP

• Rebate

• Destination Fee

This is a fee charged by an automotive leasing company for originating a lease.

• Destination Fee

• Disposition Fee

• Acquisition Fee

• Documentation Fee

What is a rental agreement that puts no obligation on the lessee?

• Closed End Lease

• Open End Lease

• Lease

• Rebate

When you purchase your vehicle for the remaining value at the end of your lease contract.

• Buyout Price

• MSRP

• Prepayment Penalty

• Principal

This is a fee that may be charged at the end of your lease that covers the costs associated with the return.

• Disposition Fee

• Documentation Fee

• Acquisition Fee

• Destination Fee