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Owning & Leasing Automobiles

Total questions: 29

Worksheet time: 15mins

Name
Class
Date
1.
If your car is totaled or stolen, this insurance covers the loan value of your car instead of the car's current market value.
a)
Liability
b)
GAP
c)
Collision
d)
Comprehensive
2.
GAP stands for:
a)
Generic Auto Insurance
b)
Generic Access Profile
c)
Guaranteed Auto Protection
d)
Guaranteed Asset Protection
3.
Premium is the amount of money you pay for your insurance.
a)
True
b)
False
4.
Comprehensive covers vehicle damage that might occur from theft, vandalism, fire and natural disasters.
a)
True
b)
False
5.
A higher deductible will lower the cost of your insurance.
a)
True
b)
False
6.
The steady decline in the resale value of any vehicle that you buy.
a)
APR
b)
Credit Score
c)
Cost of the Loan
d)
Depreciation
7.
When you owe more on your vehicle than it is worth.
a)
Deductible
b)
Bait & Switch
c)
Upside Down
d)
Premium
8.
What type of insurance do you need to cover the other driver if you are involved in an auto accident?
a)
GAP coverage
b)
Liability
c)
Collision
d)
Comprehensive
9.
VIN stands for: 
a)
Very Important Number
b)
Vehicle Identity Network
c)
Vehicle Identification Number
d)
Vendor Information Network
10.
The amount of money you pay upfront for a car.
a)
Monthly payment
b)
APR
c)
Down payment
d)
Premium
11.
The amount of money you pay for your insurance policy.
a)
APR
b)
Premium
c)
Deductible
d)
Credit Score
12.
The amount of money you pay up front if you get into a car accident
a)
APR
b)
Premium
c)
Deductible
d)
Credit Score
13.
A vehicle that continues to have a defect that substantially impairs its use, value, or safety.
a)
Certified Used Car
b)
Lemon
c)
ASE Certified Vehicle
d)
Deductible
14.
If you _____, you may make your car warranty ineffective.
a)
Fail to perform scheduled maintenance
b)
Miss a car payment
c)
Complain to the Better Business Bureau
d)
Fail to notify your car dealership with 48 hours of discovering a problem
15.
The first thing to do when a person is involved in an auto accident is
a)
Call the police
b)
Check for injuries
c)
Look for witnesses
d)
Exchange information with the other driver.
16.
Insurance is based in the concept of 
a)
Risk & loss
b)
Profit and loss
c)
Risk and return
d)
Profit and Cars
17.
Which type of insurance must you have regardless of the worth of your vehicle?
a)
Collision
b)
Liability
c)
Comprehensive
d)
GAP
18.
Within 5 years, most car values depreciate to roughly 25% of their original value.
a)
True
b)
Fale
19.
Which is NOT a benefit of leasing a car:
a)
lower payment
b)
lower insurance cost
c)
option to buy
20.
APR stands for
a)
Annual Performance Report
b)
Annual Percentage Rate
c)
Average Prime Rate
d)
Automatic Payment Receipt
21.
Which one is NOT a place where you can get a car loan?
a)
Bank
b)
Car Dealer
c)
Credit Union
d)
Investment Broker
22.

Required by law to be displayed on all new cars & must include certain information such as fuel economy.

a)

Monroney Sticker

b)

Premium

c)

Monthly payment

d)

Base Price

23.

When factoring in your TCO, you would not include:

a)

Gas

b)

Depreciation

c)

Routine Maintenance

d)

Credit History

24.

TCO stands for Total Cost of Ownership.

a)

True

b)

False

25.

Lemon Law in PA applies to the Purchase or Lease of a new vehicle.

a)

True

b)

False

26.

Common safety features include all but

a)

Anti-Lock Brakes

b)

Heated Seats

c)

Tire Pressure Monitors

d)

Park Assist

27.

When involved in an auto accident, the first thing you should do is:

a)

Call your insurance company

b)

Take photos

c)

Check for injuries

d)

Exchange insurance information

28.

What is NOT something insurance companies take into consideration when providing an insurance quote?

a)

Gender

b)

Age

c)

Height

d)

Credit History

29.

You should purchase GAP insurance if you are leasing a car.

a)

True

b)

False

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