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Buying a car

Total questions: 100

Worksheet time: 3hrs 18mins

Name
Class
Date
1.
the sticker that goes on a license plate
a)
tag
b)
title
c)
tax
2.
insurance that pays for damage you cause to another person's vehicle
a)
collision
b)
liability
3.
a piece of paper that proves who owns the car
a)
tag
b)
title
c)
tax
4.
pays for damages you cause even if it's to your own vehicle
a)
collision
b)
liability
5.
pays for losses that are out of your control (weather related, fire, hitting an animal, etc.)
a)
collision
b)
comprehensive
c)
liability
6.
if you have to get a loan to purchase a vehicle it's known as...
a)
financing
b)
proof of insurance
c)
cash payment
7.
this will pay for bodily injuries/hospital bills
a)
comprehensive insurance
b)
personal injury protection
8.
protects you if you get into an accident and the person who caused it DOESN'T have insurance
a)
liability insurance
b)
uninsured/underinsured motorist protection
9.
APR means the same as...
a)
deductible
b)
interest
c)
financing
10.

The cost of a car is $25,000 and there is a 15% down payment. What is the down payment amount?

a)

$375,000

b)

$2,500

c)

$3,750

11.

The cost of a car is $25,000 and the down payment is $3,750. What is the total amount to be financed?

a)

$28,750

b)

$21,250

c)

$20,000

12.

 PMT =A (r12)1−(1+r12)−ntPMT\ =\frac{A\ \left(\frac{r}{12}\right)}{1-\left(1+\frac{r}{12}\right)^{-nt}}  

The total amount to be financed is $21,250 over 4 years with a 7.5% annual rate. What will be the monthly payment amount (PMT)? 

***Use the equation***

a)

$513.80

b)

$37.45

c)

$452.21

13.

The monthly payments for a car are $513.80 for 4 years (change to months). What is the total amount to be repaid?

a)

$18,496.80

b)

$2,055.20

c)

$24,662.40

14.

The total amount to be financed is $21,250 and the total amount to be repaid is $24,662.40. What is the total interest?

a)

$400

b)

$21,250

c)

$3,412.40

15.

The cost of a car is $22,000 and there is a 10% down payment. What is the down payment amount?

a)

$220,000

b)

$2,200

c)

$1760

16.

 PMT =A (r12)1−(1+r12)−ntPMT\ =\frac{A\ \left(\frac{r}{12}\right)}{1-\left(1+\frac{r}{12}\right)^{-nt}}  

The total amount to be financed is $19,800 over 5 years with a 3.7% annual rate. What will be the monthly payment amount (PMT)? 

***Use the equation***

a)

$513.80

b)

$6,105.00

c)

$361.97

17.

The monthly payments for a car are $361.97 for 5 years (change to months). What is the total amount to be repaid?

a)

$1,809.85

b)

$21,718.20

c)

$24,662.40

18.

The total amount to be financed is $19,800 and the total amount to be repaid is $21,718.20. What is the total interest?

a)

$1,918.20

b)

$6,734.60

c)

$523.45

19.

sum of costs in order to purchase, operate, and maintain a vehicle

a)

lease

b)

downpayment

c)

total cost of ownership (TCO)

d)

seller

20.

different versions of the same car that include or do not include specific features

a)

total cost of ownership (TCO)

b)

insurance

c)

trim

d)

warranty

21.

the power the engine makes is compared to the power of a horse. the more power, the faster your car can accelerate or the heavier the weight it can carry.

a)

horsepower

b)

trade-in

c)

lemon

d)

MSRP

22.

if you are willing to give your car to the dealer in exchange for a new car, you can often get a better price

a)

lease

b)

VIN

c)

warranty

d)

trade-in

23.

manufacturer's suggested retail price. price that car builders say the car should be sold at.

a)

downpayment

b)

MSRP

c)

MPG

d)

total cost of ownership (TCO)

24.

most people cannot afford to pay for a new car in one day. you pay the cost over time, but sellers require a certain amount of money the day you buy it.

a)

downpayment

b)

VIN

c)

insurance

d)

seller

25.

the person/company that is selling the car. this could be a person or a dealership.

a)

seller

b)

total cost of ownership (TCO)

c)

MPG

d)

warranty

26.

miles per gallon - the amount of miles (distance) a car can drive on one gallon of gasoline or fuel

a)

MPG

b)

warranty

c)

trade-in

d)

MSRP

27.

vehicle identification number. every single car ever made has its own.

a)

VIN

b)

lemon

c)

trade-in

d)

trim

28.

every car and driver must have car insurance to legally drive in Illinois. driving without this or getting into an accident without this can be EXTREMELY costly.

a)

insurance

b)

MSRP

c)

lease

d)

downpayment

29.

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

a)

Capital gain

b)

Inflation

c)

Depreciation

d)

Amortization

30.

Which is NOT an expense of owning a car?

a)

Repairs & maintenance

b)

Gasoline

c)

License & registration fees

d)

Utilities

31.

What is the purpose of a Carfax?

a)

Shows the true market value of the vehicle being purchased

b)

Calculates costs of the vehicle's maintenance & repairs

c)

Offers financing options to the consumer

d)

Supplies a vehicle history report to individuals

32.

When trying to haggle the price of a used car, who should name the first price?

a)

The salesman

b)

You

33.

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

a)

Always buy from a local dealership

b)

Take several photos to use for comparison

c)

Compare the true market value of every vehicle

d)

Compare the price & quality from different vendors

34.

What document is often called a "pink slip"?

a)

Proof of insurance

b)

The title

c)

A cashier's check

d)

Car sales receipt

35.

This type of law provides remedy for purchases of cars that fail to meet standards of quality.

a)

Kelley Blue Book

b)

Lemon Law

c)

Edmunds Law

d)

DOT Law

36.

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

a)

True

b)

False

37.

The monthly payments for a car are $361.97 for 5 years (change to months). What is the total amount to be repaid?

a)

$1,809.85

b)

$21,718.20

c)

$24,662.40

38.

The total amount to be financed is $19,800 and the total amount to be repaid is $21,718.20. What is the total interest?

a)

$1,918.20

b)

$6,734.60

c)

$523.45

39.

Which of the following is the first step in the car-buying process

a)

determine budget

b)

research options

c)

prioritize needs

d)

located preferred vehicles

40.

Which of the following is the last step in the car-buying process?

a)

determine budget

b)

negotiate purchase

c)

examine vehicle

d)

locate preferred vehicle

41.

Which type of vehicle is a smaller version of a sedan?

a)

wagon

b)

van

c)

suv

d)

coupe

42.

Which type of vehicle is one of the most suitable vehicles for hauling, towing and off-roading?

a)

wagon

b)

van

c)

pickup truck

d)

sedan

43.

Your total automotive expenses should NOT exceed what percentage of your net pay?

a)

10%

b)

20%

c)

30%

d)

40%

44.

Your total automotive expenses should NOT exceed what percentage of your net pay?

a)

10%

b)

20%

c)

30%

d)

40%

45.

Which type of auto insurance is required by law in most states?

a)

liability

b)

collision

c)

comprehensive

d)

personal Injury

46.

Sylvia is a first-time car buyer without an established credit history, so she is going to be charged a high interest rate. What could she possibly do to get a lower interest rate?

a)

agree to a lease term of more than five years

b)

take a financial literacy class at a local college

c)

Get a co-signer with good credit, such as a parent

d)

open at least three other credit accounts at the same time

47.

When you lease a car, you are basically paying for which of the following?

a)

value plus interest

b)

value plus endorsement

c)

rent plus depreciation

d)

rent plus down payment

48.

What job might it be a good idea to consider leasing a vehicle instead of buying?

a)

Real Estate Agent

b)

Lawyer

c)

Consultant

d)

All of the Above

49.

Which of the following is NOT a possible consequence of buying a car which is beyond your means to repay?

a)

inability to pay bills

b)

temporary incarceration

c)

repossession of the vehicle

d)

decline in credit score

50.

Invoice price is sometimes also referred to as which of the following?

a)

true market value

b)

dealer cost

c)

sticker price

d)

out the door price

51.

Which of the following is least important when test-driving a vehicle for safety?

a)

driving over bumps, testing the suspension

b)

testing the brakes

c)

listening to the radio

d)

driving on the highway

52.

Which of the following is least important when test-driving a vehicle for safety?

a)

driving over bumps, testing the suspension

b)

testing the brakes

c)

listening to the radio

d)

driving on the highway

53.

Extended warranties are also referred to as which of the following?

a)

service contracts

b)

mechanical add-ons

c)

manufactures' guarantees

d)

incentives

54.

How do you know when you have leverage in a car buying experience

a)

when you can walk away from the deal

b)

when that car is your only option

c)

when you kind of like the vehicle

d)

when really need a new vehicle

55.

A used car lot is having a sale. A one-year old car that had been $25,200 is now on sale, priced at $23,140. How much money can be saved on buying this car?

a)

$2,050

b)

$2,060

c)

$2,070

d)

$2,080

e)

$2,090

56.

A used car lot is having a sale. A two-year old car that had been $17,550 is now on sale, priced at $12,225. How much money can be saved on buying this car?

a)

$5,325

b)

$5,330

c)

$5,335

d)

$5,340

e)

$5,345

57.

A used car lot is having a sale. A three-year old car that had been $33,890 is now on sale, priced at $24,979. How much money can be saved on buying this car?

a)

$8,907

b)

$8,908

c)

$8,909

d)

$8,910

e)

$8,911

58.

A used car lot is having a sale. A four-year old car that had been $27,680 is now on sale, priced at $20,545. How much money can be saved on buying this car?

a)

$7,125

b)

$7,130

c)

$7,135

d)

$7,140

e)

$7,145

59.

A used car lot is having a sale. A five-year old car that had been $23,815 is now on sale, priced at $19,490. How much money can be saved on buying this car?

a)

$4,295

b)

$4,305

c)

$4,315

d)

$4,325

e)

$4,335

60.

Some buyers trade in their old car as part of the payment on a newer car. Find the cash price if a vehicle is listed at $15,000 and you trade in a car worth $500.

a)

$14,500

b)

$14,525

c)

$14,575

d)

$15,000

e)

$15,525

61.

Some buyers trade in their old car as part of the payment on a newer car. Find the cash price if a vehicle is listed at $13,982 and you trade in a car worth $1,083.

a)

$12,895

b)

$12,896

c)

$12,897

d)

$12,898

e)

$12,899

62.

Some buyers trade in their old car as part of the payment on a newer car. Find the cash price if a vehicle is listed at $37,999 and you trade in a car worth $12,455.

a)

$25,444

b)

$25,544

c)

$25,644

d)

$25,744

e)

$25,844

63.

Some buyers trade in their old car as part of the payment on a newer car. Find the cash price if a vehicle is listed at $12,550 and you trade in a car worth $925.

a)

$11,625

b)

$11,635

c)

$11,645

d)

$11,655

e)

$11,665

64.

A used car dealership is offering the following sale:


A guaranteed trade-in of $700 on any car driven into our lot OR $250 cash rebate on any car bought without a trade-in. Use your rebate for a down payment or put it in your pocket!


Find the sale price of a $9,000 used car at this dealership with the guaranteed trade-in deal.

a)

$8,750

b)

$8,600

c)

$8,525

d)

$8,400

e)

$8,300

65.

A used car dealership is offering the following sale:


A guaranteed trade-in of $700 on any car driven into our lot OR $250 cash rebate on any car bought without a trade-in. Use your rebate for a down payment or put it in your pocket!


Find the sale price of a $9,000 used car at this dealership with the cash rebate deal.

a)

$8,750

b)

$8,600

c)

$8,525

d)

$8,400

e)

$8,300

66.

A used car dealership is offering the following sale:


A guaranteed trade-in of $1,100 on any car driven into our lot OR $725 cash rebate on any car bought without a trade-in. Use your rebate for a down payment or put it in your pocket!


Find the sale price of a $13,225 used car at this dealership with the guaranteed trade-in deal.

a)

$12,500

b)

$12,310

c)

$12,125

d)

$11,905

e)

$11,755

67.

A used car dealership is offering the following sale:


A guaranteed trade-in of $1,100 on any car driven into our lot OR $725 cash rebate on any car bought without a trade-in. Use your rebate for a down payment or put it in your pocket!


Find the sale price of a $13,225 used car at this dealership with the cash rebate deal.

a)

$12,500

b)

$12,310

c)

$12,125

d)

$11,905

e)

$11,755

68.

True or False: The cash price of a vehicle is the same as the amount of money that you would typically pay if you took out a loan to buy a car.

a)

True

b)

False

69.

True or False: If you buy a classic car, fix it up, and sell it for more money than you bought it for, the car depreciated in value.

a)

True

b)

False

70.

True or False: If you buy a car for $12,000 and ten years later someone buys it from you for $2,000, the car depreciated in value.

a)

True

b)

False

71.

True or False: A rebate is extra money that you owe on top of the price of a car.

a)

True

b)

False

72.

True or False: A rebate is money you get back after making a purchase.

a)

True

b)

False

73.

True or False: A rebate can come in multiple forms, including as cash or as a gift card to a store.

a)

True

b)

False

74.

This means "the lowest possible price."

a)

market price

b)

rock-bottom price

c)

price haggling

d)

terms of payment

75.

A bottle of coca-cola usually costs 10 RMB. It's on sale today for 7 RMB. What discount is this?

a)

25% off

b)

30% off

c)

70% off

d)

7% off

76.

This TEM-4 textbook usually costs 100 RMB, but today it's 60% off. How much does it cost today?

a)

100 RMB

b)

40 RMB

c)

60 RMB

d)

94 RMB

77.

This word can mean "to pay back an amount of money to customers after they have bought something":

a)

invoice

b)

rebate

c)

market price

d)

wholesale price

78.

Fill in the blank.


"We can _____ you a competitive price of $1,888."

a)

offer

b)

market price

c)

sales contract

d)

rebate

79.

This phrase means "buy 2 for the price of 1".

a)

25% discount

b)

rebate

c)

a competitive price

d)

buy one, get one free

80.

This document verifies the details of a purchase.

a)

sales confirmation

b)

market price

c)

exception

d)

wholesale price

81.

What does "price haggling" mean?

a)

to examine something quickly without stopping

b)

the lowest possible price that can be paid for something

c)

50% discount

d)

the act of arguing about the price of something in an attempt to make the seller reduce it

82.

Select ALL correct answers.


"Our price is already very _______________. We can't lower it any further."

a)

reasonable

b)

competetive

c)

workable

d)

rebate

83.

Fill in the blank.


"Usually this expresso machine costs $59.99, but we can make an __________ for you."

a)

terms of payment

b)

base price

c)

exception

d)

invoice

84.

We can meet you halfway.

a)

We’re ready to compromise.

b)

We’ll figure it out in our further discussion.

c)

We’re able to price you out.

85.

It’s down to you to seal the deal.

a)

It’s not the thing you’re in charge of.

b)

It’s your responsibility.

c)

This is into your consideration.

86.

Could you be more precise...?

a)

Could you be more honest?

b)

Could you be more specific?

c)

Could you be more flexible?

87.

I don’t think we can go that low.

a)

I don’t reckon we can offer you bigger discount.

b)

I’m not certain about the price.

c)

We aren’t able to reduce the price that much.

88.

We are mindful of the situation/circumstances/need for …

a)

We’re careful about the situation/ circumstances/ need for...

b)

We aren’t aware of the situation/ circumstances/ need for...

c)

We’re trying to resolve the situation/ circumstances/ need for...

89.

It sounds like we've found some common ground.

a)

It sounds like the deal is off.

b)

It sounds like we have something in common.

c)

It sounds like we agreed on a solution.

90.

I hear you and I understand where you're coming from.

a)

I hear you and I understand what you’re willing.

b)

I can understand your point of view.

c)

I understand where you originally from.

91.
Your first response to a price that the seller names
a)
"That's not good enough!"
b)
"If I' take-away technique
c)
Cash
d)
Shut up - silence
92.
What is being used against you when a care salesperson says, "Let me check with my supervisor." 
a)
Walk-away power
b)
"That's not good enough!"
c)
Good guy, bad guy
d)
"If I" take-away technique 
93.
Your strategy when you say, "Throw in free delivery, and it's a deal."
a)
Good guy, bad guy
b)
"If I" take-away technique
c)
Walk-away power
d)
"That's not good enough!"
94.
Maintaining an emotional distance
a)
Cash
b)
Always tell the truth
c)
"That's not good enough!"
d)
Walk-away power
95.
A powerful visual and emotional tactic while negotiating
a)
Shut up - silence
b)
Cash
c)
Walk-away power
d)
Always tell the truth
96.
When you inject a bit of drama into the transaction with your silence
a)
Always tell the truth
b)
Good guy, bad guy
c)
Shut up - silence
d)
Walk-away power
97.
Using Integrity at all times
a)
Always tell the truth
b)
Cash
c)
"If I" take-away technique
d)
Shut up - silence
98.
Your strategy when you say, "If I buy this computer from you, I want that printer thrown into the deal."
a)
Cash
b)
Always tell the truth
c)
Good guy, bad guy
d)
"If I" take-away technique
99.
Demonstrated by saying, "I don't really need this item today, anyway."
a)
Good guy, bud guy
b)
Walk-away power
c)
"That's not good enough!"
d)
Always tell the truth
100.
Used to close the deal right then and there
a)
Always tell the truth
b)
"If I" take-away technique
c)
"That's not good enough!"
d)
Cash

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