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Buying a Car Review

Total questions: 35

Worksheet time: 48mins

Name
Class
Date
1.
Which of the following are things to look for when shopping for a new or used car?
a)
the mileage
b)
damage to the exeterior of the car
c)
the price of the car
d)
all of these
2.
What is depreciation?
a)
Cars lose value once you drive them.
b)
Cars lose space once you drive them.
c)
Cars gain value once you drive them.
d)
Cars lose mileage once you drive them.
3.
The sticker price of a new car is
a)
set by the dealer.
b)
only a suggested price.
c)
the minimum price set by the manufacturer.
d)
not subject to negotiation.
4.
The loss of an asset's value over time is called
a)
depreciation
b)
equalization
c)
amoritization
d)
normalization
5.
The cost of owning a car includes
a)
insurance
b)
repairs
c)
gas
d)
all of these
6.
A manufacturer's warranty on a car covers
a)
specific repairs for as long as you own the car
b)
all the maintenance costs for a specific number of miles
c)
specific repairs for a specific amount of time or number of miles
d)
collision repairs but no other repairs
7.
When purchasing a vehicle, the most important things to compare are
a)
colors & cost
b)
safety & color
c)
color
d)
safety & costs
8.
All of the following are reputable places where you can get a car loan except
a)
a bank
b)
a loan shark
c)
a credit union
d)
from your parents
9.
The _______________ is the cash you give to the dealer to lower the principal amount of the car.
a)
warranty expense
b)
interest amount
c)
down payment
d)
trade-in
10.
If you are buying a car that costs $25,000 and your bank requires a down payment equal to 5% of the car cost, how much do you have to put down?
a)
$25,250
b)
$26,250
c)
$500
d)
$1,250
11.

How much does a car depreciate when driven off the lot in the first year?

a)
65%
b)
20%
c)
35%
d)
None of the above
12.

How much does a car depreciate after 5 years

a)

about 20%

b)

about 30%

c)

about 50%

d)

about 60%

13.
A long-term rental of a car that allows a specific period of time and mileage is called
a)
purchasing a car
b)
borrowing a car
c)
leasing a car
d)
none of the above
14.
Each of the following are reasons to lease a car except
a)
your car is covered under warranty
b)
you don't drive a lot of miles
c)
higher monthly payments
d)
you get a new car every 2-3 years
15.
By law, drivers are ___________ to pay for the damages they cause with their automobiles.
a)
not responsible
b)
negligent
c)
liable
d)
none of these
16.
The ____________ is the amount of money a driver must pay to a company that offers auto insurance.
a)
premium
b)
fine
c)
car payment
d)
monthly payment
17.
____________________ insurance pays the medical expenses of anyone injured in an accident if it is your fault.
a)
comprehensive
b)
property damage
c)
bodily injury
d)
collision
18.
Personal injury protection, aka "no fault" insurance, pays for
a)
rental cars while your car is in the shop
b)
will cover you and people injured on, in, around, or under vehicle
c)
damage covered by acts of nature
d)
covers the damage to cars in an accident
19.
Which kind of insurance covers you when you are in an accident with a person who does not have insurance?
a)
uninsured motorist
b)
collision
c)
property damage
d)
comprehensive
20.
Which type(s) of insurance may not be a worthwhile expense if you drive an older car?
a)
bodily injury
b)
collision
c)
comprehensive
d)
collision & comprehensive
21.
Which type of insurance covers tow truck service in the event of a break down?
a)
comprehensive
b)
rental car
c)
emergency road service
d)
collision
22.
Jacob has a $500 deducitible on his comprehensive insurance policy. His car is stolen and not recovered. It will take $10,000 for him to buy another car like his stolen car. How much does Jacob have to pay?
a)
$10,000
b)
nothing... Jacob's insurance will pay it all
c)
$9,500
d)
$500
23.
pays for damages you cause even if it's to your own vehicle
a)
collision
b)
liability
24.
this will pay for bodily injuries/hospital bills
a)
comprehensive insurance
b)
personal injury protection
25.

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

a)

VIN

b)

lemon

c)

trade-in

d)

trim

26.

Which is a better financial choice for getting a car loan?

a)

5% down-payment and term of 6 years.

b)

20% down-payment for a term of 4 years

27.

A long term rental of a car. You need to pay monthly payments for the vehicle and it must be returned at the end of the contract.

a)

seller

b)

lemon

c)

lease

d)

downpayment

28.

What is the common term for a "BAD" car?

a)

Peach

b)

Pear

c)

Lemon

d)

Raisin

29.

A ______________________is when a dealer advertises a car at a

very low price to lure you in.

a)

Depreciation

b)

Bait and Switch

c)

Forced Warranty

d)

Dealer’s Invoice Price

e)

MSRP

30.

Ideally, a consumer should get a copy of their credit report after they shop for a loan.

a)

True

b)

False

31.

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

32.

What is the difference between leasing a vehicle and financing a vehicle?

a)

Leasing is buying the vehicle while financing is renting

b)

FInancing is buying the vehicle while leasing is renting

c)

There are no differences

33.

A piece of paper that you get that shows your car information, your information and if you have a lien on the vehicle.

a)

Title and Registration

b)

Hamburgers

c)

Financing

34.

When is the best holiday to buy a car?

a)

Christmas

b)

4th of July

c)

MLK Holiday

d)

Memorial Day

35.

The formal card which shows that you are able to use a car

a)

Insurance Card

b)

Identity Card

c)

Sports License

d)

Driver's License

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