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Personal Finance 6.02
Test Description: Personal Finance 6.02
Instructions: Answer all questions to get your test result.
1) An ADVANTAGE of buying a new car instead of a used one is that a new car:
A
can be insured at lower costs.
B
offers more choices of features.
C
depreciates more slowly than used cars.
D
has more defects.
2) An ADVANTAGE of what type of vehicle is that it conserves energy more than other types?
A
Automobiles
B
Motorcycles
C
Sports utility vehicles
D
Vans
3) When Patricia's automobile was severely damaged by branches falling from a tree, her insurance paid for the damages. Which type of insurance is this?
A
Comprehensive physical damage
B
Collision
C
Medical
D
Liability
4) Seth turned in his leased car before the 36-month lease ends. One condition of this decision is having:
A
to pay for vehicle depreciation.
B
to pay a penalty for early termination.
C
to pay the next monthly payment.
D
a possible option to buy the vehicle.
5) Kara is comparing the estimated value of the make, model, and year for three different used cars. Which type of pricing is this?
A
Base price
B
Sticker price
C
Invoice price
D
Book value
6) Ben purchased a luxury sports car at an auto superstore. Which is MOST LIKELY true of Ben's new car?
A
Will have a warranty
B
Will cost less to insure than most cars
C
Will have 15,000 miles on odometer
D
Will only be available for leasing, not buying
7) Allison purchased a used car "as is" at an auction. What is MOST LIKELY true of Allison's new car?
A
Will not have a warranty
B
Will not be insurable
C
Will be recalled by the manufacturer
D
Will only be available for leasing, not buying
8) An advantage of buying a used car instead of a new one is that used cars:
A
can be insured at lower costs.
B
have better warranties than new cars.
C
have fewer defects than new car
D
increase in value more quickly than new cars
9) Martin is comparing the book value of several used cars. Which step in meeting transportation needs is this?
A
Obtain vehicle insurance
B
Do the research
C
Set priorities
D
List transportation options
10) Oliver is checking locations of bus stops and possible carpools from the dorm to his internship site. Which step in meeting transportation needs is this?
A
Do the research
B
List transportation options
C
Obtain vehicle insurance
D
Set priorities
*select an answer for all questions
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