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Unit 12: Smart Spending Lesson 39: Automobiles—Lease Or Purchase? Module 130: Comparing Total Cost Of A Lease Vs. Purchase
Test Description: Unit 12: Smart Spending Lesson 39: Automobiles—Lease or Purchase? Module 130: Comparing Total Cost of a Lease vs. Purchase
Instructions: Answer all questions to get your test result.
1) is the increase in the value of an asset with the passage of time. ex house
A
interest charges
B
Appreciation
C
APR
D
Depreciate
2) True cost of the loan. Include interest and all finance charges
A
borrow it/RENT
B
Appreciation
C
APR
D
Depreciate
3) When you get a car loan you will have to pay monthly payments plus _______
A
borrow it/RENT
B
Depreciate
C
Appreciation
D
interest charges
4) When you lease a car, you are paying to
A
collateral
B
Own It
C
Burn outs
D
borrow it/RENT
5) Something given as security for repayment of a loan, example pawn shop.
A
fdic
B
collateral
C
lower
D
APR
6) The car is used as _______ the loan, so, if you miss a payment, the lender can take the car.
A
Fun
B
lower
C
Appreciation
D
collateral
7) is a reduction in the value of an asset with the passage of time, due in particular to wear and tear. EX Car
A
Depreciate
B
APR
C
Appreciation
D
Collateral
8) is a reduction in the value of an asset with the passage of time, due in particular to wear and tear. EX Car
A
APR
B
collateral
C
Appreciation
D
Depreciate
9) Your monthly lease payments are typically much ------.
A
Loan it
B
APR
C
lower
D
Higher
10) The first step in the decision making process is to
A
Make a decision
B
Identify the problem
C
Identify the criteria
D
Identify the alternatives
11) Step 1: Determine the PROBLEM to be solved or choice to be made. Step 2: List the ALTERNATIVES. Step 3: Establish CRITERIA. Step 4: Use the criteria to EVALUATE each alternative. Step 5: Make your DECISION.
A
Make a decision
B
collateral
C
PACED Model
D
FDIC
*select an answer for all questions
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