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Cars And Insurance Part 1
Test Description: Review of Cars and Insurance unit in ARR.
Instructions: Answer all questions to get your test result.
1) A used car is almost always more reliable than a new car.
A
True
B
False
2) Used cars are less expensive to buy but will probably have more maintenance problems than new cars.
A
True
B
False
3) The type of vehicle that is right for you depends on how you plan to use it and how much you can afford to pay.
A
False
B
True
4) As a general rule, spend 20% of your net monthly income on transportation.
A
False
B
True
5) Good students who complete driver's education courses can often obtain auto insurance discounts.
A
True
B
False
6) A beneficiary is a person who would receive the the life insurance money if you were to pass away.
A
True
B
False
7) Disability insurance is designed for people who are born with a disability.
A
False
B
True
8) Life insurance is wise to have when one has children.
A
False
B
True
9) Shannon lives in an apartment. She does not own the property, so she does not need to purchase any insurance.
A
False
B
True
10) The first thing to do when planning to buy a car is to take a test drive.
A
True
B
False
11) Friends and family are important in the pre-shopping research portion of the car buying process.
A
True
B
False
12) It is best to decide to purchase the car in the showroom at the dealership.
A
False
B
True
13) Your car insurance costs will typically be lower once you turn 25.
A
False
B
True
14) It is possible to avoid a car payment each month by paying for the car with cash or a personal check when you buy it.
A
False
B
True
15) Most car loans require one to pay interest; thus over time one ends up paying more than the price of the car.
A
True
B
False
16) If Bob's monthly car payment is $200 to the bank, the bank will not allow him to write a check for $300 each month to pay the loan off quicker.
A
True
B
False
17) An advantage of a shorter loan is that one will pay less in interest. The disadvantage is that the monthly payment will probably be higher.
A
True
B
False
18) Each month Melanie pays $50 for renter's insurance. This payment is called ____.
A
Premium
B
Co-payment
C
Deductible
D
Fee-for-service
19) Justin got into a car accident. Before he could receive any help from his insurance company, he had to first pay a _____.
A
Deductible
B
Premium
C
Fee-for-service
D
Co-payment
20) Which of the following is a step in the car buying process?
A
Evaluating the decision
B
Pre-shopping research
C
All of the above
D
Fitting the budget
*select an answer for all questions
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