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PCS Financial Math
Chapter 9 Vocabulary - Vehicle Transportation
| Term | Definition |
|---|---|
| sticker price | the total price of a vehicle, including the base price, options, and destination charge |
| base price | the price of a vehicle's engine, chassis, and any other standard equipment for a particular model |
| options | extra equipment on a vehicle not included in the base price, such as a sunroof, air conditioning, and tinted glass |
| destination charge | the cost of shipping a vehicle from the factory to the dealer |
| dealer's cost | the price actually paid for a vehicle by a dealer, usually expressed as a percent. The dealer's cost is not negotiated. |
| used-vehicle guides | guides published monthly that give the average prices for vehicles that were purchased from dealers during the previous month |
| liability insurance | financial protection for a family in case a family member dies |
| comprehensive insurance | insurance protection from losses due to fire, vandalism, theft, and other causes |
| collision insurance | insurance that pays to repair a vehicle if it's involved in an accident |
| deductible clause | an insurance clause that requires the insured to pay a certain amount before the insurance company pays |
| variable costs | the costs of producing a produce that vary directly with the number of units produces, such as raw materials and packaging. Also, vehicle costs that increase the more you drive, such as gasoline and tires |
| fixed costs | production or vehicle costs that remain the same no matter how much you produce or drive, such as building rent or vehicle registration |
| depreciation | a decrease in the value of an item or vehicle because of its age or condition |
| lease | an agreement for the use of property, such as a building or a vehicle, usually on an annual basis |
| rent | renting vehicle charge a daily rate plus a per-mile rate |
| closed-end lease | make specific number of payments, return the vehicle, and owe nothing (unless you damage the vehicle beyond fair wear and tear or exceed the mileage limit) |
| open-end lease | at the end of lease, you may buy the vehicle for its residual value |
Created by:
Ms.Sala
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