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Transportation

Ch 19 Personal Finance

TermDefinition
A previously owned car that received a thorough mechanical and appearance inspection along with necessary repairs and replacements Certified used car
Features available with a particular car Options
A unique number assigned by the automobile industry and used to identify an individual auto Vehicle Identification Number (VIN)
Prohibits the borrower from paying off an auto loan early Prepayment penalty
The price or value of the vehicle on which an auto is based Capitalized cost
The items that reduce the monthly payment on an auto lease, such as a cash down payment, trade-in allowance, and rebate Capitalized cost reduction
The worth of a car at the end of an auto lease Residual value
The interest paid on an auto lease, usually stated as a decimal Money factor
A low-powered motorized two-wheeler with an engine capacity less than 50cc Moped
A two-wheeled motor vehicle with an engine capacity of 50cc to 250cc Motor scooter
Owning a car is a relatively inexpensive way to get where you want to go. T/F False
Carpooling can save energy, minimize parking, and reduce traffic congestion. T/F True
Extra features increase the price of a car T/F True
To receive auto warranty benefits, you usually must maintain the as specified in the owner's manual T/F True
Auto warranties usually run for three years or for the first 36,000 miles T/F False
An advantage of buying a used car rather than a new car is the lower price T/F True
An independent prepurchase inspection of a used car is NOT necessary if you deal with a reliable dealer T/F False
The purchase price is the only cost you really need to seriously consider when buying a car T/F False
Most buyers borrow part of the purchase price of the car T/F True
Auto financing costs about the same regardless of who provides the financing T/F False
It is a good idea to line up a reliable service center before you have car trouble T/F True
Licensing, registration, and traffic laws for bicycles, mopeds, and motorcycles vary from state to state T/F True
Which of the following is NOT a chief advantage of mass transit over other forms of transportation? Flexible door-to-door service
Public transportation is a good choice for all but those ____ Whose job requires driving
For city dwellers, automobiles generally are ____ Inconvenient because of traffic and parking
Deciding on the best means of transportation depends on ____ All of the above
In the auto marketplace, a LEMON is ____ A used car with serious problems that are costly to repair
When buying a used car, it is particularly important to ____ Get a prepurchase inspection by a reliable automotive technician
The Buyers Guide sticker on the window of a used car describes ____ Warranty coverages or lack of it
The cost of financing a car depends on ____ The principal, the APR, and the length of the repayment period
You can reduce the cost of auto financing by ____ Increasing the amount of your down payment
The Truth in Lending Law requires ____ Creditors' to provide borrowers with a complete written account of credit terms and costs
In most states, bicyclists are required to ____ Wear a helmet
Compared to cars, motorcycles ____ Costs more to insure
Differentiate between buying a car and leasing a car. Buying: Don't have to put anything down and no limitation on milage Leasing: Do not own it when loan is up, lower monthly payment, and milage limit
Describe what the four-point check includes and when it should be done 1. sit in drivers seat 2. test drive 3. check under hood 4. research
Created by: SavvyBean122