Personal Finance Chapter 14

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Vehicle Emissions Test

A _________ assures that a car meets minimum clean air standards

Identify your needs

First step in car-buying process

Engine Oil Transmission Oil Power Steering Oil Brake Oil Radiator Coolant

Fluids in car

False

Generally, vinyl upholstery is more durable than cloth

B

If the sticker price for a new car is $20,250 and the invoice price is $18,000, what would a fair price be for the car? A. $16,500 B. $19,000 C. $21,000 D. None of these

False

Special features can usually be added onto a car at a lesser cost by the car dealership than by a specialty shop

Change oil on regular basis Follow routine maintenance Keep car in garage Clean and wax Preserve Interior Repair Paint Chips Follow Wise Driving Habits

Steps to extend life on automobile

False

Vehicle Emission tests are required by all states

Oxidize

When car paint begins to ___________, it permanently loses its color and shine

A

Which of the following would not be covered by warranty? A. Tune-up B. Transmission C. Engine D. Drivetrain

Protection from theft and vandalism Protection from weather Easier to start car Battery lasts longer

Why to garage a car

Avoid hard acceleration and high speed driving Don't race a cold engine Keep coolants in car's radiator Shift deliberately when using a stick shift Don't shift into forward gear while coasting backwards

Wise Driving Habits

Lemon Laws

______________ protect consumers from the consequences of buying a defective car

Preapproval

_______________ is the process of getting a new- or used-car loan preaaranged through your bank or credit union

Consumer Reports/Car and Driver

Sources of information about cars

Buyers Guide

The Federal Trade Commission requires dealers to place a sticker, called the _____________, on all used cars they offer for sale

Sticker Price

The ___________ is the price shown on the tag in the car's window; it is the manufacturers suggested retail price

B

As a general rule, most experts advise having your oil changed every ___________ miles? A. 1,000-3,000 B. 3,000-5,000 C. 10,000 D. 25,000-30,000

True

Private sellers are not covered under the FTC Used Car Rule

Credit Unions, Car Dealers, Banks

3 Sources of loans for purchase of automobiles

Age Condition Features Mileage Model of Car

5 factors that cause a car to depreciate

Appreciation

Rare cars and very old vehicles in excellent condition may experience ____________, or an increase in value

Hybrid

A __________ is a type of vehicle that uses alternate energy sources

Car-Buying

A __________ service allows you to choose the vehicle features you want and have a professional car buyer handle the price negotiation for you

Car Title

A ___________ lists the legal owner and the registered owner of a vehicle

Polishing Compound

A ____________ can be used to smooth out car surface scatches, scuffs, and stains

Car Detail

A ____________ is a service provided by specialists who clean and polish the exterior, along with treating and cleaning the interior

Warranty

A ____________ is a written statement about a product or service's qualities or performance that the seller assures are true

Consignment Lot

A _____________ is a large parking lot where car owners can park and advertise their cars

Test Drive

A _____________ is a simple road test where you drive the car for several miles in typical traffic and road conditions

Compression

A ________________ test can tell you whether to expect serious engine trouble ahead

Vehicle Identification Number

A car's __________ is an alphanumeric number that identifies it

Gas and oil Depreciation Registration and title Maintenance and Repairs

Costs of Operating a car

B

If you are uncomfortable with price negotiations, you may want to? A. Buy a used car B. Hire a car-buying service C. Buy a new car D. Buy a car from a private seller

False

It is almost impossible to determine a fair price for a new car

False

It is important to get a credit preapproval after you have selected the car of your choice

True

Lemon laws generally require you to have good documentation of your car's problems

True

Most car dealerships offer financing options for car purchases

False

Preapproval adds to the total costs of buying a car

Seat covers Floor Mats Avoid eating food or drinking

Protect upholstery

Upholstery

The car's interior ____________. or seat-covering material must be maintained to preserve it

Depreciation

The decline in value of a vehicle due to normal wear and tear

True

The first step in buying a car is deciding what type of car you both need and want

B

The single greatest cost of owning a new car is? A. The car payment B. Depreciation C. Fuel D. Insurance

A

When is the best time to get credit preapproval for a car loan? A. Before visiting car dealers B. During price negotiations C. After determining which car you would like to purchase D. After the purchase

C

When your vehicle is new, you should? A. Drive at a constant speed rather than at varying speeds B. Shift gears rapidly to help break in your transmission C. Avoid long trips D. All of these

A

Which of the following is not a dealer add-on? A. Tune-up B. Protective wax or polish C. Rust proofing D. Window Tinting

D

Which of the following would not be considered as part of performing routine maintenance on a car? A. Rotating the tires B. Changing the oil C. Replacing the spark plugs D. Replacing the transmission

Dealer Add-Ons

______________ are high-priced, high profit dealer services that add little or no value to a car


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