Applied Math: Chapter 9 Test

Front

What is an annual premium in insurance?

Back

The annual premium is the amount of money that an individual or business must pay for an insurance policy each year.

Front

How do you calculate the average price of a used car?

Back

To calculate the average price, sum all the retail prices of similar cars and divide by the number of cars.

Front

What is a sticker price?

Back

The sticker price is the manufacturer's suggested retail price (MSRP) displayed on a vehicle, indicating the price at which the dealer intends to sell the car.

Front

What does dealer's cost refer to?

Back

Dealer's cost is the price that a dealer pays to acquire a vehicle from the manufacturer or distributor.

Front

What factors can affect the retail price of a used car?

Back

Factors include the car's age, mileage, condition, features, and market demand.

Front

What is the significance of aluminum wheels in car pricing?

Back

Aluminum wheels can enhance a car's appearance and performance, often leading to a higher retail price.

Front

How does air conditioning impact the value of a used car?

Back

Cars with air conditioning typically have a higher resale value due to increased comfort and desirability.

Front

What is the formula for calculating the average of a set of numbers?

Back

Average = (Sum of all values) / (Number of values).

Front

Why is it important to know the dealer's cost when buying a car?

Back

Knowing the dealer's cost helps buyers negotiate better prices and understand the dealer's profit margin.

Front

What is the difference between MSRP and the final sale price?

Back

MSRP is the suggested price set by the manufacturer, while the final sale price is the amount the buyer actually pays, which can be lower due to negotiations.