Quiz about Auto Insurance & Auto Costs

Question 1

Which word means "diminish in value over time?"

Accepted Answer

Depreciate

Answer

Title

Answer

Lease

Answer

Liable

Question 2

Which word means "the sum of any down payment and all monthly installments (the total amount paid)?"

Accepted Answer

Deferred Price

Answer

Insurance

Answer

Base Price

Answer

Premium

Question 3

Which insurance component covers the injuries of you and your passengers regardless of fault?

Accepted Answer

Personal Injury Protection (PIP)

Answer

Liability (B.I & P.D)

Answer

Uninsured Motorist

Answer

Comp./Coll.

Question 4

Jason is leasing a car for 3 years. He must pay $3000 up front and then $289 a month for the length of the lease. He is allowed 15,000 miles per year and anything over the limit will cost him $0.25 per mile. At the end of his lease, he returns the car with 49,260 miles on the odometer. How much total must he pay for the lease?

Accepted Answer

$14,469

Answer

$51,414

Answer

$21,969

Answer

$11,469

Question 5

Which word means "you are responsible (at fault)?"

Accepted Answer

Liable

Answer

Title

Answer

Lease

Answer

Depreciate

Question 6

Which word means "cost of car without options (basic model)?"

Accepted Answer

Base Price

Answer

Insurance

Answer

Deferred Price

Answer

Premium

Question 7

Which insurance component covers the damage done when you hit a guardrail?

Accepted Answer

Comp./Coll.

Answer

Personal Injury Protection (PIP)

Answer

Liability (B.I & P.D)

Answer

Uninsured Motorist

Question 8

Mary is buying a car for $21,790. She finances the car for 4 years at 4.25%. Find her monthly payment. (you might want a separate sheet of paper for this)

N = FV =

I% = P/Y =

PV = C/Y =

PMT =

Accepted Answer

$494.44

Answer

$524.69

Answer

$492.69

Answer

$494.43

Question 9

Which word means "a contract by which one party conveys property to another for a specified time, usually in return for a periodic payment?"

Accepted Answer

Lease

Answer

Title

Answer

Depreciate

Answer

Liable

Question 10

Which word means "providing protection against loss, damage, illness, or death?"

Accepted Answer

Insurance

Answer

Deferred Price

Answer

Base Price

Answer

Premium

Question 11

Which insurance component covers your car and you when you are in an accident with an uninsured driver?

Accepted Answer

Uninsured Motorist

Answer

Personal Injury Protection (PIP)

Answer

Liability (B.I & P.D)

Answer

Comp./Coll.

Question 12

Carrie is leasing a car for 4 years. She must pay $2500 up front and then $229 a month for the length of the lease. She is allowed 12,000 miles per year and anything over the limit will cost her $0.17 per mile. At the end of the lease, she returns the car with 48,630 miles on the odometer. She decides she wants to buy the car and must pay an additional $10,000. How much total did she pay for this car?

Accepted Answer

$23,599.10

Answer

$13,599.10

Answer

$63,962

Answer

$29,719.10

Question 13

Which word means "a legal form that establishes a person or business as legal owner of the vehicle?"

Accepted Answer

Title

Answer

Lease

Answer

Depreciate

Answer

Liable

Question 14

Which word means "cost of each coverage for insurance?"

Accepted Answer

Premium

Answer

Insurance

Answer

Deferred Price

Answer

Base Price

Question 15

Which insurance component covers injuries and damages to the other driver when you are in an accident?

Accepted Answer

Liability (B.I & P.D)

Answer

Personal Injury Protection (PIP)

Answer

Uninsured Motorist

Answer

Comp./Coll.

Question 16

Gary is buying a car for $26,285. He finances the car for 5 years at 3.65%. Find his monthly payment. (you might want a separate sheet of paper for this)

N = FV =

I% = P/Y =

PV = C/Y =

PMT =

Accepted Answer

$479.94

Answer

$478.48

Answer

$589.38

Answer

$479.93

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