Personal Finance Unit 2 Managing Resources

What is the primary purpose of a Vehicle Identification Number (VIN)?

• To identify the color of the vehicle

• To provide a unique identifier for each vehicle

• To indicate the fuel efficiency of the vehicle

• To show the vehicle’s insurance status

What does the term “Invoice Price” refer to in the context of purchasing a vehicle?

• The price at which the dealer sells the vehicle to the customer

• The price listed on the vehicle’s window sticker

• The price the manufacturer charges the dealer for the vehicle

• The price after all discounts and rebates are applied

What does the term “Sticker Price” refer to when buying a vehicle?

• The price at which the dealer sells the vehicle to the customer

• The price listed on the vehicle’s window sticker, including options and destination charges

• The price after all discounts and rebates are applied

• The price the manufacturer charges the dealer for the vehicle

What are “Dealer Add-ons” in the context of purchasing a vehicle?

• The price the manufacturer charges the dealer for the vehicle

• Additional features or services offered by the dealer, often at an extra cost

• The price listed on the vehicle’s window sticker

• The price after all discounts and rebates are applied

What are “Lemon Laws” designed to do?

• Protect consumers from defective vehicles that fail to meet quality and performance standards

• Regulate the pricing of new vehicles at dealerships

• Ensure that all vehicles have a valid Vehicle Identification Number (VIN)

• Provide guidelines for vehicle insurance policies

What is a “Security Deposit” typically used for in the context of renting a property?

• To cover the cost of utilities for the rental period

• To reserve the rental property for future use

• To cover potential damages or unpaid rent during the lease term

• To pay for the first month’s rent in advance

What is a “Lease” in the context of renting property?

• A one-time payment for purchasing a property

• A contract outlining the terms and conditions for renting a property

• A document that transfers ownership of a property

• A receipt for the payment of rent

Who is a “Lessee” in the context of a lease agreement?

• The person or entity who owns the property being leased

• The person or entity who rents the property from the owner

• The agent who manages the property on behalf of the owner

• The person who guarantees the lease agreement

Who is a “Lessor” in the context of a lease agreement?

• The person or entity who rents the property from the owner

• The person or entity who owns the property being leased

• The agent who manages the property on behalf of the owner

• The person who guarantees the lease agreement

What is a “Rental Agreement”?

• A contract outlining the terms and conditions for renting a property

• A document that transfers ownership of a property

• A receipt for the payment of rent

• A list of maintenance services provided by the landlord