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Personal Finance Auto Terms Review.

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Presentation on theme: "Personal Finance Auto Terms Review."— Presentation transcript:

1 Personal Finance Auto Terms Review

2 No, I’m good and don’t need to review
Instructions Work through the terms, as this review is a good indicator of the test tomorrow. Click here to begin the review No, I’m good and don’t need to review

3 Wholesale Price Dealer Invoice Price Question number 1
The price you should expect to get if the car is sold at auction is Wholesale Price Dealer Invoice Price

4 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

5 Wrong Back to previous slide Try question again

6 Question number 2 The price you might pay if you don’t know anything about how to negotiate when buying a car Dealer Invoice Price Retail Price

7 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

8 The destination charge
Question number 3 The charge dealers pay for having their cars shipped from the factory to the dealership. The destination charge Dealer invoice price

9 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

10 Annual percentage rate
Question number 4 The rate charged on a loan over one year Annual percentage rate Annual financing rate

11 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

12 Question number 5 When you owe more on the vehicle and it is worth (also called been upside down) Depreciation Negative equity

13 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

14 Question number six A dealership that has no negotiating for the price you pay for the car. You pay what they tell you. Haggle free MSRP

15 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

16 The destination charge
Question number 7 An obscure fee the dealers like to charge that could cost you at the start of your lease. You get nothing from this fee The destination charge Acquisition Fee

17 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

18 Question number 8 The price per mile that you will pay for any mileage that goes above what your lease agreement specifies Excess mileage charge Driving over charge

19 Click here to go to the next questions
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20 Question number 9 A fee that is given back to dealers for selling a car for a manufacturer Dealer holdback Dealer invoice

21 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

22 The destination charge
Question number 10 That the amount of value that an asset loses over time The destination charge Depreciation

23 Click here to go to the next questions
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24 Question number 11 A loan that is paid off in regular and usually equal monthly payments over a given term Loan value Amortization

25 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

26 Early termination charge
Question number 12 A fee you will pay if you choose to turn your car in before the end of its lease term Early termination charge Turn in charge

27 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

28 Question number 13 A rebate used by manufacturers that apply to usually low demand vehicles or high supply vehicle’s Manufacture payback Customer incentive

29 Click here to go to the next questions
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30 Question number 14 That amount that a finance company charges you for letting you use their money Interest Payback charge

31 Click here to go to the next questions
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32 Question number 15 The money that a salesperson gets for selling a vehicle Selling charge Commission

33 Click here to go to the next questions
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34 The destination charge
Question number 16 The price of the dealer pays the manufacturer for a car The destination charge Dealer invoice price

35 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

36 Annual Credit Activity Report
Question number 17 Your bill paying history (also called credit history) Credit report Annual Credit Activity Report

37 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

38 Payment History Report
Question number 18 The score you get that is related to your payment history (determines how good of interest rate you get Credit score Payment History Report

39 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

40 Everything that you owe money on
Question number 19 Everything that you owe money on Liabilities Payment history

41 Click here to go to the next questions
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42 Question number 20 Part of the process the salesman uses to find out if you’re a real buyer and what type of real buyer you are Qualify Buying questions

43 Click here to go to the next questions
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44 Question number 21 That the amount of value that an asset gains over time Appreciation Depreciation

45 Click here to go to the next questions
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46 Question number 22 The price the manufacturer is suggesting the vehicle be sold for MSRP Retail price

47 Click here to go to the next questions
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48 Question number 23 If you finance a car the finance company will hold the title on the car and won’t release it to you until you’ve paid off that debt Lien Interest charge

49 Click here to go to the next questions
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50 Question number 24 The price a seller hopes to get for their vehicle. You can begin negotiating the selling price from this. Dealer Invoice Price Asking Price

51 Click here to go to the next questions
Correct!!!! Great Job with the answer! Click here to go to the next questions

52 Test Format The test is matching, with all terms covered.
22 questions (all terms) Good luck tomorrow!!

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