AnswersPersonal Finance - EL3403Employment and Education

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21
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Which questions should someone ask when deciding whether to lease or buy a car? Check all that apply.

A
Will I use it more than the allowed lease mileage?
B
Will my family like the car?
C
How long do I want the car?
D
How much do I want to spend?
E
How much do I like the car’s options?
22
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Which activity is done in Step 2 of comparison shopping?

A
Research a product.
B
Assess the purchase objectively.
C
Compare prices and features.
D
Buy a product.
23

Which details apply to a financing contract? Check all that apply.

A
requires a credit check
B
are always less expensive than using a credit card
C
includes interest rate information
D
requires a signature for rent-to-own agreements
E
can be broken at any time
24

Why might people choose to rent a home rather than buy a home?

A
They have a lot of money saved for a down payment.
B
The property maintenance is the owner's responsibility.
C
The interest rates on equity are too high.
D
They have a long-term commitment to the area.
25

This chart shows the actual pricing history for three items.

Question illustration
A
game system
B
smartphone
C
DVD
D
It's most beneficial to buy all now.
26

[BLANK]

A
increases
B
decreases
C
stays the same
27

Read the scenario.Brad has a steady job, earns a solid income, and plans to live in a nearby city for the long term. He is looking to purchase both a car and a place to live, and he is very interested in building up equity and credit.

A
buying both a car and a home
B
leasing both a car and home
C
buying a car and leasing a home
D
leasing a car and buying a home
28

Which statements apply to leasing a car? Check all that apply.

A
The car may be driven as much as needed.
B
Payments are generally higher than buying.
C
There are mileage restrictions on the car.
D
You must return the car after the lease ends.
E
There are penalties for ending the lease early.
F
You can sell the car to someone else after the lease ends.
29

The point at which it is no longer advantageous to buy in bulk is known as marginal

A
cost.
B
tipping.
C
benefit.
D
error.

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