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1 Which of the following is not a step toward purchasing an automobile?

1 Which of the following is not a step toward purchasing an automobile?

Determine affordability

Shop for financing

Analyze needs versus wants

Make a preliminary offer


2 When picking out a car and determining needs versus wants, a person should ask him or herself all of the following questions except:

How much cargo do you carry?

Do you want a manual or automatic transmission?

Do you need two-wheel drive, all-wheel drive, or four-wheel drive?

All choices are correct.


3 How much of a down payment do lenders require when purchasing a car?

10%

15%

20%

40%


4 What is the disadvantage to buying a home?

The value of your house may increase.

Eventually, you will be able to live payment-free.

The value of your house may decrease.

You will gain equity by paying down your mortgage.

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