FCS 340 EXAM 3 CERTIFICATION EVALUATION TESTED QUESTIONS FULL SOLUTION
GUIDE
Question:
Financing a car through where is usually the most expensive type of financing.
Answer:
a dealership
Question:
A typical vehicle loses half of its value after how many years?
Answer:
3
Question:
Carfax
Answer:
Vehicle History
Question:
KBB
Answer:
Fair value of vehicle
Question:
Consumers Reports
Answer:
, Comparing vehicles
Question:
One variable that should be considered in understanding the total cost of owning a car is
Answer:
Depreciation
Question:
According to the text, what percentage of new vehicles are leased rather than purchased?
Answer:
25%
Question:
If you have anyone dependent on your income, you have an ethical responsibility to have sufficient
life insurance.
Answer:
True
Question:
Assume Risk (for example, losing a wallet)
Answer:
Low Frequency, Low severity
Question:
Transfer Risk (for example, home fire)
Answer:
Low frequency High severity
GUIDE
Question:
Financing a car through where is usually the most expensive type of financing.
Answer:
a dealership
Question:
A typical vehicle loses half of its value after how many years?
Answer:
3
Question:
Carfax
Answer:
Vehicle History
Question:
KBB
Answer:
Fair value of vehicle
Question:
Consumers Reports
Answer:
, Comparing vehicles
Question:
One variable that should be considered in understanding the total cost of owning a car is
Answer:
Depreciation
Question:
According to the text, what percentage of new vehicles are leased rather than purchased?
Answer:
25%
Question:
If you have anyone dependent on your income, you have an ethical responsibility to have sufficient
life insurance.
Answer:
True
Question:
Assume Risk (for example, losing a wallet)
Answer:
Low Frequency, Low severity
Question:
Transfer Risk (for example, home fire)
Answer:
Low frequency High severity
