Car Buying & Ownership
What is a common factor to consider when buying a car?
Gas mileage
What is the purpose of auto insurance?
Protecting against financial losses in case of accidents
What is the process of selling a vehicle?
Negotiating a price with potential buyers
What is a W-2 form used for?
Reporting income and taxes withheld from wages
How do income taxes impact vehicle affordability?
Affect the ability to make car payments
How is the price of a car typically negotiated?
Through trade-in value negotiations
What factors contribute to the cost of auto insurance premiums?
Driving record and age
What is the best way to sell a vehicle privately?
Provide an accurate vehicle history report
What is the purpose of Tax Form 1040EZ?
Simplifying tax filing for certain taxpayers
How can income taxes impact vehicle-related expenses?
Certain business-related car expenses may be deductible
How can individuals reduce gas costs when owning a vehicle?
Regular vehicle maintenance
What is one key factor that impacts auto insurance premiums?
The driver’s age and driving history
How does vehicle depreciation affect selling a car?
It reduces the car’s resale value over time
How does Tax Form 1040A differ from Tax Form 1040EZ?
1040A allows for more types of deductions
Which of the following is a strategy for reducing gas costs?
Keeping tires properly inflated
What is one benefit of owning a fuel-efficient vehicle?
Lower fuel costs over time
What is one way auto insurance protects drivers?
Covers financial losses in case of accidents
How does selling a vehicle affect income taxes?
May result in capital gains or losses
Which of the following is a common tax deduction that can be itemized?
Charitable donations
What is one difference between Tax Form 1040EZ and Tax Form 1040A?
1040A allows for more types of income to be reported
Which factor affects a person’s ability to afford a car?
Income and interest rates
Discuss the role of auto insurance in protecting against financial losses.
It covers accident-related expenses and liability costs
What is an important step when buying a car from a dealership?
Researching prices and financing options
Why is the W-2 form important in tax filing?
It reports wages and taxes withheld by an employer
Explain the process of reporting income taxes for vehicle-related expenses.
Some expenses, like business use of a car, may be deductible