Personal Finance

Front 1

orderly program for spending, saving, and investing the money you receive is known as?

Back 1

financial plan

Front 2

money you have to spend as you wish--after all required deductions-- is known as?

Back 2

disposable income

Front 3

organized plan whereby you match your expected income with expenses and savings?

Back 3

budget

Front 4

a computer program that organizes data for easy search and retrieval is?

Back 4

database

Front 5

statement about a product's qualities or performance that the seller assures the buyer are true?

Back 5

warranty

Front 6

expenses that remain constant and cannot be easily changed or removed are called?

Back 6

fixed expenses

Front 7

expenses that may change according to needs and short-term goals are called?

Back 7

variable expenses

Front 8

person who promises to pay a note if the maker fails to pay?

Back 8

co-signer

Front 9

items of value that a person owns?

Back 9

assets

Front 10

amounts of money owed to others, also known as debts, are called?

Back 10

liabilities

Front 11

when you subtract your debts from the total amount of things you own, the difference is known as?

Back 11

net worth

Front 12

money remaining after expenses are paid is called?

Back 12

disposable income

Front 13

a legally enforceable agreement between two or more parties to do or not to do something is a?

Back 13

contract

Front 14

unwritten agreements that are legally enforceable are called?

Back 14

implied agreements

Front 15

anything of value exchanged as a part of a contract is called?

Back 15

consideration

Front 16

people who are legally able to give sane and intelligent consent and are legally capable of entering into contracts?

Back 16

competent parties

Front 17

document that is written order to release or issue money, the most common of which is a check?

Back 17

negotiable instrument

Front 18

the person who creates and signs a promissory note is called?

Back 18

maker

Front 19

person to whom a negotiable instrument is made payable is?

Back 19

payee

Front 20

legally collectible?

Back 20

negotiable

Front 21

program that sets information into charts where numbers and words can be visualized and used?

Back 21

spreadsheet

Front 22

t or f?

a major reason for financial planning is to prevent careless spending.

Back 22

t

Front 23

t or f?

to prepare your personal budget, you should first list sources of money you expect to receive, known as income.

Back 23

t

Front 24

t or f?

receipts and documents showing income and expenses should be kept in a safe place because they are proof or evidence to use in the event of an audit.

Back 24

t

Front 25

t or f?

when you assets are not greater than your liabilities, you are said to be solvent, which is a good financial position.

Back 25

f

Front 26

t or f?

a written agreement between two or more people is known as an implied contract.

Back 26

f

Front 27

t or f?

minors are not considered competent parties to enter into an agreement, unless they are married (emancipated)

Back 27

t

Front 28

t or f?

a promissory note is an example of a negotiable agreement.

Back 28

t

Front 29

t or f?

when a person is a minor, the missing element to a valid contract is called offer and acceptance.

Back 29

f

Front 30

t or f?

a co-signer is not responsible for your debt if you fail to pay it.

Back 30

f

Front 31

t or f?

original documents, such as insurance policies and wills, should be kept in a safe deposit box.

Back 31

t

Front 32

t or f?

an electronic filing system allows you to store important information on disks.

Back 32

t

Front 33

t or f?

fixed expenses do not change; variable expenses change according to needs and short-term goals.

Back 33

t

Front 34

t or f?

net worth is calculated by subtracting you variable expenses from your fixed expenses.

Back 34

f

Front 35

t or f?

an express agreement can only be written.

Back 35

f

Front 36

families should set aside as least _____% of their disposable income each pay period.

Back 36

10

Front 37

lunches, medical bills, personal care items, and clothing are all examples of ____________.

Back 37

variable expenses

Front 38

a house payment and utility are an example of ____________.

Back 38

fixed expenses

Front 39

the common purpose for a net worth statement is ___________________.

Back 39

loan or credit application

Front 40

a personal property inventory is most commonly used for ___________________.

Back 40

proof of loss from fire, theft, or property damage

Front 41

the IRS can audit your tax returns for a period of ______ years, except in the case of fraud, where there is no time limit.

Back 41

3 years

Front 42

which of these is a liability?

a) car

b) car loan

c) stereo

d) savings account

Back 42

b) car loan

Front 43

when a person changes the terms of an offer, she or he has made a __________.

Back 43

counteroffer

Front 44

the price, which may be in the form of money, a promise, or a performed act, is known as a ______________.

Back 44

consideration

Front 45

which of these is NOT required for a legally binding agreement?

a) counteroffer

b) agreement

c) consideration

d) capacity

Back 45

a) counteroffer

Front 46

when your assets are higher that your liabilities, you are said to be ________.

Back 46

solvent

Front 47

an agreement entered into orally is _______.

Back 47

enforceable

Front 48

intentional misrepresentation of a material fact is called __________.

Back 48

fraud