| A | B |
|---|
| All the money you receive is either _______, saved, or invested. | spent |
| An orderly program for spending, saving, and investing the money you receive is known as a _______. | financial plan |
| Money you have to spend as you wish (after all required deductions) is known as _____. | disposable income |
| A __ is an organized plan whereby you match your expected income with expenses and savings. | budget |
| A computer program that organizes data for easy search and retrieval is a __. | database |
| A _____ is a statement about a product's qualities or performance that the seller assures the buyer are true. | warranty |
| Expenses that may change according to needs and short-term goals are called _____ expenses. | variable |
| A _____ is a person who promises to pay a note if the maker fails to pay. | co-signer |
| Items of value that a person owns are called _____. | assets |
| Amounts of money owed to others, also known as debts, are called _____. | liabilities |
| When you subtract your debts from the total amount of things you own, the difference is known as _____. | net worth |
| Money remaining after expenses are paid is called _____. | cash surplus |
| A legally enforeceable agreement between two or more parties to do or not to do something is a _________. | contract |
| Unwritten agreements, often called _____ agreements, are legally enforceable. | implied |
| Anything of value exchanged as part of a contract is called _____. | consideration |
| __ are persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts. | competent parties |
| A ___ is a document that is a written order to release or issue money, the most common of which is a check. | negotiable instrument |
| The person who creates and signs a promissory note is called the _____. | maker |
| The person to whom a negotiable instrument is made payable is called the _____. | payee |
| The word ______ means legally collectible. | negotiable |
| A ____ program sets information into charts where numbers and words can be visualized and used. | spreadsheet |
| A major reason for financial planning is to prevent careless _____. | spending |
| To prepare your personal budget, you should first list sources of money you expect to receive, known as _________. | income |
| 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 |
| When your assets are _________ than your liabilities, you are said to be solvent. | greater |
| _______ are not considered competent parties to enter into an agreement, unless they are married (emancipated). | minors |
| A __________ is an example of a negotiable instrument. | promissory note |
| Original documents, such as insurance policies and wills, should be kept in a _________. | safe deposit box |
| An electronic filing system allows you to store important information on _____. | disks |
| ______ expenses do not change. | fixed |
| Net worth is calculated by ___________ total liabilities from total assets. | subtracting |
| ___________ can be oral or written. | express agreement |
| Most financial experts agree that families should set aside at least ______ percent of their disposable income each pay period. | 10% |
| The most common purpose for a net worth statement is ________. | loan or credit application |
| A personal property inventory is most commonly used for _______________. | proof of loss from fire, theft, or property damage |
| The IRS can audit your tax returns for a period of ______ years. | 3 |
| A ______________ is an example of a liability. | car loan |
| When a person changes the terms of an offer, she or he has made a ___________. | counteroffer |
| When your assets are greater than your liabilities, you are said to be _____________. | solvent |
| An agreement entered into orally is _____________. | enforceable |
| Intentional misrepresentation of a material fact is called ___________. | fraud |
