| Question |
Answer |
| An offer made and accepted |
Mutual assent |
| Costs you are obligated to pay at specific times, regardless of other events |
Fixed expenses |
| Costs that vary in amount and type, depending on events and the choices you make |
Variable expenses |
| A legally enforceable agreement between two or more parties |
Contract |
| Anything of value that a person owns |
Assets |
| A person who promises to pay a note if the maker fails to pay |
Co-signer |
| A statement about a product's qualities or performance that the seller assures the buyer are true |
Warranty |
| An orderly program for spending,saving, and investing your income |
Financial Plan |
| A spending and saving plan based on your expected income and expenses |
Budget |
| Money that you owe to others, also known as debt |
Liabilities |
| An unconditional written promise to pay a specified sum of money upon demand of the holder |
Negotiable instrument |
| A computer program that organizes data in columns and rows and can perform calculations using the data |
Spreadsheet |
| A computer program that organizes data for easy search and retrieval |
Database |
| Money you have left to spend or save after taxes have been paid |
Disposable income |
| Difference between assets and liabilities |
Net worth |
Biology Lab Midterm
