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Budgeting Vocab

TermDefinition
Disposable Income the money you have to spend or save after deductions and taxes
Financial Plan a set of goals for spending, saving, and investing the money you recieve
Obligations what you HAVE to spend your money on
Budget a spending and saving plan
Money coming in must... equal money coming out
Fixed Enspenses costs that do not change from month to month
Variable Expenses costs that vary in amount and type, depending on the choices you make
5 types of personal records Income and expense records Net worth statement Personal property inventory Tax records Other miscellaneous documents
Examples of income records W-2 forms Statements from banks Statement from investment companies
Examples of expense records Recites listing charitable contributions Medical bills
Net worth statement shows a person's net worth based on his or her assets and liabilities
Assets things that you own
Liabilities money or debts you owe to others
Net worth must equal... assets
Personal Property Inventory a list of the valuable items you own, along with their purchase prices and approximate current values
Contract a legally enforceable agreement between two people
Examples of common legal agreements are... credit accounts mortgage loans rental agreements
Implied contracts not written but is created by the actions or conduct of someone
Agreement a contract has legal agreement when a valid offer is made and accepted
Counteroffer when one person makes an offer and another person changes it
Consideration something of value exchanged for something else of value
Contractual capacity refers to the competence of the parties to enter a conract
Competent parties people who are legally capable of agreeing to a binding offer
Legality to be legally enforceable, a contract must have a lawful purpose
Notarized the signature of a document is verified by a notary public
Statute a law passed by legislature
Negotiable instrument an unconditional written promise to pay a specified sum of money upon demand of the holder
Legal documents can be... enforced by law
Co-signer a person who promises to pay the debt of another person
Warranty a statement assuring quality and performance of a product or service
Spreadsheet a computer program that organizes data in columns and rows and can perform calculations
Database a computer program that organizes data for easy search and retrieval
Created by: 521284