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