Chapter 8

Question 1

the money you have left to spend or save after taxes and other required deductions are taken

Answer 1

disposable income

Question 2

a set of goals for spending, saving, and investing the money you receive

Answer 2

financial plan

Question 3

a spending and saving plan based on your expected income and expenses

Answer 3

budget

Question 4

costs that do not change from month to month

Answer 4

fixed expenses

Question 5

costs that vary in amount and type, depending on the choices you make

Answer 5

variable expenses

Question 6

items of value that a person owns

Answer 6

assets

Question 7

money or debts you to others

Answer 7

liabilities

Question 8

the difference when you subtract your liabilities from your assets

Answer 8

net worth

Question 9

a legally enforceable agreement between two or more people

Answer 9

contract

Question 10

a new offer because it changes the original offer

Answer 10

counteroffer

Question 11

something of value of exchange for something else of value

Answer 11

consideration

Question 12

a document that has a verified signature by a notary public who applies a notary seal is known as

Answer 12

notarized

Question 13

legally collectible

Answer 13

negotiable

Question 14

a statement assuring quality and performance of a product or service

Answer 14

warranty

Question 15

a computer program that organizes data for easy search and retrieval

Answer 15

database

Question 16

a person who promises to pay the debt of another person

Answer 16

co-signer

Question 17

a computer program that organizes the data and columns and rows and can perform calculations using data

Answer 17

spreadsheet