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Personal Finance > Chapter 8.2 Vocab > Flashcards

Chapter 8.2 Vocab Flashcards

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1
Q

Contract

A

A legally enforceable agreement between two or more people

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2
Q

Agreement

A

When a valid offer is made and accepted.

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3
Q

Consideration

A

Something of value exchanged for something else of value

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4
Q

Competent parties

A

People who are legally capable of agreeing to a binding offer

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5
Q

Legal

A

Must have a lawful purpos

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6
Q

Promissory note

A

A written promise to pay back a certain sum of money to another person or to the holder of the note on a specified day

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7
Q

Negotiable instrument

A

An unconditional written promise to pay a specified sum of money upon the demand of the holder

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8
Q

Safe deposit box

A

Offered by financial institutions to store valuable items or documents to its customers

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9
Q

Emancipated minor

A

Allows those not of legal age to partially or completely remove all parental responsibilities

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10
Q

Notarized

A

The signature verified by a notary public, who then applies a seal

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11
Q

Warranty

A

A guarantee statement assuring quality and performance of a product or service

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12
Q

Express

A

Oral or written contracts

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13
Q

Implied

A

Contracts that are not written but created by actions or conduct of someone

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14
Q

Counteroffer

A

When one person makes an offer and the other person changes it

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15
Q

Co-signer

A

A person who promises to pay the debt of another person

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16
Q

Payee

A

The person to whom the note is made payable

17
Q

Maker

A

The person who created and signs the promissory note and agrees to pay it on a certain date

18
Q

W-2

A

A summary of the income you earned during the year and all amount the employer withheld for taxes

19
Q

W-4

A

Asks for your name address SS number martial status and the number of exemptions you are claiming for income tax purposes

20
Q

Bonding

A

All who enter a contract must be legally obligated to abide by its terms

21
Q

Tax audit

A

An examination of your tax return and records by the IRS

Personal Finance (3 decks)

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