Test 1 Flashcards
An orderly program for spending, saving and investing the money you earn
Financial plan
Organized plan whereby you match your expected income to your expected expenses
Budget
The money you have left to spend or save after taxes have been paid
Disposable income
The money you have left after you pay for necessities like house, car and utilities
Discretionary income
Expenses that are relatively constant (house payment)
Fixed expenses
Will change according to needs and short term goals
Variable expenses
List of items a person owns
Assets
List of items a person owes
Liabilities
Legally enforceable agreement between two or more parties to do or not to do something
Contact
Elements of an enforceable contract
Agreement Consideration Contractual capacity Legality Genuineness of assent Legal form
Mutual assent
Agreement
Price involved
Consideration
Competence, sane, intelligent
Contractual capacity
Distribute drugs
Legality
Misrepresentation, forced to do it
Genuineness of assent
Written out properly
Legal form
_____ out of 10 families live pay check to pay check
7
0 based budget
Total income - total expenses
A banking service wherein money is deposited into an account and checks can be written to withdraw money from the account as needed
Checking account
A check that cannot be covered by the funds in your account
Overdraft
5 rules of writing a check
Always use a pen Write legibly Sign your name Avoid mistakes Make sure you have enough money
A personal check that the bank guarantees or certifies to be good
Certified check
A check written by a bank on its own funds
Cashiers check
Allows immediate deductions from a checking account
Debit card
The process of matching your checkbook register with the bank statement
Bank reconciliation
5 elements to a perfect resume
Keep it to one page Proofread carefully Use quality paper Put most important info on top half Use pertinent info
Top corner of application
Return address
Last subheading on resume
Recommendations
The thing I can’t remember
20 effort 80 effort
