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Flashcards in Test 1 Deck (29):
1

An orderly program for spending, saving and investing the money you earn

Financial plan

2

Organized plan whereby you match your expected income to your expected expenses

Budget

3

The money you have left to spend or save after taxes have been paid

Disposable income

4

The money you have left after you pay for necessities like house, car and utilities

Discretionary income

5

Expenses that are relatively constant (house payment)

Fixed expenses

6

Will change according to needs and short term goals

Variable expenses

7

List of items a person owns

Assets

8

List of items a person owes

Liabilities

9

Legally enforceable agreement between two or more parties to do or not to do something

Contact

10

Elements of an enforceable contract

Agreement
Consideration
Contractual capacity
Legality
Genuineness of assent
Legal form

11

Mutual assent

Agreement

12

Price involved

Consideration

13

Competence, sane, intelligent

Contractual capacity

14

Distribute drugs

Legality

15

Misrepresentation, forced to do it

Genuineness of assent

16

Written out properly

Legal form

17

_____ out of 10 families live pay check to pay check

7

18

0 based budget

Total income - total expenses

19

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

20

A check that cannot be covered by the funds in your account

Overdraft

21

5 rules of writing a check

Always use a pen
Write legibly
Sign your name
Avoid mistakes
Make sure you have enough money

22

A personal check that the bank guarantees or certifies to be good

Certified check

23

A check written by a bank on its own funds

Cashiers check

24

Allows immediate deductions from a checking account

Debit card

25

The process of matching your checkbook register with the bank statement

Bank reconciliation

26

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

27

Top corner of application

Return address

28

Last subheading on resume

Recommendations

29

The thing I can’t remember

20 effort 80 effort