Chapter 8 Review Game

© Mark E. Damon - All Rights Reserved


Round 1

Round 2

Final

Jeopardy

$ $

Team

1

Team

2

$ $

Team

4

Team

5

$

Team

3

$

Team

6


True or

False

True or

False

True or

False

1

1

1

Fill in the

Blanks

1

Fill in the

Blanks

1

Fill in the

Blanks

1

2

2

2

2

2

2

3

4

5

3

4

5

3

4

5

3

4

5

3

4

5

3

4

5

Round 2

Final

Jeopardy

Scores


1

A major reason for financial planning is to prevent careless spending


1

TRUE

Scores


2

To prepare your personal budget, you should first list sources of money you expect to receive, known as income.


2

TRUE

Scores


3

Receipts and documents showing income and expenses should be kept in a safe place because the are proof or evidence to use in the event of an audit.


3

TRUE

Scores


4

When your assets are not greater than your liabilities, you are said to be solvent, which is a good credit position.


4

FALSE

Scores


5

A written statement between two or more parties is known as an implied contract.


5

FALSE

Scores


1

Minors are not considered competent parties to enter into an agreement.


1

TRUE

Scores


2

A promissory note is an example of an example of a negotiable instrument.


2

TRUE

Scores


3

A voidable contract is one that can legally be avoided by one of the parties.


3

TRUE

Scores



4

When a person is a minor, the missing element to a valid contract is called offer and acceptance.


4

FALSE

Scores


5

Net worth is calculated by subtracting your variable expenses from your fixed expenses.


5

False

Scores


1

A co-signer is not responsible for your debt if you fail to pay.


1

FALSE

Scores


2

Original documents, such as insurance policies and wills, should be kept in a safe deposit box.


2

TRUE

Scores


3

An electronic filing system allows you to store important information on disk/cds.


3

TRUE

Scores


4

Fixed expenses do not change; variable expenses change according to needs and shortterms goals.


4

TRUE

Scores


5

An express agreement can be written.


5

TRUE

Scores


1

Most financial experts agree that families should set aside at least

______ percent of their disposable income each pay period.


1

10%

Scores


2

Lunches, medical bills, personal care items, and clothing are all examples of _____


2

Variable Expenses

Scores


3

The most common purpose for a net-worth statement is


3

Loan or credit application

Scores


4

A personal property inventory is most commonly used for _____


4

Proof of loss from fire, theft, or property damage.

Scores


5

The IRS can audit your tax returns for a period of ____ years, except in the case of fraud, where there is no time limit.


5

3 years

Scores


1

A house payment and utilities are example of _____


1

Fixed Expenses

Scores


2

An agreement to _____ must be in writing to be enforceable.


2

Agreement to buy real estate

Scores


3

The price, which may be in the form of money, a promise, or a performed act, is known as _____


3

Consideration

Scores


4

A contract that is missing one or more of the essential elements and is not legally enforceable, is said to be _____


4

Void

Scores


5

An agreement entered into orally is _____


5

Enforceable

Scores


1

When a person changes the terms of an offer, she or he has made a _____


1

Counteroffer

Scores


2

A person who creates or signs a promissory notes is called _____


2

Maker

Scores


3

When your assets are greater than your liabilities, you are said to be _____


3

Solvent

Scores


4

Intentional misrepresentation of a material fact is called _____


4

Fraud

Scores


5

The first consumer responsibility in an agreement is to _____


5

Understand all terms of the agreement

Scores


Key

Terms

Key

Terms

Key

Terms

Key

Terms

Key

Terms

Key

Terms

2

4

2

4

2

4

2

4

2

4

2

4

6

8

10

6

8

10

6

8

10

6

8

10

6

8

10

6

8

10

Round 1

Final

Jeopardy

Scores


2

An orderly program for spending, saving, and investing the money you receive is known as


2

Financial Plan

Scores


4

Money you have to spend as you wish, after all required deductions, is known as


4

Disposable Income

Scores


6

An organized plan whereby you match your expected income with expenses and savings


6

Budget

Scores


8

Money that is set aside to meet future needs


8

Savings

Scores


10

A statement about a products qualities or performance that the seller assures the buyer are true


10

Warranty

Scores


2

Expenses that remain constant and cannot be easily changed or removed from a budget


2

Fixed Expenses

Scores



4

Items of value that a person owns


4

Assets

Scores


6

A person who promises to pay a note if the maker fails to pay


6

Co-Signer

Scores


8

Amounts of money owed to others, also known as debts


8

Liabilities

Scores


10

When you subtract your debts from the total amount of things you own, the difference is known as


10

Net Worth

Scores


2

Expenses that may change according to needs and shortterm goals


2

Variable Expenses

Scores


4

An examination of your tax records, known as an _____, may be requested by the IRS.


4

Audit

Scores


6

A legally enforceable agreement between two or more parties to do or not to do something


6

Contract

Scores


8

Unwritten agreement, often called

_____ agreements, are legally enforceable.


8

Implied Agreements

Scores


10

A requirement of a legally binding contract, called _____, is that an offer is made and accepted by all persons involved


10

Mutual Assent

Scores


2

Anything of value exchanged as part of a contract


2

Consideration

Scores


4

Persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts.


4

Competent Parties

Scores



6

A contract that requires a performance that is illegal is said to be a _____ contract


6

Void Contract

Scores


8

A document that is a written order to release or issue money, the most common which is a check


8

Negotiable Instrument

Scores


10

A written promise to pay a certain sum to another person on a specified date


10

Promissory Note

Scores


2

The person who creates and signs a promissory note


2

Maker

Scores


4

The person to whom a negotiable instrument is made payable


4

Payee

Scores


6

The use of force or fear to make a person enter into a contract


6

Duress

Scores


8

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


8

Spreadsheet

Scores


10

When liabilities are greater than assets, you are said to be _____ or in poor financial position


10

Insolvent

Scores


2

A list of all valuable items a person owns, along with purchase prices and approximate current values


2

Personal Property Inventory

Scores


4

A contract that can written or oral


4

Express Contract

Scores


6

When assets are greater than liabilities, you are said to be

_____, or in favorable financial position.


6

Solvent

Scores


8

Arises from a special relationship in which one party’s free will is overcome by the other


8

Undue Influence

Scores


10

A computer program that organizes data for easy search and retrieval


10

Database

Scores


Legal Documents

Scores

Final

Jeopardy

Question


What are the five conditions that must be meet for a negotiable instrument to be legally collectible


1. Must be in writing

2. Must contain a promise to pay a definite amount of money.

3. Must be payable on demand or at a fixed date

4. Must be payable to a particular person

5. Must be delivered to the payee.

Scores

Chapter 8 Review Game

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