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© Mark E. Damon - All Rights Reserved Round 1Round 2 Final Jeopardy Team 1 Team 2 Team 4 Team 3 Team 6 Team 5.

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Presentation on theme: "© Mark E. Damon - All Rights Reserved Round 1Round 2 Final Jeopardy Team 1 Team 2 Team 4 Team 3 Team 6 Team 5."— Presentation transcript:

1

2 © Mark E. Damon - All Rights Reserved

3 Round 1Round 2 Final Jeopardy Team 1 Team 2 Team 4 Team 3 Team 6 Team 5

4 © Mark E. Damon - All Rights Reserved True or False Fill in the Blanks Round 2 Final Jeopardy Scores

5 © Mark E. Damon - All Rights Reserved 1 1 A major reason for financial planning is to prevent careless spending

6 © Mark E. Damon - All Rights Reserved 1 1 TRUE Scores

7 © Mark E. Damon - All Rights Reserved 2 2 To prepare your personal budget, you should first list sources of money you expect to receive, known as income.

8 © Mark E. Damon - All Rights Reserved 2 2 TRUE Scores

9 © Mark E. Damon - All Rights Reserved 3 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.

10 © Mark E. Damon - All Rights Reserved 3 3 TRUE Scores

11 © Mark E. Damon - All Rights Reserved 4 4 When your assets are not greater than your liabilities, you are said to be solvent, which is a good credit position.

12 © Mark E. Damon - All Rights Reserved 4 4 FALSE Scores

13 © Mark E. Damon - All Rights Reserved 5 5 A written statement between two or more parties is known as an implied contract.

14 © Mark E. Damon - All Rights Reserved 5 5 FALSE Scores

15 © Mark E. Damon - All Rights Reserved 1 1 Minors are not considered competent parties to enter into an agreement.

16 © Mark E. Damon - All Rights Reserved 1 1 TRUE Scores

17 © Mark E. Damon - All Rights Reserved 2 2 A promissory note is an example of an example of a negotiable instrument.

18 © Mark E. Damon - All Rights Reserved 2 2 TRUE Scores

19 © Mark E. Damon - All Rights Reserved 3 3 A voidable contract is one that can legally be avoided by one of the parties.

20 © Mark E. Damon - All Rights Reserved 3 3 TRUE Scores

21 © Mark E. Damon - All Rights Reserved

22 4 4 When a person is a minor, the missing element to a valid contract is called offer and acceptance.

23 © Mark E. Damon - All Rights Reserved 4 4 FALSE Scores

24 © Mark E. Damon - All Rights Reserved 5 5 Net worth is calculated by subtracting your variable expenses from your fixed expenses.

25 © Mark E. Damon - All Rights Reserved 5 5 False Scores

26 © Mark E. Damon - All Rights Reserved 1 1 A co-signer is not responsible for your debt if you fail to pay.

27 © Mark E. Damon - All Rights Reserved 1 1 FALSE Scores

28 © Mark E. Damon - All Rights Reserved 2 2 Original documents, such as insurance policies and wills, should be kept in a safe deposit box.

29 © Mark E. Damon - All Rights Reserved 2 2 TRUE Scores

30 © Mark E. Damon - All Rights Reserved 3 3 An electronic filing system allows you to store important information on disk/cds.

31 © Mark E. Damon - All Rights Reserved 3 3 TRUE Scores

32 © Mark E. Damon - All Rights Reserved 4 4 Fixed expenses do not change; variable expenses change according to needs and short- terms goals.

33 © Mark E. Damon - All Rights Reserved 4 4 TRUE Scores

34 © Mark E. Damon - All Rights Reserved 5 5 An express agreement can be written.

35 © Mark E. Damon - All Rights Reserved 5 5 TRUE Scores

36 © Mark E. Damon - All Rights Reserved 1 1 Most financial experts agree that families should set aside at least ______ percent of their disposable income each pay period.

37 © Mark E. Damon - All Rights Reserved % Scores

38 © Mark E. Damon - All Rights Reserved 2 2 Lunches, medical bills, personal care items, and clothing are all examples of _____

39 © Mark E. Damon - All Rights Reserved 2 2 Variable Expenses Scores

40 © Mark E. Damon - All Rights Reserved 3 3 The most common purpose for a net-worth statement is

41 © Mark E. Damon - All Rights Reserved 3 3 Loan or credit application Scores

42 © Mark E. Damon - All Rights Reserved 4 4 A personal property inventory is most commonly used for _____

43 © Mark E. Damon - All Rights Reserved 4 4 Proof of loss from fire, theft, or property damage. Scores

44 © Mark E. Damon - All Rights Reserved 5 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.

45 © Mark E. Damon - All Rights Reserved years Scores

46 © Mark E. Damon - All Rights Reserved 1 1 A house payment and utilities are example of _____

47 © Mark E. Damon - All Rights Reserved 1 1 Fixed Expenses Scores

48 © Mark E. Damon - All Rights Reserved 2 2 An agreement to _____ must be in writing to be enforceable.

49 © Mark E. Damon - All Rights Reserved 2 2 Agreement to buy real estate Scores

50 © Mark E. Damon - All Rights Reserved 3 3 The price, which may be in the form of money, a promise, or a performed act, is known as _____

51 © Mark E. Damon - All Rights Reserved 3 3 Consideration Scores

52 © Mark E. Damon - All Rights Reserved 4 4 A contract that is missing one or more of the essential elements and is not legally enforceable, is said to be _____

53 © Mark E. Damon - All Rights Reserved 4 4 Void Scores

54 © Mark E. Damon - All Rights Reserved 5 5 An agreement entered into orally is _____

55 © Mark E. Damon - All Rights Reserved 5 5 Enforceable Scores

56 © Mark E. Damon - All Rights Reserved 1 1 When a person changes the terms of an offer, she or he has made a _____

57 © Mark E. Damon - All Rights Reserved 1 1 Counteroffer Scores

58 © Mark E. Damon - All Rights Reserved 2 2 A person who creates or signs a promissory notes is called _____

59 © Mark E. Damon - All Rights Reserved 2 2 Maker Scores

60 © Mark E. Damon - All Rights Reserved 3 3 When your assets are greater than your liabilities, you are said to be _____

61 © Mark E. Damon - All Rights Reserved 3 3 Solvent Scores

62 © Mark E. Damon - All Rights Reserved 4 4 Intentional misrepresentation of a material fact is called _____

63 © Mark E. Damon - All Rights Reserved 4 4 Fraud Scores

64 © Mark E. Damon - All Rights Reserved 5 5 The first consumer responsibility in an agreement is to _____

65 © Mark E. Damon - All Rights Reserved 5 5 Understand all terms of the agreement Scores

66 © Mark E. Damon - All Rights Reserved Key Terms Round 1 Final Jeopardy Scores

67 © Mark E. Damon - All Rights Reserved 2 2 An orderly program for spending, saving, and investing the money you receive is known as

68 © Mark E. Damon - All Rights Reserved 2 2 Financial Plan Scores

69 © Mark E. Damon - All Rights Reserved 4 4 Money you have to spend as you wish, after all required deductions, is known as

70 © Mark E. Damon - All Rights Reserved 4 4 Disposable Income Scores

71 © Mark E. Damon - All Rights Reserved 6 6 An organized plan whereby you match your expected income with expenses and savings

72 © Mark E. Damon - All Rights Reserved 6 6 Budget Scores

73 © Mark E. Damon - All Rights Reserved 8 8 Money that is set aside to meet future needs

74 © Mark E. Damon - All Rights Reserved 8 8 Savings Scores

75 © Mark E. Damon - All Rights Reserved 10 A statement about a products qualities or performance that the seller assures the buyer are true

76 © Mark E. Damon - All Rights Reserved 10 Warranty Scores

77 © Mark E. Damon - All Rights Reserved 2 2 Expenses that remain constant and cannot be easily changed or removed from a budget

78 © Mark E. Damon - All Rights Reserved 2 2 Fixed Expenses Scores

79 © Mark E. Damon - All Rights Reserved

80 4 4 Items of value that a person owns

81 © Mark E. Damon - All Rights Reserved 4 4 Assets Scores

82 © Mark E. Damon - All Rights Reserved 6 6 A person who promises to pay a note if the maker fails to pay

83 © Mark E. Damon - All Rights Reserved 6 6 Co-Signer Scores

84 © Mark E. Damon - All Rights Reserved 8 8 Amounts of money owed to others, also known as debts

85 © Mark E. Damon - All Rights Reserved 8 8 Liabilities Scores

86 © Mark E. Damon - All Rights Reserved 10 When you subtract your debts from the total amount of things you own, the difference is known as

87 © Mark E. Damon - All Rights Reserved 10 Net Worth Scores

88 © Mark E. Damon - All Rights Reserved 2 2 Expenses that may change according to needs and short- term goals

89 © Mark E. Damon - All Rights Reserved 2 2 Variable Expenses Scores

90 © Mark E. Damon - All Rights Reserved 4 4 An examination of your tax records, known as an _____, may be requested by the IRS.

91 © Mark E. Damon - All Rights Reserved 4 4 Audit Scores

92 © Mark E. Damon - All Rights Reserved 6 6 A legally enforceable agreement between two or more parties to do or not to do something

93 © Mark E. Damon - All Rights Reserved 6 6 Contract Scores

94 © Mark E. Damon - All Rights Reserved 8 8 Unwritten agreement, often called _____ agreements, are legally enforceable.

95 © Mark E. Damon - All Rights Reserved 8 8 Implied Agreements Scores

96 © Mark E. Damon - All Rights Reserved 10 A requirement of a legally binding contract, called _____, is that an offer is made and accepted by all persons involved

97 © Mark E. Damon - All Rights Reserved 10 Mutual Assent Scores

98 © Mark E. Damon - All Rights Reserved 2 2 Anything of value exchanged as part of a contract

99 © Mark E. Damon - All Rights Reserved 2 2 Consideration Scores

100 © Mark E. Damon - All Rights Reserved 4 4 Persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts.

101 © Mark E. Damon - All Rights Reserved 4 4 Competent Parties Scores

102 © Mark E. Damon - All Rights Reserved

103 6 6 A contract that requires a performance that is illegal is said to be a _____ contract

104 © Mark E. Damon - All Rights Reserved 6 6 Void Contract Scores

105 © Mark E. Damon - All Rights Reserved 8 8 A document that is a written order to release or issue money, the most common which is a check

106 © Mark E. Damon - All Rights Reserved 8 8 Negotiable Instrument Scores

107 © Mark E. Damon - All Rights Reserved 10 A written promise to pay a certain sum to another person on a specified date

108 © Mark E. Damon - All Rights Reserved 10 Promissory Note Scores

109 © Mark E. Damon - All Rights Reserved 2 2 The person who creates and signs a promissory note

110 © Mark E. Damon - All Rights Reserved 2 2 Maker Scores

111 © Mark E. Damon - All Rights Reserved 4 4 The person to whom a negotiable instrument is made payable

112 © Mark E. Damon - All Rights Reserved 4 4 Payee Scores

113 © Mark E. Damon - All Rights Reserved 6 6 The use of force or fear to make a person enter into a contract

114 © Mark E. Damon - All Rights Reserved 6 6 Scores Duress

115 © Mark E. Damon - All Rights Reserved 8 8 A computer program that organizes data in columns and rows and can perform calculations using the data

116 © Mark E. Damon - All Rights Reserved 8 8 Spreadsheet Scores

117 © Mark E. Damon - All Rights Reserved 10 When liabilities are greater than assets, you are said to be _____ or in poor financial position

118 © Mark E. Damon - All Rights Reserved 10 Insolvent Scores

119 © Mark E. Damon - All Rights Reserved 2 2 A list of all valuable items a person owns, along with purchase prices and approximate current values

120 © Mark E. Damon - All Rights Reserved 2 2 Personal Property Inventory Scores

121 © Mark E. Damon - All Rights Reserved 4 4 A contract that can written or oral

122 © Mark E. Damon - All Rights Reserved 4 4 Express Contract Scores

123 © Mark E. Damon - All Rights Reserved 6 6 When assets are greater than liabilities, you are said to be _____, or in favorable financial position.

124 © Mark E. Damon - All Rights Reserved 6 6 Solvent Scores

125 © Mark E. Damon - All Rights Reserved 8 8 Arises from a special relationship in which one party’s free will is overcome by the other

126 © Mark E. Damon - All Rights Reserved 8 8 Undue Influence Scores

127 © Mark E. Damon - All Rights Reserved 10 A computer program that organizes data for easy search and retrieval

128 © Mark E. Damon - All Rights Reserved 10 Database Scores

129 © Mark E. Damon - All Rights Reserved Scores Legal Documents Final Jeopardy Question

130 © Mark E. Damon - All Rights Reserved What are the five conditions that must be meet for a negotiable instrument to be legally collectible

131 © Mark E. Damon - All Rights Reserved 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. 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


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