Budget, Planning, Legal Agreement and Recordkeeping

The two elements in budgeting and planning

• income and net worth

• net worth and liabilities

• income and expenses

• expenses and assets

A set of goals for spending, saving and investing

• budget

• financial process

• financial plan

• financial budget

Before planning a budget, track income and expenses for

• 1 month

• 1- 2 months

• four to six months

• one year

Which budget is the best to create and most accurate

• weekly

• bi-weekly

• monthly

• any of these

Document that list your valuables, when purchased and their present value

• expense record

• personal values

• net worth

• personal property inventory

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

• rich

• solvent

• insolvent

• credit worthy

A net worth statement will be useful when you apply for a loan or credit

• True

• False

An express contract is legally binding, but an implied contract is not

• True

• False

If a person signs a contract because they were threatened to do so, a genuine agreement exists

• True

• False

A court will not require a person to perform an agreed-upon act if it is illegal

• True

• False