Budgets & Financial Records (FL3)

When preparing a budget, which option will NOT be included?

• expenses

• income

• cash surplus

• personal property inventory

A long-term set of goals for spending, saving, and investing the money you receive.

• net worth statement

• budget

• financial plan

• negotiable instrument

What is the most common type of negotiable instrument?

• check

• promissory note

• warranty

• budget

A document that lists things you own, along with purchase prices and approximate current values

• warranty

• net worth statement

• personal property inventory

• contract

A statement of assets, liabilities, and overall worth

• worth sheet

• budget

• personal property inventory

• net worth statement

When your liabilities are greater than your asset, you are solvent.

• True

• False

Only written contracts can be legally enforced.

• True

• False

Some contracts can be implied by actions.

• True

• False

In a contract, when a valid offer is made and accepted, what is this called?

• agreement

• consideration

• contractual capacity

• legality

If you sign a contact, but don't understand the terms, you will still be required to fulfill the contract's requirements.

• True

• False