Chapter 8: Budgeting & Record Keeping

Which filing system is better suited to organize and maintain your budget?

• Paper Filing System

• Electronic Record Keeping

In order to create a balanced budget, what must your overall equation look like?

If you're unable to balance your budget at the beginning of the month, name three things you could do to adjust your plan and even things out?

As a consumer, you have responsibilities regarding the contracts and agreements that you enter into. List 4 consumer responsibilities of the 7 we discussed in class.

Many products come with both implied AND specific written warranties. Think of a product and 1) provide an example of what an implied warranty might look like and 2) what a specific written warranty might look like for that purchase.

Paper and Electronic Filing Systems each have their own advantages. 1) When would you use a paper filing system (i.e. what are you organizing/storing) vs. an electronic filing system? 2) What are the advantages of an electronic filing system?

______ A legally enforceable agreement between two or more parties.

• Co-signer

• Database

• Contract

• Financial plan

______ Costs that vary in amount and type, depending on events and the choices you make.

• Variable expenses

• Warranty

• Assets

• Liabilities

To be legally enforceable, a contract must be

• Written

• Detailed

• Repeatable

• Lawful

______ A set of goals for spending, saving, and investing your income.

• Fixed expenses

• Financial plan

• Disposable income

• Budget