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?

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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?

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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.

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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.

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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?

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______ 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